<SEC-DOCUMENT>0001019056-13-000558.txt : 20130503
<SEC-HEADER>0001019056-13-000558.hdr.sgml : 20130503
<ACCEPTANCE-DATETIME>20130503170758
ACCESSION NUMBER:		0001019056-13-000558
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130215
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130503
DATE AS OF CHANGE:		20130503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCWEN FINANCIAL CORP
		CENTRAL INDEX KEY:			0000873860
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				650039856
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13219
		FILM NUMBER:		13813626

	BUSINESS ADDRESS:	
		STREET 1:		2002 SUMMIT BOULEVARD
		STREET 2:		6TH FLOOR
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30319
		BUSINESS PHONE:		561-682-8000

	MAIL ADDRESS:	
		STREET 1:		2002 SUMMIT BOULEVARD
		STREET 2:		6TH FLOOR
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OCWEN FINANCIAL Corp
		DATE OF NAME CHANGE:	20110224

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OCWEN FINANCIAL CORP
		DATE OF NAME CHANGE:	19960516
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>ocn_8ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 16.05pt">UNITED STATES</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 16.05pt"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 12.05pt">FORM 8-K/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>(Amendment No. 1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Pursuant to Section
13 or 15(d) of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>The Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Date of report </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>(Date of earliest event
reported): February 15, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 12.05pt"><B>OCWEN FINANCIAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>(Exact name of registrant
as specified in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 34%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Florida<BR> (State or other jurisdiction<BR> of incorporation)</TD>
    <TD STYLE="width: 33%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">1-13219<BR> (Commission<BR> File Number)</TD>
    <TD STYLE="width: 33%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">65-0039856<BR> (I.R.S. Employer<BR> Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>2002 Summit Boulevard,
Sixth Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Atlanta, Georgia 30319</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>(Address of principal
executive office)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Registrant&rsquo;s
telephone number, including area code: (561) 682-8000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Not applicable.</B><BR>
<B>(Former name or former address, if changed since last report)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"><B>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&nbsp;&nbsp;Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"> <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"> <FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&nbsp;&nbsp;Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.05pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&nbsp;&nbsp;Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;</B></P>

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of 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>Exhibit Index on Page
5</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On February 15, 2013, Ocwen Loan Servicing,
LLC (OLS), a wholly owned subsidiary of Ocwen Financial Corporation (Ocwen) completed the acquisition of certain purchased
assets (the ResCap Acquisition), pursuant to an asset purchase agreement with Residential Capital, LLC, Residential Funding
Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services, LLC, ETS of Washington, Inc., EPRE LLC and certain additional entities
(collectively, the Sellers) in connection with the Sellers&rsquo; asset sale pursuant to a plan under Chapter 11 of Title 11 of
the United States Code. Each of the Sellers is an indirect subsidiary of Ally Financial Inc. The purchased assets,
together with the employees whose primary responsibilities relate to providing primary servicing, back-up servicing and related
activities, providing fee-based subservicing, providing master servicing and providing foreclosure trustee services and recovery
services, represent a component of Residential Capital, LLC. (ResCap Servicing Operations). Information relating to the ResCap
Aquisition was previously included in Ocwen&rsquo;s Current Report on Form 8-K, filed with the Securities and Exchange Commission
(the SEC) on November 8, 2012. The completion of the ResCap acquisition was previously reported in Ocwen&rsquo;s
Current Report on Form 8-K, filed with the SEC on February 19, 2013 (the Initial 8-K).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This Amendment No. 1 on Form 8-K/A is being filed to amend the Initial 8-K to include the financial information
referred to in Item 9.01(a) and (b), below, relating to the acquisition of ResCap Servicing Operations and to provide the consent
of the independent accountants. Pursuant to the instructions to Item 9.01 of Form 8-K, Ocwen Financial Corporation hereby amends
Item 9.01 of the Initial 8-K to include previously omitted financial statements and pro forma financial information and to&nbsp;provide
the consent of the independent accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-indent: 0.25in">This Report contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
including, but not limited to assumptions related to the valuation of assets and estimates utilized in development of the unaudited
pro forma combined financial statements.</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-indent: 22pt">Forward-looking statements are not guarantees of future performance, and involve a number of assumptions,
risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results
to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 3%">&bull;</TD><TD STYLE="width: 90%">general economic and market conditions;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&bull;</TD><TD>prevailing interest rates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&bull;</TD><TD>governmental regulations and policies, including scrutiny regarding foreclosure processing;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&bull;</TD><TD>uncertainty related to the actions of loan owners, including mortgage-backed securities investors, regarding loan putbacks
and other servicing practices; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&bull;</TD><TD>uncertainty related to the processes for judicial and non-judicial foreclosure proceedings, including potential additional
costs or delays in the future or claims pertaining to past practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Further information on the risks specific
to our business are detailed within this report and our other reports and filings with the Securities and Exchange Commission
including our periodic report on Form 10-K for the year ended December 31, 2012, our quarterly reports on Form 10-Q and our current
reports on Form 8-K. Forward-looking statements speak only as of the date they are made and should not be relied upon. Ocwen Financial
Corporation undertakes no obligation to update or revise forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>Item 2.01&#9;Completion of Acquisition
of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-indent: 0.25in">As previously reported, on February 15, 2013, OLS acquired
ResCap Servicing Operations, a component of Residential Capital, LLC.</P>

<P STYLE="font: 10pt Cambria,serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin: 0; text-indent: 22pt">In connection with the ResCap Acquisition, OLS purchased MSRs to &ldquo;private label&rdquo;, Freddie Mac
and Ginnie Mae loans with a UPB of approximately $107.3 billion and master servicing agreements with a UPB of approximately $42.1
billion. The acquisition included $1.6 billion of related servicing advance receivables and related elements of the servicing platform
for the MSRs and advances. OLS also assumed the subservicing contracts for $25.9 billion of loans. The aggregate purchase price,
net of assumed liabilities, was approximately $2.1 billion, subject to post-closing adjustments. In addition, until certain consents
and court approvals are obtained, OLS will subservice MSRs to approximately $9 billion of private label loans previously serviced
by the sellers. When such consents and approvals are obtained, OLS will purchase those MSRs as well.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22pt">To finance the ResCap acquisition, OLS deployed approximately $840 million of net additional capital from
the proceeds of a new $1.3 billion senior secured term loan facility and borrowed $1.25 billion pursuant to three servicing advance
facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>Item 9.01&#9;Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>Financial Statements of Businesses Acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Audited combined balance sheets of ResCap Servicing Operations
                                                                at December 31, 2012 <B>a</B>nd December 31, 2011 and the combined
                                                                statements of comprehensive income, statements of changes in equity
                                                                and statements of cash flows for each of the three years
                                                                in the period ended December 31, 2012 are attached as Exhibit
                                                                99.1.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>Pro Forma Financial Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Unaudited pro forma combined balance sheet of Ocwen Financial Corporation as of December 31, 2012 and unaudited
pro forma combined statement of operations for the year then ended are attached as Exhibit 99.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD>Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 10pt">The following exhibits are filed as
part of this report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="text-align: center"><B><U>Exhibit</U></B></TD><TD><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in">23.1</TD><TD>Consent of Independent Auditors. </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>99.1</TD><TD>Audited combined balance sheets of ResCap Servicing Operations at December 31, 2012 and December
                      31, 2011 and the combined statements of comprehensive income, statements of changes in
                      equity and statements of cash flows for each of the three years in the period ended December 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>99.2</TD><TD>Unaudited pro forma combined balance sheet of Ocwen Financial Corporation as of December 31, 2012 and unaudited
pro forma combined statement of operations for the year then ended.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: 10pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&#9;Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">OCWEN FINANCIAL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John V. Britti&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>John V. Britti</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(On behalf of the Registrant and as its principal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>financial officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Date:&nbsp;May 3, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 10.05pt"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; font-weight: bold; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 84%; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>Consent of Independent Auditors. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.1</TD>
    <TD>Audited combined balance sheets of ResCap Servicing Operations at December 31, 2012 and December 31, 2011 and the
    combined statements of comprehensive income, statements of changes in equity and statements of cash flows
    for each of the three years in the period ended December 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">99.2</TD>
    <TD>Unaudited pro forma combined balance sheets of Ocwen Financial Corporation as of December 31, 2012 and unaudited
pro forma combined statement of operations for the year then ended.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10pt">&nbsp;</P>

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<SEQUENCE>2
<FILENAME>ex23_1.htm
<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 10pt">Exhibit 23.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10; text-align: center; text-indent: 10pt">CONSENT OF INDEPENDENT AUDITORS</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To the Board of Directors and Member of<BR>
Residential
Capital, LLC:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10 0">We consent to the incorporation by reference in Registration
Statement Nos. 333-177833 and No. 333-163996 on Form S-3 and Registration Statement Nos. 333-143275 and No. 333-44999 on Form
S-8 of Ocwen Financial Corporation of our report dated May 3, 2013 relating to the Combined Balance Sheet of the Servicing
Operations, a component of Residential Capital, LLC (the &ldquo;Component&rdquo;) as of December 31, 2012 and
December 31, 2011, and the related Combined Statements of Comprehensive Income, Changes in Equity and Cash Flows for each of the
three years in the period ended December 31, 2012 (which report expresses an unmodified opinion on such financial statements and
includes an emphasis of matter paragraph regarding the purpose of the financial statements), appearing in this Current
Report on Form 8 K/A of Ocwen Financial Corporation.</P>





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    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">/s/ Deloitte &amp; Touche LLP</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Detroit, Michigan</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in">May 3, 2013</P>

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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>



<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>SERVICING OPERATIONS</B></FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>(A Component of Residential Capital,
LLC)</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Combined
Financial Statements</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>As of December
31, 2012 and 2011 and each of the Three Years in </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>the Period
Ending December 31, 2012</B></FONT></P>



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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle; width: 90%"><IMG SRC="ocwen001_v1.jpg"

       ALT="(DELOITTE LOGO)"></TD>

    <TD NOWRAP STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt"><B>Deloitte &amp;
    Touche LLP<BR>
    </B>200 Renaissance Center<BR>
    Suite 3900<BR>
    Detroit, MI 48243<BR>
    USA</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">www.deloitte.com</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>INDEPENDENT AUDITORS&rsquo; REPORT</B></FONT></TD>

    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>

</TABLE>







<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">To the Board of Directors and Member of</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.35pt; text-indent: -63.35pt"><FONT STYLE="font-size: 10pt">Residential
Capital, LLC:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">We
have audited the accompanying financial statements of Servicing Operations, a Component of Residential Capital, LLC, (the &ldquo;Component&rdquo;)
(a wholly-owned subsidiary of Ally Financial Inc.) which are comprised of the Combined Balance Sheets as of December 31, 2012
and 2011, and the related Combined Statements of Comprehensive Income, Changes in Equity, and Cash Flows for the three years in
the period ended December 31, 2012, and the related notes to the combined financial statements.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Management&rsquo;s
Responsibility for the Financial Statements</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">Management
is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Auditors&rsquo;
Responsibility</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">Our
responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance
with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor&rsquo;s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Component&rsquo;s preparation and fair presentation of the financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Component&rsquo;s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Opinion</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">In
our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position
of the Component as of December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2012 in accordance with accounting principles generally accepted in the United States of
America.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Emphasis
of Matter Regarding Purpose of Financial Statements</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">As
discussed in Note 1 to the combined financial statements, the accompanying combined financial statements have been derived from
the accounting records of Residential Capital, LLC and have been prepared for purposes of the transaction discussed in Note 1
to the combined financial statements. These combined financial statements include expense and other allocations from Residential
Capital, LLC and as such, these combined financial statements may not be indicative the Component&rsquo;s financial position,
results of operations and its cash flows had it operated as a separate entity apart from Residential Capital, LLC. Our opinion
is not modified with respect to this matter.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 63.35pt; text-indent: -63.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-size: 10pt">/s/ Deloitte &amp; Touche LLP</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 63.35pt; text-indent: -63.35pt"><FONT STYLE="font-size: 10pt">May
3, 2013</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Combined Balance Sheet<BR>
Servicing Operations<BR>
(A Component of Residential Capital, LLC)</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>December 31,</B> &nbsp;&nbsp;<I>($
    in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Mortgage loans held-for-sale</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,814,572</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,566,656</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mortgage servicing rights</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicer advances, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,171,350</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,061,703</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Match funded advances, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">876,294</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">983,022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Government insured loan receivables, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">831,640</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">748,362</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Derivatives and hedging related assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,915,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">112,806</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">281,726</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,617,319</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,791,428</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Borrowings from Affiliates</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">655,162</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">569,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Match funded liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">714,392</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">715,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Other borrowings</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">181,450</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">389,629</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total borrowings</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,551,004</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,675,095</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Conditional repurchase option liability</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,521,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,274,175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Derivatives and hedging related liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,834,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">255,736</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">316,282</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4,328,215</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,100,439</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Equity</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Parent company investment</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,289,104</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,690,989</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total liabilities and equity</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,617,319</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">9,791,428</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes
to the Combined Financial Statements are an integral part of these statements</FONT></P>



<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Combined
Statement of Comprehensive Income</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>







<P STYLE="margin: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year
                                                                   ended December 31,&nbsp;</B>&nbsp;<I>($ in thousands)</I></FONT></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Servicing fees</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">745,604</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">840,195</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">974,858</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Servicing asset valuation and hedge
    activities, net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(408,298</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(403,456</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(302,810</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total servicing income, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">337,306</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">436,739</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">672,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Gain on mortgage loans, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">37,695</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other revenue, net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,626</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,928</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11,298</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Total net revenue</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">381,627</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">469,159</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">709,245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Net interest expense</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">79,493</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">108,668</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">105,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Noninterest expense</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Compensation and benefits</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">160,824</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">139,722</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">129,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Professional fees</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">88,545</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,203</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mortgage fines and penalties</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">86,722</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">204,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Provision for uncollectible amounts</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">81,533</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">73,843</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31,624</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicing Losses</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">71,842</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Allocated general and administrative expenses</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">228,963</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">164,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">142,975</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other noninterest expense, net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">128,758</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98,316</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">83,119</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Total noninterest expense</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">847,187</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">713,570</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">422,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Income (loss) before income taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(545,053</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(353,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Net (loss)
    income</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(545,053</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(353,079</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>











<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Notes to the Combined Financial
Statements are an integral part of these statements.&nbsp;</FONT></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

<TD NOWRAP STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Combined Statement of Changes in
Equity</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>







<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: bottom"><TD NOWRAP STYLE="font-style: italic; text-align: left"></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD NOWRAP STYLE="font-style: italic; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">($ in
    thousands)</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Parent
    Company<BR>
    investment</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Accumulated
    <BR> earnings (deficit)</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total
    Parent<BR>
    Company<BR> investment</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">Balance at January 1, 2010</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3,156,842</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3,156,842</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Net (decrease) in Parent
    company investment</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(117,119</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(117,119</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Balance at December 31, 2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,039,723</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,220,957</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD><FONT STYLE="font-size: 10pt">Balance at January 1, 2011</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,039,723</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,220,957</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(353,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(353,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Net (decrease) in Parent company
    investment</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(176,889</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(176,889</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Balance at December 31, 2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,862,834</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(171,845</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,690,989</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Balance at January 1, 2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,862,834</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;<B>$</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(171,845</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,690,989</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(545,053</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(545,053</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Net increase in Parent company
    investment</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">143,168</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">143,168</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Balance at December 31, 2012</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,006,002</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;<B>$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(716,898</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,289,104</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">The Notes to the Combined
Financial Statements are an integral part of these statements.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Combined Statement of Cash Flows</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
    ended December 31,</B> <I>($ in thousands)</I></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2012</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating
    activities</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 55%; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    income (loss)</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="width: 10%; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(545,053</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(353,079</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">181,234</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reconciliation
    of net income (loss) to net cash provided by (used in) operating activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in fair value of mortgage servicing rights</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>440,657</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">812,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">725,350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision
    for uncollectible amounts</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">81,533</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">73,843</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31,624</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other,
    net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(31,195</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(18,448</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22,687</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase
    of mortgage loans held-for-sale (b)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2,232,130</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,491,404</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,864,924</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds
    from sales and repayments of mortgage loans held&ndash;for&ndash;sale</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,248,655</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,480,721</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,019,323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proceeds
    from collections of government insured receivables</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,007,638</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">821,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">869,536</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    change in:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 16pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Servicer
    advances, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(109,647</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,864</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(376,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 16pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Match
    funded advances, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>106,728</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(43,337</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">384,594</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 16pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Derivatives
    and hedging related assets, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>80,438</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">421,905</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(176,510</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 16pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">42<FONT STYLE="font-family: Times New Roman, Times, Serif">,<B>246</B></FONT></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(70,422</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(543,116</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -7pt; padding-left: 16pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    liabilities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(168,340</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,208</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(65,911</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    cash (used in) provided by operating activities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(78,470</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">726,005</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">162,180</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investing
    activities</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in restricted cash</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>76,074</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,428</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38,218</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-size: 10pt; text-align: left"><P STYLE="font: 9pt/9pt Times New Roman, Times, Serif; margin: 0 0 1pt 7pt; text-indent: -7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acquisition
                                                  of mortgage servicing rights</FONT></P></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(16,680</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54,357</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(184,494</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
    of mortgage servicing rights</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&mdash;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,246</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">550</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    cash provided by (used in) investing activities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>59,394</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54,539</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(222,162</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financing
    activities</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    change in borrowings from affiliates</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>85,655</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(253,953</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">346,287</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    change in&nbsp; match funded liabilities</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,568</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,531</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,492</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    change in other borrowings</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(208,179</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(236,093</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(189,678</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    increase (decrease) in Parent company investment</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>143,168</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(176,889</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(117<FONT STYLE="font-family: Times New Roman, Times, Serif">,119</FONT></FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    cash provided by (used in) financing activities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>19,076</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(671,466</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,982</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    increase (decrease) in cash and cash equivalents</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&mdash;</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
    and cash equivalents at January 1, (a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&mdash;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
    and cash equivalents at December 31, (a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&mdash;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

</TABLE>





<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>











<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash
                                                                                         and cash equivalents of the Component
                                                                                         are zero at December 31, 2012, 2011 and
                                                                                         2010. See Note 1 - Description of Business
                                                                                         and Basis of Presentation for more information.</FONT></TD>

</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1.1
                                                                                                                  billion,
                                                                                                                  $1.2 billion
                                                                                                                  and $1.1
                                                                                                                  billion
                                                                                                                  of mortgage
                                                                                                                  loans held&ndash;for&ndash;sale
                                                                                                                  were transferred
                                                                                                                  to government
                                                                                                                  insured loan
                                                                                                                  receivables
                                                                                                                  during 2012,
                                                                                                                  2011 &amp; 2010,
                                                                                                                  respectively.</FONT></TD>

</TR>     <TR STYLE="vertical-align: top">

<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">The Notes to the Combined Financial
Statements are an integral part of these statements.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>1.&nbsp;&nbsp;Description
of Business</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">These
financial statements are intended to present the financial condition, results of operations and cash flows of Servicing Operations,
a Component of Residential Capital, LLC (Component). The Component is a full service loan servicing business, servicing residential
mortgage loans for which the Component owns the corresponding Mortgage Servicing Rights (MSRs), servicing mortgage-backed and
mortgage-related asset-backed securities and whole-loan packages owned by investors and acting as subservicer for certain clients
that own the underlying MSRs. The Component generally purchased the MSRs from other components of Residential Capital, LLC. Residential
Capital, LLC (ResCap, Company or Parent) is a non-consolidated wholly owned subsidiary of GMAC Mortgage Group, LLC (GMAC Mortgage
Group), which is a wholly owned subsidiary of Ally Financial Inc. (Ally Inc.).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
February 15, 2013, Ocwen Loan Servicing, LLC (Ocwen) acquired the servicing platform, certain mortgage servicing rights and related
servicer advances of the Component. Ocwen also assumed certain Component contracts and extended employment offers to substantially
all of the Component&rsquo;s employees. Ocwen assumed liabilities as part of the transaction, but these were limited to certain
employee liabilities and certain business payables outstanding at the closing date. Ocwen did not assume any contingent obligations,
including, but not limited to, pending or threatened litigation, financial obligations in connection with any settlements, orders,
or similar agreements entered into by ResCap or obligations in connection with any representations or warranties associated with
loans previously sold by ResCap except litigation that may arise in the ordinary course of servicing mortgage loans relating to
servicing agreements assumed by Ocwen. Ocwen assumed all liabilities related to servicing loans that are guaranteed by the
Government National Mortgage Association (GNMA), whether arising prior to or after the closing date. Additionally, on January
31, certain of the Component&rsquo;s mortgage servicing rights and related servicer advances were acquired by Walter Investment
Management Corporation.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ResCap
Bankruptcy</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
May 14, 2012 (the Petition Date), ResCap and certain of its wholly owned subsidiaries (collectively, the Debtors) filed voluntary
petitions (Chapter 11 Cases) for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of New York (Bankruptcy Court).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">These
combined financial statements do not purport to reflect or provide for the potential consequences of ResCap&rsquo;s bankruptcy
proceedings on the Component and they do not include any adjustments that might result from the outcome of these proceedings except
to the extent they relate specifically to the Component. These financial statements are intended to present the operations of
the Component, which operated as part of ResCap. The Component&rsquo;s combined financial statements have been prepared on a going
concern basis, taking into consideration the completion of the Ocwen acquisition described above.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Basis
of Presentation</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Combined Financial Statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements
and accounting records of ResCap, principally from records representing the Component operations, and reflect the historical results
of operations, financial position and cash flows of the Component in accordance with accounting principles generally accepted
in the United States of America (GAAP). The combined financial statements were prepared for the purpose of complying with Rule
3-05 of Regulation S-X of the Securities and Exchange Commission. The combined financial statements may not be indicative of the
Components&rsquo; future performance and do not necessarily reflect what its combined results of operations, financial position
and cash flows would have been had the Component operated as an independent entity during the periods presented. See Note 2 &ndash;
Significant Accounting Policies and Assumptions, for a description of the allocations and assumptions used in the preparation
of the combined financial statements.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component was not historically required to be reported or operated as a stand-alone operation or entity.&nbsp; Key functions,
including cash and liquidity management, information technology and other shared services were performed by ResCap.&nbsp; Consequently,
numerous assets and liabilities, including cash and borrowings, were commingled with other operations of ResCap and were not directly
identifiable to the Component.&nbsp;&nbsp; The Component also did not maintain identifiable cash balances.&nbsp; As a consequence,
these Combined Financial Statements assume that the cash and liquidity needs of the Component for each period presented were met
through an allocation of borrowings or Parent company investment.&nbsp; See Note 6 &ndash; Borrowings for additional information.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
significant intercompany transactions between the Component and ResCap have been included in the Combined Financial Statements.
The net settlement of these transactions is reflected as Parent company investment in the Combined Statements of Cash Flows as
a financing activity and in the Combined Balance Sheet as Parent company investment.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Notes to Combined Financial
Statements<BR>
Servicing Operations<BR>
(A Component of Residential Capital, LLC)</FONT></P>



<P STYLE="margin-right: 0; margin-left: 0; margin-top: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
intracompany transactions have been eliminated in the Combined Financial Statements. There are no assets, liabilities or activities
within the Component that give rise to the creation of other comprehensive income for any of the periods presented.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt"><B>Recently
Adopted Accounting Standards</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt"><B>Fair
Value Measurement - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS (ASU
2011-04)&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; text-indent: 0.25in; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt">As
of January 1, 2012, we adopted Accounting Standards Update (ASU)&nbsp;2011-04, which amends ASC&nbsp;820, <I>Fair Value Measurements</I>.
The amendments in this ASU clarify how to measure fair value and contain new disclosure requirements to provide more transparency
into Level 3 fair value measurements.&nbsp; ASU 2011-04 is intended to improve the comparability of fair value measurements presented
and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS.&nbsp; The ASU must be applied prospectively.&nbsp;
The adoption did not have a material impact on our financial condition or results of operations.&nbsp;&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt"><B>2.
Significant Accounting Policies and Assumptions</B>&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; text-indent: 0.25in; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt">The
preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and income and expenses during the reporting period and related
disclosures and critical accounting estimates. In developing these estimates and assumptions, management uses available evidence
at the time of the financial statements. Because of uncertainties associated with estimating the amounts, timing and likelihood
of possible outcomes, actual results could differ from our estimates. Accounting estimates require management to make assumptions
about matters that were highly uncertain at the time the accounting estimate was made, and if different estimates reasonably could
have been used or changes in the accounting estimate are reasonably likely to occur from period to period, that could have a material
impact on our financial condition, results of operations or cash flows. If actual results differ from our assumptions, it may
have an adverse impact on the results of operations and cash flows.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt"><B>Fair
Value Measurements&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; text-indent: 0.25in; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt">Fair
value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (exit price) in
the principal or most advantageous market in an orderly transaction between market participants at the measurement date. Fair
value is based on the assumptions market participants would use when pricing an asset or liability. Additionally, entities are
required to consider all aspects of nonperformance risk, including the entity&rsquo;s own credit standing, when measuring the
fair value of a liability.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; text-align: justify; text-indent: 0.25in; margin-bottom: 10pt; margin-top: 0"><FONT STYLE="font-size: 10pt">A
three-level hierarchy is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to
quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e.,
unobservable inputs). An instrument&rsquo;s categorization within the fair value hierarchy is based on the lowest level of significant
input to its valuation. The following is a description of the three hierarchy levels.&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; width: 97%"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt">Level 1</FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt">Inputs
                                                                                          are quoted prices in active markets
                                                                                          for identical assets or liabilities
                                                                                          at the measurement date. Additionally,
                                                                                          we must have the ability to access the
                                                                                          active market, and the quoted prices
                                                                                          cannot be adjusted by us.</FONT></TD>

</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9pt 0 66pt; text-align: justify; text-indent: -48pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; width: 97%"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt">Level 2&#9;</FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt">Inputs
                                                                                              are other than quoted prices included
                                                                                              in Level&nbsp;1 that are observable
                                                                                              for the asset or liability, either
                                                                                              directly or indirectly. Level&nbsp;2
                                                                                              inputs include quoted prices in
                                                                                              active markets for similar assets
                                                                                              or liabilities; quoted prices in
                                                                                              inactive markets for identical or
                                                                                              similar assets or liabilities; or
                                                                                              inputs that are observable or can
                                                                                              be corroborated by observable market
                                                                                              data by correlation or other means
                                                                                              for substantially the full term
                                                                                              of the assets or liabilities.</FONT></TD>

</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9pt 0 66pt; text-align: justify; text-indent: -48pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; width: 97%"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 10pt">Level 3&#9;</FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt">Unobservable
                                                                                              inputs are supported by little or
                                                                                              no market activity. The unobservable
                                                                                              inputs represent management&rsquo;s
                                                                                              best assumptions of how market participants
                                                                                              would price the assets or liabilities.
                                                                                              Generally, Level&nbsp;3 assets and
                                                                                              liabilities are valued using pricing
                                                                                              models, discounted cash flow methodologies,
                                                                                              or similar techniques that require
                                                                                              significant judgment or estimation.</FONT></TD>

</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9pt 0pt 0; text-align: left"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 9pt 10pt 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>Mortgage
Loans Held-for-sale</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Loans
held-for-sale are carried at lower of cost or fair value. As servicer, we are required to purchase mortgage loans from off-balance
sheet securitizations guaranteed by the Government National Mortgage Association (GNMA) under certain circumstances including,
but not limited to, in connection with loan modifications, immediately prior to foreclosure and in connection with contractual
delinquency triggers. Mortgage loans acquired in connection with loan modifications are generally sold to other components of
ResCap on a servicing retained basis. ResCap in turn pools these loans with other loans owned by ResCap and sells the loans into
new GNMA guaranteed securitizations. Mortgage loans acquired as a result of borrower default or contractual delinquency
triggers ultimately become claims for reimbursement from the Federal Housing Administration (FHA) or U.S. Department of Veterans
Affairs (VA). These claims are classified as Government insured loan receivables, net on the Combined Balance Sheet.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component holds&nbsp;conditional repurchase options in off-balance sheet GNMA securitizations as a result of ownership of mortgage
servicing rights that allow the servicer to repurchase a loan at par if it exceeds a pre-specified delinquency levels (e.g. 90
days). The servicer has discretion regarding when or if these options are exercised, but generally the servicer will do so only
when it is in&nbsp;its best interest. The Component, as servicer, recognizes those assets that can be repurchased under the conditional
repurchase option (and any related liability to pay the trust) once the condition has been satisfied, but only in those situations
where the servicer has determined that it would have a more than trivial benefit. The Component does not record an asset (or related
liability to pay the trust) when delinquent loan repurchase options are both quantitatively and qualitatively deep out of the
money, because it would not have a more than trivial benefit from the options. To the extent the Component recognizes mortgage
loans subject to a conditional repurchase option, a corresponding liability is recognized on the Combined Balance Sheet.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0"><FONT STYLE="font-size: 10pt"><B>Mortgage
Servicing Rights</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component services consumer mortgage loans owned by securitization trusts and whole loan portfolios involving government sponsored
entities (GSEs, collectively, Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie
Mac) and GNMA) and private investors (primary servicing). The Component also services mortgage and asset backed securities issued
to investors in securitization trusts (master servicer). The Component receives servicing fees based on the sold or securitized
loan balances and certain other fees, all of which are reported in servicing fees. The Component may at times purchase and sell
MSRs through transactions with other market participants, including other components of ResCap.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component capitalizes the value expected to be realized from performing specified mortgage servicing activities for others as
MSRs when the expected future cash flows from servicing are projected to be more than adequate compensation for such activities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
mortgage servicing rights are measured at fair value with changes in fair value recorded in servicing asset valuation and hedge
activities, net in the Combined Statement of Comprehensive Income. Relevant market data is used to determine the fair value of
MSRs. See Note 4 &ndash; Servicing Activities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-size: 10pt"><B>Servicer
Advances, net</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Servicer
advance receivables are recorded at net realizable value. In connection with the Component&rsquo;s servicing activities, we make
certain payments for property taxes and insurance premiums, default and property maintenance payments, as well as advances of
principal and interest payments before collecting them from individual borrowers. Servicer advance receivables, including contractual
interest, are priority cash flows in the event of a loan principal reduction or foreclosure and ultimate liquidation of the real
estate-owned property, thus making their collection reasonably assured. The Component&rsquo;s potential advance obligation for
any mortgage loan is influenced by the borrower&rsquo;s performance and credit quality. A reserve is established for any servicer
advances where collectability is in doubt. Changes in the required reserve are recorded in provision for uncollectible amounts
on the Combined Statement of Income.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component advances funds for various activities related to the foreclosure process principally related to attorney fees and costs,
appraisals, escrow, insurance and property preservation in the event the servicer, or the investor, determines foreclosure is
the most appropriate loss mitigation strategy. In the current environment, many states and local jurisdictions altered foreclosure
processes and in some circumstances this can result in restarting the foreclosure process entirely or repeating certain of the
required steps (foreclosure restarts). To the extent the servicer restarts the process, in whole or in part, the servicer may
not be reimbursed for advances in connection with the original activities. The circumstances and extent of any foreclosure restart
are specific to each state and/or local jurisdiction. See Note 4 &ndash; Servicing Activities.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">When
the Component acts as a subservicer of mortgage loans, the Component performs the responsibilities of a servicer but does not
own the corresponding servicing rights. The Component receives a fee from the owner of the servicing rights for performing such
services. As the subservicer, the Component has the same responsibilities as a primary servicer in that the Component makes certain
payments for property taxes and insurance premiums, default and property maintenance, as well as advances of principal and interest
payments before collecting them from individual borrowers. Certain subservicing contracts require the primary servicer to reimburse
the Component for advances.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component acts as a master servicer and in many cases where the Component acts as master servicer, the Component also acts as
primary servicer. In connection with the Component&rsquo;s master servicing activities, the Component services mortgage-backed
and mortgage-related asset-backed securities and whole-loan packages sold to investors. As the master servicer, the Component
collects mortgage loan payments from primary servicers and distributes those funds to investors in mortgage-backed and asset-backed
securities and whole-loan packages. As the master servicer, the Component is required to advance scheduled payments to the securitization
trust or whole-loan investors. To the extent the primary servicer does not advance the payments, the master servicer is responsible
for advancing the payment to the trust or whole-loan investors. Reimbursements of master servicer advances, including contractual
interest, are priority cash flows in the event of a default, thus making their collection reasonably assured. In most cases, the
master servicer is required to advance these payments to the point of liquidation of the loan or reimbursement of the trust or
whole-loan investors.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Match
Funded Advances, net</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Match
funded advances result from transfers of servicing advances to special purpose entities (SPEs) which issue debt supported by collections
on the transferred advances. We consolidate these SPEs because the transfers do not qualify as sales. We classify the transferred
servicer advances as match funded advances and the related liabilities as match funded liabilities on the Combined Balance Sheet.
Holders of the debt issued by the SPEs do not have any recourse to the assets of the Component other than the transferred advances.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Government
Insured Loan Receivables, net</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mortgage
loans acquired from off-balance sheet securitizations guaranteed by GNMA as a result of borrower default or contractual delinquency
triggers ultimately become claims for reimbursement from the Federal Housing Administration (FHA) or U.S. Department of Veterans
Affairs (VA). Mortgage loans are reclassified to Government insured loan receivables in the event of borrower bankruptcy, foreclosure
or other post-sale status. Government insured loan receivables are evaluated for impairment based upon the reimbursement policies
of the FHA and VA. An allowance is established for any claims receivable where collectability is in doubt. Changes in the required
allowance are recorded in provision for uncollectible amounts in the Combined Statement of Income.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Derivative
Instruments and Hedging Activities</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Historically,
ResCap used derivative instruments for managing risks associated with the Component&rsquo;s MSRs. On May 10, 2012, ResCap terminated
all of the outstanding hedge transactions with respect to the MSRs. All derivative financial instruments are measured at fair
value, and are reported on a gross basis on the Combined Balance Sheet, with changes in fair value reported in current period
earnings in servicing asset valuation and hedge activities, net.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Derivative
instruments hedging the Component&rsquo;s servicing assets and the related income or loss, (when such instruments were in place)
were allocated to the Component in proportion to the hedged risk. This allocation was necessary because the Component&rsquo;s
MSR was hedged in combination with the MSR of an affiliate.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Derivative
and hedging related assets and liabilities include allocated collateral placed or received in connection with the Component&rsquo;s
hedging activities. Collateral placed and received is comprised of cash, for which carrying amount approximates fair value.
See Note 13 &ndash; Derivative Instruments and Hedging Activities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Borrowings</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Borrowings,
and related interest expense, have been attributed to the Component based on an assessment of the amounts directly related to
the Component and its operations. To the extent a liquidity facility was supported solely by the identifiable assets of the Component,
such facility was attributed to the Component and recorded as other borrowings on the Combined Balance Sheet. To the extent assets
of the Component were commingled with assets of other components of ResCap and pledged as primary collateral to a liquidity facility,
the debt was allocated to the Component based upon the relative proportion of Component&rsquo;s assets pledged to the particular
facility as compared to the total assets pledged to the respective facility. These borrowings are recorded in Borrowings from
affiliates on the Combined Balance Sheet.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Certain
of the Component&rsquo;s assets were not pledged as primary collateral to any financing facility. These assets were financed by
the Parent and recorded as Parent Company investment on the Combined Balance Sheet.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income
Taxes</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
November 2, 2009, ResCap became a division of Ally Inc., a corporation, for U.S. income tax purposes and subject to corporate
U.S. Federal, state and local taxes.&nbsp; ResCap is included in the consolidated Ally Inc. U.S. Federal and unitary and/or consolidated
state income tax returns. The Component provided for U.S. federal and state taxes on a stand-alone basis which is consistent with
the applicable tax sharing agreement between ResCap and Ally, Inc. and among the ResCap subsidiaries, including those in which
the Component operations were conducted.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Income
taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax basis. The deferred tax asset balances as of December 31, 2012 and 2011 were allocated
based on actual changes in balance sheet amounts where such numbers were available, or estimated based on ResCap&rsquo;s historical
deferred balances where actual information was not available. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date. Deferred tax assets are recognized subject to management&rsquo;s judgment that realization is more likely
than not.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0"><FONT STYLE="font-size: 10pt"><B>Allocated
General and Administrative Expenses</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
the extent an asset, liability, revenue or expense is directly associated with the Component, it is reflected in the accompanying
Combined Financial Statements. ResCap and certain of ResCap&rsquo;s subsidiaries perform numerous functions on behalf of the Component
including key functions such as, cash and liquidity management, finance and accounting, accounts payable, legal, tax, facilities
management, information technology support and systems and human resources, including employee benefit plans. In certain circumstances,
Ally Inc. may perform functions on behalf of ResCap that indirectly support the Component. Expenses associated with these functions
have been allocated to the Component based on direct usage when identifiable, with the remainder allocated based on revenue, headcount
or some other comparable measure. Contingent liabilities and the related expense associated with pending or threatened litigation
against ResCap or its subsidiaries have historically been managed at a consolidated level. Accordingly the effects of such matters
have not been included in the Combined Financial Statements.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Management
believes such allocations are reasonable however, these allocations may not reflect the expense the Component would have incurred
as a standalone company. Actual costs that may have been incurred had the Component been operated as a standalone company would
depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees
and strategic decisions made in areas such as information technology and infrastructure.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0"><FONT STYLE="font-size: 10pt"><B>Parent
Company Investment</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
settlement of intercompany transactions is recorded as net change in Parent company investment. There was no formal funding mechanism
in place between the Component and ResCap during the periods presented; the Component was simply an integral part of ResCap&rsquo;s
operations. These intercompany transactions include collections of servicing fees, servicer advances and government insured loan
receivables and payment of liabilities, including borrowings and accounts payable and charges related to allocated expenses.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; margin-left: 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>3.&nbsp;&nbsp;Mortgage
Loans Held&ndash;for&ndash;Sale</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
composition of residential mortgage loans held&ndash;for&ndash;sale reported at carrying value, were as follows.</FONT></P>



<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>December 31,&nbsp; <I>($ in
    thousands)</I></B></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Conditional repurchase option
    mortgage loans</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,521,475</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,274,175</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Repurchased
    GNMA loans(a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">293,097</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">292,481</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Total mortgage
    loans held&ndash;for&ndash;sale (b)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,814,572</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,566,656</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">

<TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Loans
                                                                       purchased from GNMA securitizations in connection with
                                                                       loan modifications or foreclosure and/or contractual delinquency
                                                                       triggers.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>4.&nbsp;Servicing
Activities</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Mortgage Servicing Rights
</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Mortgage
servicing rights represent the capitalized value of the right to receive future cash flows from the servicing of mortgage loans
for others. Because residential mortgage loans typically contain a prepayment option, borrowers often elect to prepay their mortgage
loans by refinancing at lower rates during declining interest rate environments. The borrower&rsquo;s ability to prepay is at
times impacted by other factors in the current environment that may limit their ability to access a refinance (e.g. a high loan
to value ratio). When repayment occurs, the stream of cash flows generated from servicing the original mortgage loan is terminated.
As such, the fair value of MSRs has historically been very sensitive to changes in interest rates and tends to decline as market
interest rates decline and increase as interest rates rise.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">GAAP
requires that the fair value of MSRs be determined based on market transactions for comparable servicing assets, if available.
In the absence of representative market transactions, fair value should be based on other available market evidence and modeled
market expectations of the present value of future estimated net cash flows that market participants would expect from servicing.
When observable prices are not available, management uses internally developed discounted cash flow models to estimate the fair
value. These internal valuation models estimate net cash flows based on internal operating assumptions that would be used by market
participants combined with market-based assumptions for loan prepayment rates, interest rates, default rates, and discount rates
that management believes approximate yields required by investors for these assets. Servicing cash flows primarily include servicing
fees, ancillary fees, and late fees less operating costs to service the loans. The estimated cash flows are discounted using an
option-adjusted spread-derived discount rate. Management considers the best available information and exercises significant judgment
in estimating and assuming values for key variables in the modeling and discounting process. All of the Component&rsquo;s MSRs
are carried at estimated fair value.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following key assumptions are used in the valuation:</FONT></P>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Prepayment</I></B>&nbsp;-
                                                              The most significant drivers of MSR fair value are actual and forecasted
                                                              portfolio prepayment behavior. Prepayment speeds represent the rate
                                                              at which borrowers repay their mortgage loans prior to scheduled
                                                              maturity. The most significant factor influencing prepayment speeds
                                                              is the interest rate environment. However, prepayment speeds are
                                                              influenced by a number of factors such as the value of the collateral,
                                                              government programs, and other market factors. As interest rates
                                                              rise, prepayment speeds generally slow, and as interest rates decline,
                                                              prepayment speeds generally accelerate. When mortgage loans are
                                                              paid or expected to be paid earlier than originally estimated, the
                                                              expected future cash flows associated with servicing such loans
                                                              are reduced. We primarily use third-party models to project residential
                                                              mortgage loan payoffs. In other cases, we estimate prepayment speeds
                                                              based on historical and expected future prepayment rates. We measure
                                                              model performance by comparing prepayment predictions against actual
                                                              results at both the portfolio and product level.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Discount
                                                              rate</I></B>&nbsp;- The cash flows of our MSRs are discounted utilizing
                                                              appropriate option-adjusted spread-derived discount rates that,
                                                              when applied to projected cash flows, produce fair value.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Base
                                                              mortgage rate</I></B>&nbsp;- The base mortgage rate represents the
                                                              current market interest rate for newly originated mortgage loans.
                                                              This rate is a key component in estimating prepayment speeds of
                                                              our portfolio because the difference between the current base mortgage
                                                              rate and the interest rates on existing loans in our portfolio is
                                                              an indication of the borrower&rsquo;s likelihood to refinance.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Cost
                                                              to service</I></B>&nbsp;- In general, servicing cost assumptions
                                                              are based on actual expenses directly related to servicing. These
                                                              servicing cost assumptions are compared to market-servicing costs
                                                              when market information is available. Our servicing cost assumptions
                                                              include expenses associated with our activities related to loans
                                                              in default.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Volatility</I></B>&nbsp;-
                                                              Volatility represents the expected rate of change of interest rates.
                                                              The volatility assumption used in our valuation methodology is intended
                                                              to estimate the range of expected outcomes for future interest rates.
                                                              We use implied volatility assumptions in connection with the valuation
                                                              of our MSRs. Implied volatility is defined as the expected rate
                                                              of change in interest rates derived from the prices at which options
                                                              on interest rate swaps or swaptions are trading.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">We
also periodically perform a series of reasonableness tests as we deem appropriate, including the following:</FONT></P>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review
                                                              and compare data provided by an independent third-party broker.
                                                              </I></B>We evaluate and compare our fair value price, multiples,
                                                              and underlying assumptions to data, including prepayment speeds,
                                                              discount rates, and cost to service provided by an independent third-party
                                                              broker.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review
                                                              and compare pricing of publicly traded interest-only securities.
                                                              </I></B>We evaluate and compare our fair value to publicly traded
                                                              interest-only stripped mortgage-backed securities by age and coupon
                                                              for reasonableness.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review
                                                              and compare fair value price and multiples.</I></B> We evaluate
                                                              and compare our fair value price and multiples to market fair value
                                                              price and multiples in external surveys produced by third-parties.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Compare
                                                              actual monthly cash flows to projections.</I></B> We compare actual
                                                              monthly cash flows to those projected in the MSR valuation. Based
                                                              upon the results of this comparison, we assess the need to modify
                                                              the individual assumptions used in the valuation. This process calibrates
                                                              the model to actual servicing cash flow results.</FONT></TD></TR></TABLE>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Review
                                                              and compare recent bulk mortgage servicing right acquisition activity.
                                                              </I></B>We evaluate reliability and relevancy of market trades,
                                                              including the values implied by ResCap&rsquo;s sales. Until recently,
                                                              there was a lack of comparable transactions between willing buyers
                                                              and sellers in the bulk acquisition market, which is the best indicator
                                                              of fair value. Market activity is monitored and tracked on an ongoing
                                                              basis.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">We
generally expect our valuation to be within a reasonable range of these comparisons. Changes in these assumptions could have a
significant impact on the determination of fair value. In order to develop our best estimate of fair value, management reviews
and analyzes the output from the models and makes adjustments to the valuation to take into consideration other factors that may
not be captured. If we determine our valuation has exceeded the reasonable range, we may adjust it accordingly.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
assumptions used in modeling expected future cash flows of MSRs have a significant impact on the fair value of MSRs and potentially
a corresponding impact to earnings. At December 31, 2012 and 2011, based on the market information obtained, we determined that
our MSR valuations and the assumptions used to value those servicing rights were reasonable and consistent with what an independent
market participant would use to value the assets.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following table summarizes the Component&rsquo;s activity related to MSRs. See Note 12 &ndash; Fair Value for additional information.</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year ended December 31, </B>&nbsp;<I>($
    in thousands</I>)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Estimated fair value at January&nbsp;1,</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1,995,958</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Acquired mortgage servicing
    rights (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16,680</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54,357</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Dispositions</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Changes in fair value</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Due to changes in valuation
    inputs used in the valuation model</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(178,425</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(552,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Other
    changes in fair value</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(262,232</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(259,465</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="border-bottom: Black 2.5pt solid; text-indent: -7pt; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Estimated
    fair value at December&nbsp;31,</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>







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 <TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

</TR>

<TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mortgage
                                                                                         servicing rights were acquired from other
                                                                                         components of ResCap.</FONT></TD>

</TR>

</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Changes
in fair value due to changes in valuation inputs or assumptions used in the valuation models include all changes due to a revaluation
by a model or by a benchmarking exercise. Other changes in fair value primarily include the accretion of the present value of
the discount related to forecasted cash flows and the economic run-off of the portfolio.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;The
key economic assumptions and the sensitivity of the fair value of MSRs to immediate&nbsp;10% and&nbsp;20% adverse changes in those
assumptions were as follows.</FONT></P>



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<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
                                                                   31,</B> &nbsp;&nbsp;&nbsp;<I>($ in thousands)</I></FONT></P></TD>

<TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%"><FONT STYLE="font-size: 10pt">Weighted average life <I>(in years)</I></FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD><FONT STYLE="font-size: 10pt">Weighted average prepayment speed</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17.7</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Impact on fair value of 10% adverse change</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(93,525</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(71,223</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Impact on fair value of 20% adverse change</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(175,276</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(135,292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD><FONT STYLE="font-size: 10pt">Weighted average discount rate</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Impact on fair value of 10% adverse change</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(12,451</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(25,396</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Impact on fair value of 20% adverse
    change</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(23,673</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(48,913</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

</TABLE>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">These
sensitivities are hypothetical and should be considered with caution. Changes in fair value based on a&nbsp;10% and 20% variation
in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value
may not be linear. Also, the effect of a variation in a particular assumption on the fair value is calculated without changing
any other assumption. In reality, changes in one factor may result in changes in another (e.g., increased market interest rates
may result in lower prepayments and increased credit losses) that could magnify or counteract the sensitivities. Further, these
sensitivities show only the change in the asset balances and do not show any expected change in the fair value of the instruments
used to manage the interest rate and prepayment risks associated with these assets.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0"><FONT STYLE="font-size: 10pt"><B>Risk
Mitigation Activities</B>&nbsp;&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
anticipation of its bankruptcy filing, on May 10, 2012, ResCap terminated all of its outstanding hedge transactions with respect
to its MSRs and has not entered into any new MSR hedging transactions. The primary economic risk related to MSRs is interest rate
risk and the resulting impact on prepayment speeds. A significant decline in interest rates could lead to higher than expected
prepayments that could reduce the fair value of the MSRs. Prior to ResCap&rsquo;s bankruptcy filing, ResCap economically hedged
the impact of this risk with derivative financial instruments. These instruments included interest rate swaps, caps and floors,
options to purchase these items, futures and forward contracts, constant monthly maturity (index trades), synthetic interest only
and principal only securities and/or to-be-announced (TBAs) securities. Derivative instruments hedging the Component&rsquo;s
servicing assets and the related income or loss, (when such instruments were in place) were allocated to the Component in proportion
to the hedged risk. This allocation was necessary because the Component&rsquo;s MSR was hedged in combination with the MSR of
an affiliate.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
components of servicing valuation and hedge activities, net, were as follows.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-indent: 0.25in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,</B>
    <I>&nbsp;($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Change in estimated fair value of mortgage servicing
    rights</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">440,657</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">812,435</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">725,350</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change in fair value of derivative
    financial instruments</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">32,359</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">408,979</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">422,540</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Servicing valuation and hedge
    activities, net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">408,298</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">403,456</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">302,810</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

</TABLE>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0pt; margin-left: 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0"><FONT STYLE="font-size: 10pt"><B>Mortgage Servicing Fees</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
components of servicing fees were as follows.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B>Year
    ended December 31, </B>&nbsp;<I>($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt">Contractual
    servicing fees (net of guarantee fees and including sub-servicing)</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">538,922</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">638,961</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">728,189</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Ancillary fees</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">153,226</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">145,412</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">176,847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Late
    fees</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">53,456</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">55,822</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">69,822</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 2.5pt solid; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">745,604</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">840,195</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">974,858</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0"><FONT STYLE="font-size: 10pt"><B>Servicer Advances, net</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Servicer advances,
net including match funded advances, net, were as follows:</FONT></P>



<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
    31, </B><I>&nbsp;($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Primary servicer advances</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 74%; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Escrow</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">815,816</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">738,962</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Principal and interest</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">558,887</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">687,969</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Corporate advances</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">310,565</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">277,275</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total primary servicer advances
    (a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,685,268</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,704,206</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Subserviced advances</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">214,704</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">226,008</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Master servicer advances (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">196,390</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">158,162</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Allowance for uncollectible advances</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(48,718</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(43,651</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total servicer advances, net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,047,644</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,044,725</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">

<TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes
                                                                                                 match funded advances of $292.3
                                                                                                 million and $293.5&nbsp;million&nbsp;of
                                                                                                 escrow advances, $344.4 million
                                                                                                 and $427.2&nbsp;million of principal
                                                                                                 and interest advances, $85.2
                                                                                                 million and $95.0&nbsp;million
                                                                                                 of corporate advances, as of
                                                                                                 December 31, 2012 and 2011, respectively.
                                                                                                 The majority of master servicer
                                                                                                 advances are match-funded for
                                                                                                 the periods presented.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Serviced
Mortgage Assets</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
unpaid principal balance of total serviced mortgage assets were as follows.</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
                                                                   31, </B><I>&nbsp;($ in millions)</I></FONT></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Mortgage loans held-for-sale</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,820</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,571</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Off&ndash;balance sheet mortgage loans</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Loans held by third&ndash;party investors</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 14pt"><FONT STYLE="font-size: 10pt">Consumer mortgage private-label</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">45,444</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">53,086</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 14pt"><FONT STYLE="font-size: 10pt">Consumer mortgage GSE</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">98,160</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">132,935</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 14pt"><FONT STYLE="font-size: 10pt">Consumer mortgage whole-loan portfolios</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13,402</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,861</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 7pt"><FONT STYLE="font-size: 10pt">Purchased servicing
    rights&nbsp;(a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,625</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,247</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Total primary serviced mortgage loans</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">162,451</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">207,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Subserviced mortgage loans&nbsp; (b)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">158,623</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">169,531</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Master servicing only mortgage
    loans</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,060</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,557</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total serviced mortgage loans</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">328,134</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">385,788</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents
                                                                                                                   mortgage servicing
                                                                                                                   rights acquired
                                                                                                                   from other
                                                                                                                   market participants.</FONT></TD>

</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes
                                                                                                 loans where we act as a subservicer
                                                                                                 under contractual agreements
                                                                                                 with the primary servicer. As
                                                                                                 subservicer, there is no recourse
                                                                                                 to us other than customary contractual
                                                                                                 provisions relating to the execution
                                                                                                 of the services we provide, except
                                                                                                 for loans subserviced on behalf
                                                                                                 of Ally Bank, a wholly owned
                                                                                                 subsidiary of Ally, Inc. See
                                                                                                 Note&nbsp;15&nbsp;&mdash; Related
                                                                                                 Party Transactions for additional
                                                                                                 information.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following table sets forth information concerning the delinquency experience in the consumer mortgage loan primary servicing portfolio,
including pending foreclosures.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
                                                                   31, &nbsp;</B><I>($ in millions)</I></FONT></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of <BR> loans</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Unpaid
    <BR> principal <BR> balance</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number of <BR> loans</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Unpaid <BR> principal
    <BR> balance</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 48%; text-align: left; border-bottom: Black 1pt solid; text-indent: 0pt; padding-left: -8.65pt"><FONT STYLE="font-size: 10pt">Total
    mortgage loans primary serviced</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,301,831</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">162,451</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,587,113</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">207,700</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD><FONT STYLE="font-size: 10pt">Period of delinquency</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">30 to 59&nbsp;days</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">55,674</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,501</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,289</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">60 to 89&nbsp;days</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">24,529</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,570</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,138</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,695</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">90&nbsp;days or more</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">32,276</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5,153</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27,570</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,467</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Foreclosures pending</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">57,168</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">10,949</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">68,166</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13,018</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Bankruptcies</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">31,883</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4,563</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">34,956</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">4,869</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total delinquent loans</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">201,530</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">31,736</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">223,069</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">35,338</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Percent of U.S. mortgage loans
    primary serviced</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15.5</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19.5</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">14.1</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17.0</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Subsequent
to the acquisition, Ocwen will manage certain borrower litigation.&nbsp; Such matters generally include actions associated with
ongoing loan servicing, loss mitigation and foreclosure, and other related activities.&nbsp; These legal actions may include claims
against ResCap and its subsidiaries for compensatory and/or punitive damages or claims for the indeterminate amounts of damages
bases on actions or events prior to the closing date of the Ocwen transaction.&nbsp; Ocwen is not liable for these potential claims
or damages.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">At
<FONT STYLE="color: black">December&nbsp;31, 2012</FONT>, insured private-label securitizations with an unpaid principal balance
of <FONT STYLE="color: black">$4.9 billion</FONT> contain provisions entitling the monoline or other provider of contractual credit
support (surety providers) to declare a servicer default and terminate the servicer upon the failure of the loans to meet certain
portfolio delinquency and/or cumulative loss thresholds. Securitizations with an unpaid principal balance of <FONT STYLE="color: black">$4.3
billion</FONT> had breached a delinquency and/or cumulative loss threshold. While we continue to service these loans and receive
service fee income with respect to these securitizations, the value of the related MSR is zero at <FONT STYLE="color: black">December&nbsp;31,
2012</FONT>. Securitizations with an unpaid principal balance of <FONT STYLE="color: black">$474.0 million</FONT> have not yet
breached a delinquency or cumulative loss threshold. The value of the related MSR is <FONT STYLE="color: black">$3.0 million</FONT>
at <FONT STYLE="color: black">December&nbsp;31, 2012</FONT>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>5.&nbsp;&nbsp;Other
Assets</B></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>December 31,<I> </I></B><I>&nbsp;($
    in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Servicing fees receivable, net</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">82,100</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">87,634</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Property and equipment, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">23,524</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,321</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Restricted cash (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">76,074</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">7,182</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">89,697</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total other assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">112,806</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">281,726</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a) Represents
funds collected, but not yet distributed, by match funding special purpose entities.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>6.&nbsp;Borrowings
</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Summary of borrowings
were as follows.</FONT></P>



<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Weighted
    average end of period interest rate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>December 31,</B> <I>&nbsp;($
    in thousands</I>)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="font-size: 10pt">Borrowings from Affiliates</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3.35</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">3.05</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">655,162</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">569,506</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Match funded liabilities (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5.00</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">714,392</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">715,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Other borrowings</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Mortgage servicing rights facility (b)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.71</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">153,140</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">324,827</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Servicer
    advance facility (b)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.71</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2.80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">28,310</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">64,802</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total other borrowings</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7.77</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5.71</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">181,450</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">389,629</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total borrowings</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4.63</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3.98</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,551,004</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,675,095</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certain
                                                                                                                  borrowings were
                                                                                                                  repaid in full
                                                                                                                  February 15,
                                                                                                                  2013 by ResCap
                                                                                                                  and its subsidiaries.</FONT></TD>

</TR>     <TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certain
                                                                                         borrowings were repaid in full January
                                                                                         31, 2013 by ResCap and its subsidiaries.</FONT></TD>

</TR>     <TR STYLE="vertical-align: top; text-align: justify">

<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Component
effectively paid interest of $78 million, $84 million and $100 million during the years ended December 31, 2012, 2011 and 2010,
respectively. Such amounts are reflected in the change in Parent company investment.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Collateral
for Secured Debt</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following table summarizes the carrying value of assets that are restricted, pledged, or for which a security interest has been
granted as collateral for the payment of certain debt obligations.&nbsp;</FONT></P>







<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>December 31,</B> <I> ($ in thousands</I>)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2012</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left; padding-left: 0pt"><FONT STYLE="font-size: 10pt">Advances, net (a)</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,973,692</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1,946,516</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Mortgage servicing rights</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">553,317</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">865,073</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Government insured loans
    receivables, net</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">495,213</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">415,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Mortgage loans held-for-sale</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">106,483</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">205,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">43,280</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">19,848</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total assets restricted as primary
    collateral</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,171,985</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,452,609</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Includes
                                                                                         match funded advances of $876.3 million
                                                                                         and $983.0 million at December 31, 2012
                                                                                         and 2011, respectively.</FONT></TD>

</TR>     <TR STYLE="vertical-align: top">

<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>7.&nbsp;Other
Liabilities</B></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
                                                                   31,&nbsp;&nbsp;</B><I>($ in thousands</I>)</FONT></P></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Mortgage fines and penalties</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">76,599</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">204,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicing and related accounts payable</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">50,694</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">44,876</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Employee compensation and benefits</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">30,607</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other (a)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">97,836</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">41,139</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total other liabilities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">255,736</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">316,282</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Includes
                                                                                                $71.3 million of accrued executory
                                                                                                cure costs for the year ended
                                                                                                December 31, 2012.</FONT></TD>

</TR>

</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>8.&nbsp;Allocated
General and Administrative Expenses</B>&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,&nbsp;
    </B><I>($ in thousands</I>)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Information technology support and systems</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">95,063</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">81,760</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">83,262</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Legal fees</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">58,523</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">48,127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">23,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">75,377</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">34,565</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">36,185</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total allocations</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">228,963</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">164,452</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">142,975</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>9.&nbsp;Other
Noninterest Expense, Net</B>&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year ended December 31,&nbsp;
    </B><I>($ in thousands</I>)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">Outsourcing</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">30,918</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">29,388</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">38,205</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Property and inspection services</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16,256</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,156</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Equipment and supplies</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15,491</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,450</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">66,093</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">44,322</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21,414</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total other noninterest expense,
    net</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">128,758</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">98,316</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">83,119</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>10.&nbsp;Income
Taxes </B></FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Component did not recognize any federal or state income tax expense for each of the years ended December 31, 2012, 2011 or 2010,
as the Component was in a net deferred tax asset position, which is fully offset by a valuation allowance. A reconciliation of
the statutory U.S. Federal income tax rate to the effective income tax rate is shown in the following table.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year ended December
    31,</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Statutory U.S. Federal rate</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">35.0</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">35.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">35.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Change in tax rate resulting from</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Effect of valuation allowance change</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(37.4</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(38.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(38.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">State and local income taxes, net of federal
    income tax benefit</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2.4</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Effective tax rate</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">0.0</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.0</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0.0</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">At
December 31, 2012 and 2011, we had no uncertain tax positions as defined by ASC 740, <I>Accounting for Uncertainty in Income Taxes.</I></FONT></P>







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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
significant components of deferred tax assets and liabilities were as follows.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>December 31,</B> <I>($in
    thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Tax
    loss carryforwards</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">186,003</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">25,941</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">MSRs</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">125,586</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">94,627</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">State and local
    taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22,377</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,689</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Servicer advances</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,051</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8,087</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Mark-to-market finance
    receivables</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,632</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,583</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Employee
    benefits</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">1,317</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">5,372</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Gross deferred tax
    assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">362,053</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">163,907</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Valuation
    allowance</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(344,545</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(144,089</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Net deferred tax
    assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19,818</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Accruals
    not currently deductible</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">17,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">19,818</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gross
    deferred tax liabilities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">17,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">19,818</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Net
    deferred tax assets (liabilities)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




















<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
December 31, 2012, the Component had U.S. Federal and state net operating loss (&ldquo;NOL&rdquo;) carryforwards of $531.4
million. A majority of ResCap&rsquo;s historic NOL resulted from the servicing operations, as such, the entire balance of
ResCap&rsquo;s NOL of $637.1 million as of January 1, 2010 was allocated to the Component for purposes of these financial statements.
Prior to November 2, 2009, ResCap, including the Component, was treated as a partnership for U.S. tax purposes and therefore,
any net operating losses passed through to its members. The net operating losses allocated to the Component are attributable to
periods after November 2, 2009, when ResCap became subject to U.S. Federal, state and foreign income taxes. For U.S. Federal tax
purposes, ResCap is considered a disregarded entity of Ally Inc. and will continue to be included in Ally Inc&rsquo;s consolidated
return until the ultimate disposition of Ally Inc&rsquo;s ownership in ResCap; as a result, the net operating losses remain attributes
of Ally Inc. Therefore, the Component&rsquo;s NOLs have been determined only for purposes of presentation in these Combined Financial
Statements. These tax attributes do not exist independently.</FONT></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
December 31, 2012, 2011 and 2010, a valuation allowance has been established against the deferred tax asset because we have determined
that it is more likely than not that all such tax assets will not be realized. We assessed the available positive and negative
evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant
piece of objective evidence was the cumulative loss incurred over each three-year period ended December 31, 2012 and 2011. This
objective negative evidence outweighed the positive evidence, which was more subjective in nature.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>11.&nbsp;Employee
Benefit Plans</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
of the Component meeting certain eligibility requirements participate in a defined contribution savings. Employees may contribute
a percentage of eligible compensation to the plan, not to exceed annual IRS limits. An allocation of expenses incurred in connection
with the savings plan was determined via the proportion of the Component employees to the total employees of ResCap. The Component
compensation expense for the defined contribution savings plan was $8.6 million, $9.6 million and $7.4 million for the years ended
December 31, 2012, 2011 and 2010, respectively.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P>









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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements<BR>
Servicing Operations<BR>
(A Component of Residential Capital, LLC)</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>12.&nbsp;Fair
Value </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>Fair
Value Measurements</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Following
are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the
valuation methodologies, key inputs to those methodologies and significant assumptions utilized.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Mortgage
loans held-for-sale</I>&nbsp;<I>&ndash;</I></B>&nbsp;Mortgage loans held-for-sale, including conditional repurchase option loans
are carried at the lower of cost or fair value. The Component repurchases loans from GNMA guaranteed securitizations in connection
with loan modifications and delinquency triggers. These loans are classified as mortgage loans held-for-sale, as the Component
expects to redeliver (sell) the loans to new GNMA guaranteed securitizations in the case of modified loans. The fair value of
these loans is estimated using published forward GNMA prices. Loans repurchased in connection with delinquency triggers are modified
or otherwise remediated through loss mitigation activities or are reclassified to government insured loan receivables. Because
these loans are insured or guaranteed by the FHA or VA, the fair value of these loans represents the net recovery value taking
into consideration the insured or guaranteed claim. Mortgage loans held-for-sale also includes GNMA loans subject to conditional
loan repurchase options.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Mortgage
servicing rights</I></B>&nbsp;-&nbsp;MSRs currently do not trade in an active market with observable prices, therefore internally
developed discounted cash flow models are used to estimate the fair value of MSRs, a Level 3 valuation. These internal valuation
models estimate net cash flows based on internal operating assumptions that we believe would be used by market participants combined
with market-based assumptions for loan prepayment rates, interest rates, and discount rates that management believes approximate
yields required by investors in this asset. Cash flows primarily include servicing fees, ancillary fees, and late fees less estimated
operating costs to service the loans. The estimated cash flows are discounted using an option-adjusted spread derived discount
rate. See Note 4 &ndash; Servicing Activities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Derivative
instruments</I></B>&nbsp;-&nbsp;Historically, ResCap used derivative instruments for managing risks associated with MSRs. On May
10, 2012, ResCap terminated all of its outstanding hedge transactions with respect to its MSRs. All derivative financial instruments
are measured at fair value. Derivative financial instruments are reported on a gross basis with changes in the fair value of derivative
financial instruments reported in current period earnings.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Certain
of these derivatives are exchange traded, such as futures. To determine the fair value of these instruments, the exchange prices
for the particular derivative contract are utilized; therefore, these contracts are classified as Level&nbsp;1. Over-the-counter
derivative contracts, such as interest rate swaps, swaptions, forwards, caps, floors and agency-to-be-announced (TBAs) securities,
utilize third-party-developed valuation models that are widely accepted in the market for valuation, a Level 2 valuation. The
specific terms of the contract and market observable inputs (such as interest rate forward curves and interpolated volatility
assumptions) are used in the model.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
aspects of nonperformance risk, including ResCap&rsquo;s own credit standing, is considered when measuring fair value of a liability.
Credit risk on the majority of derivatives is mitigated by entering into legally enforceable agreements that enable the posting
and receiving of collateral associated with the fair value of the derivative positions on an ongoing basis. In the event there
is no legally enforceable agreements that enable the posting and receiving of collateral, ResCap&rsquo;s credit risk and the credit
risk of the counterparty is considered in the valuation of the derivative instrument(s) through a credit valuation adjustment&nbsp;(CVA),
if warranted.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Recurring
Fair Value</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following table presents our assets and liabilities measured at fair value on a recurring basis. Historically, we have economically
hedged the fair value change of our assets with derivatives and other financial instruments. The table below displays the hedges
separately from the hedged items and, therefore, does not directly display the impact of our risk management activities.&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Recurring
    fair value measurements</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>December
    31,&nbsp; </B><I>($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level&nbsp;1</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level&nbsp;2</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Level&nbsp;3</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 48%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Mortgage servicing
    rights</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,657</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mortgage servicing rights</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fair value of derivative contracts
    in receivable position</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30,268</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,380,689</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,410,957</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total assets</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30,268</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,380,689</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,645,591</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fair value of derivative contracts
    in liability position</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">8,963</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,502,081</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,511,044</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Total liabilities</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">8,963</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,502,081</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">($</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,511,044</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
tables present the reconciliation for all Level&nbsp;3 assets and liabilities measured at fair value on a recurring basis. Transfers
into or out of Level&nbsp;3 are recognized as of the end of the reporting period in which the transfer occurred. The Level&nbsp;3
items presented below may be hedged by derivatives and other financial instruments that are classified as Level&nbsp;1 or Level&nbsp;2.
Thus, the following table does not fully reflect the impact of our risk management activities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Mortgage
    Servicing Rights</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>December 31,</B>&nbsp;<I> ($
    in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; font-weight: bold"><FONT STYLE="font-size: 10pt">January&nbsp;31, Level 3 fair value</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1,995,958</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net gains (losses) included in earnings</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Realized gain (loss) (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 17.3pt"><FONT STYLE="font-size: 10pt">Unrealized gains (losses) (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(440,657</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(812,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD><FONT STYLE="font-size: 10pt">Sales</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD><FONT STYLE="font-size: 10pt">Acquisitions</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16,679</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">54,357</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Settlements</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">December 31, Level 3 fair value</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">810,656</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,234,634</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fair
                                                                                                 value adjustment reported in
                                                                                                 servicing asset valuation and
                                                                                                 hedge activities, net.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fair Value
of Financial Instruments</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following table presents the carrying and estimated fair value of assets and liabilities that are considered financial instruments.
Accordingly, items that do not meet the definition of a financial instrument are excluded from the table. When possible, quoted
market prices are used to determine fair value. Where quoted market prices are not available, the fair value is internally derived
based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount
rates. Considerable judgment is required in interpreting market data to develop estimates of fair value, so the estimates are
not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of
using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information
presented herein was based on information available at December 31, 2012 and December 31, 2011.&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>December 31,</B> <I>&nbsp;($
    in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Carrying
    Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fair
    Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Carrying Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fair Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="font-size: 10pt">Mortgage loans held&ndash;for&ndash;sale</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,814,573</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,814,573</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,566,656</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2,566,656</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Conditional repurchase option liability</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,521,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,521,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,274,175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,274,175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Borrowings from Affiliates</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">655,162</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">655,162</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">569,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">569,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Match funded liability</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">714,392</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">714,392</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">715,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">715,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Other borrowings</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">181,450</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">181,450</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">389,629</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">389,629</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
following describes the methodologies and assumptions used to determine fair value for the respective classes of financial instruments.
In addition to the valuation methods discussed below, the Component also followed guidelines for determining whether a market
was not active and a transaction was not distressed. As such, the Component assumed the price that would be received in an orderly
transaction (including a market-based return) and not in forced liquidation or distressed sale.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Mortgage
loans held-for-sale&nbsp;-&nbsp;</I></B> See discussion of valuation methods and assumptions used for mortgage loans held-for-sale
within the <I>Fair Value Measurement</I> section of this Note.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Borrowings
from Affiliates - </I></B>Parent and affiliate borrowings have been executed to approximate arms-length terms. These borrowing
arrangements generally charge floating interest rates based on an index plus a market-based spread. There are frequent negotiations
and restructuring activities around these borrowing arrangements. Accordingly, the interest rates on these borrowings would be
equivalent to those demanded in the market and thus carrying value approximates fair value.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Conditional
repurchase option liability</I></B> - The repurchase option may be exercised at par and, accordingly, the liability reflects
the par amount of the underlying government insured loans, which approximates fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>Other
borrowings and Match funded liabilities -</I></B> These facilities have floating rates based on an index plus a spread. The credit
spreads are consistent with those demanded in the market. Accordingly, the interest rates on these borrowings would be at market
and thus carrying value approximates fair value.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>13.&nbsp;Derivative
Instruments and Hedging Activities</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
anticipation of ResCap&rsquo;s bankruptcy filing, on May 10, 2012 all hedge transactions with respect to MSRs were terminated.
The primary objective for executing these financial instruments was to mitigate economic exposure to future events that are outside
of the Component&rsquo;s control. These financial instruments were utilized principally to manage market risk and cash flow volatility
associated with MSRs. The Component does not, and did not, transact derivative instruments for reasons beyond risk management.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 23pt"><FONT STYLE="font-size: 10pt">MSRs
are generally subject to loss in value when mortgage rates decline. Declining mortgage rates generally result in an increase in
refinancing activity, which increases prepayments and results in a decline in the value of MSRs. To mitigate the impact of this
risk, the Component maintained a portfolio of derivative financial instruments, which increased in value when interest rates declined.
The primary objective was to minimize the overall risk of loss in the value of MSRs due to the change in fair value caused by
interest rate changes and their interrelated impact to prepayments.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component used a variety of derivative financial instruments to manage the interest rate risk related to MSRs. These included,
but were not limited to, interest rate futures, call or put options on U.S. Treasuries, swaptions, mortgage-backed securities
(MBS) futures, U.S. Treasury futures, interest rate swaps, interest rate floors and caps.</FONT></P>


<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Credit
Risk and Collateral Arrangements</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Derivative
financial instruments contain an element of credit risk if counterparties, including affiliates, are unable to meet the terms
of their agreements. Credit risk associated with derivative financial instruments is measured as the net replacement cost should
the counterparties that owe us under the contracts completely fail to perform under the terms of those contracts, assuming there
are no recoveries of underlying collateral, as measured by the fair value of the derivative financial instruments. At <FONT STYLE="color: black">December&nbsp;31,
2012</FONT> and <FONT STYLE="color: black">December&nbsp;31, 2011</FONT>, the fair value of derivative financial instruments in
an asset, or receivable position, were <FONT STYLE="color: black">$0.0 million</FONT> and <FONT STYLE="color: black">$2.4 billion</FONT>,
respectively.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ResCap
has entered into legally enforceable agreements that permit the closeout and netting of transactions with the same counterparty
upon occurrence of certain events. To further mitigate the risk of counterparty default, ResCap executes collateral agreements
with counterparties. The agreements require both parties to maintain cash deposits in the event the fair values of the derivative
financial instruments meet established thresholds. These agreements governed the collateral exchange for derivatives across the
ResCap organization, regardless of the purpose of the derivative transactions. For that reason, collateral was allocated to the
Component and its MSR hedging program consistent with the allocation of derivative financial instruments. The Component had received
cash deposits from counterparties totaling $0.0 million and $323.8 million at December&nbsp;31, 2012 and,&nbsp;December&nbsp;31,
2011, respectively, for derivative positions in a receivable position. The Component had placed cash deposits totaling $ 0.0 and
$504.4 million at December&nbsp;31, 2012 and&nbsp;December&nbsp;31, 2011, respectively, in accounts maintained by counterparties
for derivative positions in a liability position to us. The cash deposits placed and received are included in derivatives and
hedging related assets and liabilities on the Combined Balance Sheet.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component is not exposed to credit risk related contingent features in any of the derivative contracts that could be triggered
and potentially could expose the Component to future loss.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>Combined
Balance Sheet Presentation</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
fair value of derivative contracts in a receivable and payable position used to hedge interest rate risk on the Component&rsquo;s
mortgage servicing rights was $2.4 billion and $2.5 billion, respectively at December 31, 2011. The notional amount of these contracts
was $262.1 billion. The Component had no outstanding derivatives at December 31, 2012.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt"><B>Combined Statement of Comprehensive
Income Presentation</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Derivative
fair value adjustments are captured in the Combined Statement of Income within servicing asset valuation and hedge activities,
net. Changes in derivative portfolio values are generally reflected within the change in Derivatives and hedging related assets,
net line items on the Combined Statement of Cash Flows.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>14.
Commitments, Contingencies and Other Risks </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Home
equity lines of credit </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
servicer, we were obligated on behalf of another component of ResCap, to fund incremental draws, subject to customary borrower
requirements, on home equity lines of credit if certain securitization trust triggers are met. These draws are referred to as
excluded amounts and were funded directly to the borrower by the servicer. The obligation to fund excluded amounts existed for
certain securitizations and was strategically structured on a deal by deal basis by another component of ResCap. During 2012,
ResCap ceased funding these draws. At December&nbsp;31, 2012 and 2011, ResCap&rsquo;s total unfunded commitments were $0.0 million
and $1.6 billion, respectively. Ocwen did not assume this obligation.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other
Commitments and Contingencies</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>Settlements with Federal
Government and State Attorneys General </I></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">On
February 9, 2012, Ally Inc., ResCap, and certain of ResCap&rsquo;s subsidiaries reached an agreement in principle with respect
to investigations into procedures followed by mortgage servicing companies and banks in connection with mortgage origination and
servicing activities and foreclosure home sales and evictions (DOJ Settlement). On March 12, 2012, the DOJ Settlement was filed
as a consent judgment in the U.S. District Court for the District of Columbia. In addition, ResCap separately reached an independent
settlement with Oklahoma, which did not participate in the broader settlement described below, and agreements with two other states
for other releases.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
connection with the DOJ Settlement, ResCap paid $109.6 million to a trustee for distribution to federal and state governments
and $2.3 million in connection with separate state agreements. ResCap was also obligated to provide $200.0 million towards borrower
relief, subject to possible upward adjustments as described below. This obligation for borrower relief includes loan modifications,
including principal reductions, rate modifications, and refinancing for borrowers that meet certain requirements, and participation
in certain other programs. Generally, if certain basic criteria are met, borrowers that are either delinquent or at imminent risk
of default and owe more on their mortgages than their homes are worth could be eligible for principal reductions, and borrowers
that are current on their mortgages but who owe more on their mortgage than their homes are worth could be eligible for refinancing
opportunities. The DOJ Settlement requires solicitation of all borrowers that are eligible for rate and principal modifications
as of March 1, 2012, and requires ResCap to provide loan modifications to all borrowers who accept a modification offer within
three months of the solicitation. ResCap also agreed to provide loan modifications to borrowers who accept a modification offer
within six months of the solicitation, unless and until total borrower relief provided exceeds $250.0 million.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
part of the DOJ Settlement, ResCap agreed to solicit eligible borrowers in both its own and Ally Bank&rsquo;s loan portfolios.
ResCap estimated an eligible population of approximately 14,000 borrowers. At December&nbsp;31, 2012, ResCap had solicited or
reviewed applications of approximately 11,400 borrowers and completed approximately 4,860 refinancings or modifications. ResCap
had also executed approximately 4,100 other non-modification borrower relief transactions, including waivers of foreclosure and
short sale deficiencies at December 31, 2012. These non-modification borrower relief transactions include deficiency waivers where
ResCap has a valid deficiency under state laws. At December&nbsp;31, 2012, ResCap had achieved borrower relief credits, subject
to caps and limitations and including incentives for activities completed within the first twelve months, of $336.8 million. These
credits include modifications that have not yet met the 90-day borrower performance requirement. ResCap reimbursed Ally Bank $87.9
million in connection with eligible borrower relief actions completed with respect to Ally Bank&rsquo;s loan portfolio during
the year ended December 31, 2012. The liability for remaining borrower relief obligations is $42.2 million at December 31, 2012
and is recorded in other liabilities on the Combined Balance Sheet.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">ResCap&rsquo;s
servicing operation, the Component, is required to implement new servicing standards relating to matters such as foreclosure and
bankruptcy information and documentation, oversight, loss mitigation, limitations on fees, and related procedural matters. Compliance
with these obligations will be overseen by an independent monitor, who will have authority to impose additional penalties and
fines in the event of failure to meet established timelines or failure to implement required servicing standards. The DOJ Settlement
generally resolves potential claims arising out of origination and servicing activities and foreclosure matters, subject to certain
exceptions.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
DOJ Settlement does not prevent state and federal authorities from pursuing criminal enforcement actions, securities-related claims
(including actions related to securitization activities and Mortgage Electronic Registration Systems, or MERS), loan origination
claims, claims brought by the Federal Deposit Insurance Corporation (FDIC) and certain other matters against ResCap. The DOJ Settlement
also does not prevent claims that may be brought by individual borrowers against ResCap.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Obligations
with respect to the DOJ settlement are included in the Combined Financial Statements as they relate primarily to the Component&rsquo;s
operations. Although such obligations and the related expense and accrued liabilities are included in the Combined Financial Statements,
Ocwen did not assume any obligations in connection with these settlements, they have been retained by ResCap, with the exception
of compliance with new servicing standards.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Other
Mortgage Foreclosure Matters</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt"><B><I>Consent Order</I></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">As
a result of an examination conducted by the Federal Reserve Board (FRB) and FDIC, on April&nbsp;13, 2011 ResCap entered into a
Consent Order (the Consent Order) with the FRB and the FDIC. The Consent Order requires that ResCap make improvements to various
aspects of the residential mortgage loan-servicing business, including compliance programs, internal audit, communications with
borrowers, vendor management, management information systems, employee training, and oversight by our Board of Directors.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Consent Order required GMAC Mortgage, LLC (a wholly owned subsidiary of ResCap) to retain independent consultants to conduct a
risk assessment related to mortgage servicing activities and, separately, to conduct a review of certain past residential mortgage
foreclosure actions. The risk assessment was completed in 2011. The review of past residential mortgage foreclosures is still
underway. We have recorded a liability for potential remediation payments to borrowers of $33.5 million at December&nbsp;31, 2012.
The liability is recorded in other liabilities on the Combined Balance Sheet. We currently estimate our remediation obligations
could range from $33.5 million to $59.3 million. This range reflects management&rsquo;s estimates using a variety of assumptions,
including the severity and number of individual penalties. To the extent these assumptions change, the range of potential obligations
could change. Management estimates additional future out-of-pocket costs in connection with the foreclosure review of up to $320.6
million.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">To
date, the Component has borne all out-of-pocket costs associated with the remediation rather than passing any such costs through
to investors for whom the Component services the related mortgages.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Costs
associated with the Consent Order are included in the Combined Financial Statements as they relate primarily to the Component&rsquo;s
operations. Although such obligations and the related expense and accrued liabilities are included in the Combined Financial Statements.
Ocwen did not assume any obligations in connection with the Consent Order, they have been retained by ResCap.&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 2pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Regulatory</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 2pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component&rsquo;s servicing business activities expose it to risks of noncompliance with extensive federal, state, and local laws,
rules and regulations. The Component&rsquo;s business activities are also governed by, among other contracts, primary and master
servicing agreements that contain covenants and restrictions regarding the performance of servicing activities. Failure to comply
with these laws, rules, regulations and contracts can lead to, among other things, loss of licenses and approvals, fines, penalties,
litigation, including class action lawsuits, and governmental investigations and enforcement actions, including, in the case of
some violations of law, possible criminal liability.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>15.
Related Party Transactions</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Combined
Balance Sheet</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
summary of the balance sheet effect of our transactions with affiliates, including other components of ResCap, were as follows.</FONT></P>



<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>December
    31,</B> &nbsp;<I>($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Derivatives and hedging related assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="width: 74%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Fair value of derivative instruments
    &ndash; Ally Investment Management Inc. (Ally IM)</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">1,582,533</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Derivative collateral placed with Ally IM
    (a)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">486,386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Borrowings from Affiliate (b)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">655,162</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">569,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Derivatives and hedging related liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 10pt">Fair value of derivative instruments (a)
    - Ally IM</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,086,735</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Other activity</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Loans (UPB) sub-serviced &mdash; Ally Bank</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">130,323,671</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">143,172,634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Loans (UPB) sub-serviced &mdash; ResCap</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,929,517</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,448,642</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Loans&nbsp; (UPB) associated with purchased MSRs &mdash; ResCap</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,058,831</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,955,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Loans sold (UPB) &mdash; ResCap</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">917,848</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,010,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">Servicing escrow/deposits for
    off-balance sheet loans &mdash; Ally Bank</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,942,051</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">2,003,745</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes
                                                                       the fair value of forwards, TBAs and swaptions executed
                                                                       in connection with our MSR hedging activities. See Note&nbsp;13&nbsp;&mdash;
                                                                       Derivative Instruments and Hedging Activities for additional
                                                                       information.</FONT></TD></TR>                                                                                                                             <TR STYLE="vertical-align: top">

<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes
                                                                       principal balance of debt outstanding plus accrued interest.
                                                                       See Note 6 - Borrowings for additional information.</FONT></TD></TR></TABLE>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Notes to Combined Financial Statements</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Servicing Operations</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(A Component of Residential Capital,
LLC)</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Combined
Statement of Comprehensive Income</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A
summary of the income statement effect of our transactions with affiliates, including other components of ResCap, were as follows.</FONT></P>




<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year
    ended December 31, </B><I> &nbsp;($ in thousands)</I></FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2012</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2011</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2010</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Net financing revenue</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="width: 61%; text-align: left"><FONT STYLE="font-size: 10pt">Interest expense &mdash; Borrowings from Affiliate</FONT></TD><TD STYLE="width: 3%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20,086</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">21,185</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">19,335</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Other revenue</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicing fees &mdash; Ally Bank</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">78,722</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,060</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicing fees &mdash; ResCap</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">505</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,537</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Servicing asset valuation and hedge activities, net &mdash; derivative
    instruments with Ally&nbsp;IM</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">23,353</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(86,591</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">85,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD><FONT STYLE="font-size: 10pt"><B>Noninterest expense</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Allocated general and administrative expense &#151; ResCap</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">228,963</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">164,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">142,972</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">

    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Custodial fees &mdash; Ally Bank</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4,486</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,916</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,137</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Ally
Investment Management, Inc.</B> <B>(Ally IM)</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For
purposes of hedging its MSR, ResCap executed derivative transactions with Ally IM, certain of which have been allocated to the
Component. These derivative instruments include, but are not limited to swaps, swaptions and to-be-announced mortgage securities.
ResCap and Ally IM executed in ISDA 2002 Master Agreement which provided for collateralization of exposures between the parties.
Collateral posted or received in connection with the allocated derivative transactions are classified as derivative and hedging
related assets or liabilities.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Ally
Bank</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Component acts as subservicer for loans held by Ally Bank (Servicing Agreement). Under the Servicing Agreement, the Component
performs all customary mortgage loan servicing activities, including but not limited to, collection of borrower remittances, loss
mitigation and foreclosure processing activities. The term of the Servicing Agreement automatically renews for a one-year term
on an annual basis, unless notice of termination is provided by either party generally with 120 days prior notice. We receive
subservicing fees that are generally based on the average daily balance of subserviced loans, which differ by loan type and delinquency
status.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">In
connection with the DOJ Settlement obligations, Ally Bank agreed to participate in borrower relief programs and activities with
respect to their loan portfolios. To the extent activities under the borrower relief programs are consistent with activities originally
permitted under the Servicing Agreement, Ally Bank will not seek to be reimbursed or indemnified for any losses it incurs in connection
with these borrower relief activities. In accordance with the terms of the amended Servicing Agreement, ResCap is required to
indemnify Ally Bank for certain activities. The cost of such indemnification has been allocated to the Component. See Note 13
- Contingencies and Other Risks for additional information related to the DOJ Settlement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>ResCap</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 25pt"><FONT STYLE="font-size: 10pt">The
Component subservices loans on behalf of other components within ResCap. The costs incurred by the Component to service these
portfolios are included in the Component&rsquo;s expenses and, as such, a charge for these services is allocated to the components
and is reported as revenue in the Combined Statement of Comprehensive Income of the Component.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0in; text-align: justify; text-indent: 25pt"><FONT STYLE="font-size: 10pt">The
Component does not originate loans; however, the origination and sale activities performed by the lending and capital markets
components of ResCap resulted in the retention of mortgage servicing rights. These additional mortgage servicing rights are retained
by the Component and are reported as purchased on the Combined Balance Sheet. Similarly, strategic decisions are made at ResCap
that may result in the sale or de-recognition of mortgage servicing rights. To the extent that MSRs are sold or otherwise de-recognized,
these are reported as dispositions of mortgage servicing rights on the Combined Balance Sheet.</FONT></P>




<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 25pt; text-align: justify; text-indent: -25pt"><FONT STYLE="font-size: 10pt"><B>16.&nbsp;Subsequent
Events</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Events
subsequent to <FONT STYLE="color: black">December&nbsp;31, 2012</FONT>, were evaluated through <FONT STYLE="color: black">May
3, 2013</FONT>, the date on which these Combined Financial Statements were issued.</FONT></P>





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<DOCUMENT>
<TYPE>EX-99.2 BYLAWS
<SEQUENCE>4
<FILENAME>ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: right; text-indent: 10.05pt"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; text-indent: 10.05pt"><B>OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES</B><BR>
<B>UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 10pt">&nbsp;On February 15, 2013, Ocwen
Loan Servicing, LLC (OLS), a wholly owned subsidiary of Ocwen Financial Corporation (&ldquo;Ocwen&rdquo;) completed the acquisition
of certain Purchased Assets (the ResCap Acquisition), pursuant to an asset purchase agreement with Residential Capital, LLC, Residential
Funding Company, LLC, GMAC Mortgage, LLC, Executive Trustee Services, LLC, ETS of Washington, Inc., EPRE LLC and certain additional
entities (collectively, the Sellers) in connection with the Sellers&rsquo; asset sale pursuant to a plan under Chapter 11 of Title
11 of the United States Code. Each of the Sellers is an indirect subsidiary of Ally Financial Inc. The Purchased Assets together
with the employees, whose primary responsibilities relate to providing primary servicing, back-up servicing and related activities,
providing fee-based subservicing, providing master servicing and providing foreclosure trustee services and recovery services,
represent a component of Residential Capital, LLC (&ldquo;ResCap Servicing Operations&rdquo;). Information relating to this acquisition
was previously included in Ocwen&rsquo;s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on November 8, 2012. The completion of this acquisition was previously reported in Ocwen&rsquo;s Current Report on Form 8-K, filed
with the SEC on February 19, 2013.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">On December 27, 2012, Ocwen Financial
Corporation (&ldquo;Ocwen&rdquo;) completed the previously announced Homeward Merger (as defined below) pursuant to a Merger Agreement
by and among Ocwen, O&amp;H Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Ocwen (&ldquo;Merger Sub&rdquo;),
Homeward Residential Holdings, Inc., a Delaware corporation (&ldquo;Homeward&rdquo;), and WL Ross &amp; Co. LLC, a Delaware limited
liability company as shareholder representative, pursuant to which Merger Sub merged with and into Homeward with Homeward continuing
as the surviving corporation and becoming a wholly-owned subsidiary of Ocwen (the &ldquo;Homeward Merger&rdquo;).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The unaudited pro forma combined
statement of operations of Ocwen that reflected the effect of the Homeward Merger were provided in Ocwen&rsquo;s Current Report
on Form 8-K/A filed with the SEC on March 15, 2013. The unaudited pro forma combined statement of operations combined the consolidated
results of operations of Ocwen for the year ended December 31, 2012, and the consolidated results of operations of Homeward for
the year ended September 30, 2012, and was presented as if the Homeward Merger had occurred on January 1, 2012. A pro forma balance
sheet was not included as the Homeward Merger was already reflected in Ocwen&rsquo;s balance sheet as of December 31, 2012, as
reported in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 1, 2013.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0in; text-indent: 0.25in">The unaudited pro forma combined
balance sheet gives effect to the ResCap Acquisition as if it had occurred on December 31, 2012 and combines the unaudited consolidated
balance sheet of Ocwen and the unaudited combined balance sheet of ResCap Servicing Operations. The unaudited pro forma
combined statement of operations combines the unaudited pro forma combined statement of operations of Ocwen, including Homeward,
for the year ended December 31, 2012 and the results of operations of ResCap Servicing Operations for the year ended December
31, 2012, and is presented as if the Homeward Merger and ResCap Acquisition had occurred on January 1, 2012.</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.25in">The historical consolidated
balance sheet of Ocwen, the pro forma combined statement of operations of Ocwen, including Homeward, and the historical consolidated
financial information of ResCap Servicing Operations have been adjusted in the unaudited pro forma combined balance sheet and
the unaudited pro forma combined statement of operations to eliminate assets not acquired and liabilities not assumed and their
related impacts on the results of operations and to give effect to pro forma events that are (1)&nbsp;directly attributable to
the ResCap Acquisition, (2)&nbsp;factually supportable and (3)&nbsp;expected to have a continuing impact on the combined results.
The unaudited pro forma combined balance sheet and the unaudited pro forma combined statement of operations should be read in
conjunction with the accompanying notes thereto. In addition, the unaudited pro forma combined financial information was based
on and should be read in conjunction with the:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Cambria; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Historical
                                                                                                                             audited
                                                                                                                             consolidated
                                                                                                                             financial
                                                                                                                             statements
                                                                                                                             of
                                                                                                                             Ocwen
                                                                                                                             for
                                                                                                                             the
                                                                                                                             year
                                                                                                                             ended
                                                                                                                             December
                                                                                                                             31,
                                                                                                                             2012
                                                                                                                             and
                                                                                                                             the
                                                                                                                             related
                                                                                                                             notes
                                                                                                                             that
                                                                                                                             are
                                                                                                                             included
                                                                                                                             in
                                                                                                                             its
                                                                                                                             Annual
                                                                                                                             Report
                                                                                                                             on
                                                                                                                             Form
                                                                                                                             10-K;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Cambria; margin: 0 0 0 37.45pt; text-indent: -10.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Cambria; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                                                                                                             unaudited
                                                                                                                             pro
                                                                                                                             forma
                                                                                                                             statement
                                                                                                                             of
                                                                                                                             operations
                                                                                                                             of
                                                                                                                             Ocwen,
                                                                                                                             including
                                                                                                                             Homeward,
                                                                                                                             for
                                                                                                                             the
                                                                                                                             year
                                                                                                                             ended
                                                                                                                             December
                                                                                                                             31,
                                                                                                                             2012
                                                                                                                             and
                                                                                                                             the
                                                                                                                             related
                                                                                                                             notes
                                                                                                                             that
                                                                                                                             are
                                                                                                                             included
                                                                                                                             in
                                                                                                                             its
                                                                                                                             Current
                                                                                                                             Report
                                                                                                                             on
                                                                                                                             Form
                                                                                                                             8-K/A
                                                                                                                             filed
                                                                                                                             with
                                                                                                                             the
                                                                                                                             SEC
                                                                                                                             on
                                                                                                                             March
                                                                                                                             15,
                                                                                                                             2013;
                                                                                                                             and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Cambria; margin: 0 0 0 37.45pt; text-indent: -10.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt Cambria; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Historical
                                                                                                                             audited
                                                                                                                             combined
                                                                                                                             balance
                                                                                                                             sheets
                                                                                                                             of
                                                                                                                             ResCap
                                                                                                                             Servicing
                                                                                                                             Operations
                                                                                                                             at
                                                                                                                             December
                                                                                                                             31,
                                                                                                                             2012
                                                                                                                             and
                                                                                                                             December
                                                                                                                             31,
                                                                                                                             2011
                                                                                                                             and
                                                                                                                             the
                                                                                                                             combined
                                                                                                                             statements
                                                                                                                             of
                                                                                                                             comprehensive
                                                                                                                             income,
                                                                                                                             statements
                                                                                                                             of
                                                                                                                             changes
                                                                                                                             in
                                                                                                                             equity
                                                                                                                             and
                                                                                                                             statements
                                                                                                                             of
                                                                                                                             cash
                                                                                                                             flows
                                                                                                                             for
                                                                                                                             each
                                                                                                                             of
                                                                                                                             the
                                                                                                                             three
                                                                                                                             years
                                                                                                                             in
                                                                                                                             the
                                                                                                                             period
                                                                                                                             ended
                                                                                                                             December
                                                                                                                             31,
                                                                                                                             2012
                                                                                                                             and
                                                                                                                             the
                                                                                                                             related
                                                                                                                             notes
                                                                                                                             that
                                                                                                                             are
                                                                                                                             included
                                                                                                                             as
                                                                                                                             Exhibit
                                                                                                                             99.1.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The unaudited pro forma combined
balance sheet and the unaudited pro forma combined statement of operations are provided for informational purposes only and are
not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the ResCap Acquisition
been completed as of the date indicated because of differences in servicing practices and cost structure between Ocwen and ResCap
Servicing Operations. In addition, the unaudited pro forma combined statement of operations does not purport to project
the future operating results of the combined companies nor does it reflect expected realization of any cost savings associated
with the ResCap Acquisition.&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>OCWEN
FINANCIAL CORPORATION AND SUBSIDIARIES</B><BR>
<B>UNAUDITED PRO FORMA COMBINED BALANCE SHEETS</B><BR>
<B>AS OF DECEMBER 31, 2012</B><BR>
<B>(Dollars in thousands, except share data)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ocwen<BR>
 Historical</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ResCap <BR>
Servicing <BR>
Operations <BR>
Historical </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Note<BR>
    3</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pro Forma <BR>
Adjustments</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note<BR> 4</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exclude <BR>
Fee-Based <BR>
Businesses</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note<BR> 5</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ocwen<BR>
Pro Forma</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">220,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(10,555</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">160,070</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">369,645</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Loans held for sale, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">A</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">608,592</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">B</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(408,362</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">B,C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,693</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Match funded advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,049,244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">876,294</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">B</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,366,118</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Mortgage servicing rights, at amortized cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">676,712</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508,036</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">C</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100,049</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,084,699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Mortgage servicing rights, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"></TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,404</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">D,E</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,997</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">E</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,570</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">B,C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,436</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Deferred tax assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(201,059</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Premises and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,530</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">F</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,074</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">F</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Debt service accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">G</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">272,678</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,176</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">E,F</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(32,361</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">H</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(10</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">C</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">247,483</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 27pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,671,882</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,079,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,287</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,440</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,820,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD COLSPAN="31" STYLE="font-weight: bold">Liabilities, Mezzanine Equity and Stockholders&rsquo; Equity</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 0.25in">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 27pt">Match funded liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,532,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">G</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">I</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,782,745</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 27pt">Lines of credit and other borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,096,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">G</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">835,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">J</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,932,479</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 27pt; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">277,664</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26,020</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">G</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">49,500</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">K</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(12,440</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">C</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">304,744</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 27pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,907,088</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,020</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,135,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,440</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,055,968</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Mezzanine Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 27pt; padding-bottom: 1pt">Series A Perpetual Convertible Preferred stock, $.01 par value; 200,000 shares authorized; 162,000 shares issued and outstanding December 31, 2012; redemption value $162,000 plus accrued and unpaid dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">153,372</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">153,372</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Stockholders&rsquo; Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Common stock, $.01 par value; 200,000,000 shares authorized and 135,637,932 shares issued and outstanding at December 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">911,942</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">911,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704,565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Accumulated other comprehensive loss, net of income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,441</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,441</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 27pt">Total stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,611,422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,611,422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 0.5in">Total liabilities, mezzanine equity and stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,671,882</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,020</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,135,300</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(12,440</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,820,762</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt/115% Cambria; margin-top: 0; text-align: center; margin-bottom: 10pt"><B>OCWEN FINANCIAL CORPORATION
AND SUBSIDIARIES</B><BR>
<B>UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS</B><BR>
<B>FOR THE YEAR ENDED DECEMBER 31, 2012</B><BR>
<B>(Dollars in thousands, except share data)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Cambria">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unaudited <BR>
Ocwen Pro <BR>
Forma, <BR>
including <BR>
Homeward </TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ResCap
    <BR>
    Servicing<BR>
    Operations <BR>
    Historical </TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note<BR>6</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pro Forma <BR>
Adjustments</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note<BR>
    7</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exclude <BR>
Fee-Based <BR>
Businesses</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note<BR>
    8</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ocwen<BR>
Pro Forma</TD><TD NOWRAP STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Servicing and subservicing fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,215,520</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">551,676</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">A</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(5,579</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,761,617</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Servicing asset valuation and hedge activities, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(281,537</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="text-align: center">B</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">281,537</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">B</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Process management fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">132,250</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">61,936</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">A,H</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(156,630</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">37,556</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Other revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,215</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,215</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 27pt">Total revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,362,985</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">332,075</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">275,958</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(156,630</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,814,388</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Compensation and benefits</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">279,624</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">160,691</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">D</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(20,409</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">B</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">419,905</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Amortization of servicing rights</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">121,912</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">102,253</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">224,165</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Servicing and origination</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">132,607</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">51,511</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">G</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(27,820</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">C</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">156,298</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Technology and communications</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">66,928</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">774</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">G</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(558</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">67,145</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Professional services</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,716</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">C,E</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(498</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">53,118</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Occupancy and equipment</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">72,341</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">31,794</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">G</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(4,154</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">99,981</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Allocated general and administrative expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">228,963</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">228,963</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in; padding-bottom: 1pt">Other operating expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">28,619</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">58,053</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">C,F,G</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(625</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">D</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">86,047</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 27pt; padding-bottom: 1pt">Total operating expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">747,931</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">539,503</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">102,253</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(54,064</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">1,335,623</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt; padding-bottom: 1pt">Income (loss) from operations</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">615,054</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(207,428</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">173,705</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(102,566</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">478,765</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Other income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Interest income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">24,621</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">24,639</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Interest expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(311,581</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">I</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(83,860</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">D,E</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(941</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">E</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(396,382</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Gain (loss) on loans held for sale, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,065</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">J</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,065</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Equity
    in earnings of unconsolidated entities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in; padding-bottom: 1pt">Other, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">6,782</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(2,221</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="text-align: center">H</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">4,561</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 27pt; padding-bottom: 1pt">Other income (expense), net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(262,613</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(2,221</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(83,860</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(943</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(349,637</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Income before income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">352,441</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(209,649</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">89,845</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(103,509</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">129,128</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">111,146</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(26,955</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">F</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">(37,460</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">F</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid">46,731</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Net income (loss)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">241,295</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(209,649</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">116,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(66,049</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">82,397</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(10,419</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(10,419</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 0.25in">Net income (loss) attributable to Ocwen common stockholders</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">230,876</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">(209,649</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">116,800</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">(66,049</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right">71,978</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Earnings per share attributable to Ocwen common stockholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 0.25in">Basic earnings per share</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.72</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">.54</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 0.25in">Diluted earnings per share</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.67</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">.52</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Weighted average common shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 0.25in">Basic</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">133,912,643</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">133,912,643</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 0.25in">Diluted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">138,521,279</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">138,521,279</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; text-indent: 10.05pt"><B>NOTES TO
UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; text-indent: 10.05pt"><B>(Dollars
in thousands, unless otherwise indicated)</B></P>



<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The pro forma adjustments are
based upon the following assumptions with regard to the ResCap Acquisition.</P>

<P STYLE="margin-top: 10pt; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman Bold"><B>1.</B></FONT><B><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Acquisition Transaction</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">On February 15, 2013, OLS acquired
ResCap Servicing Operations, a component of Residential Capital, LLC. In connection with the ResCap Acquisition, OLS purchased
mortgage servicing rights (MSRs) to &ldquo;private label&rdquo;, Federal National Home Loan Mortgage Corporation
(&ldquo;Freddie Mac&rdquo;) and Government National Mortgage Association (Ginnie Mae) loans with a UPB of approximately
$103.8 billion and master servicing agreements with a UPB of approximately $40.7 billion. The acquisition included $1.6 billion
of related servicing advance receivables and related elements of the servicing platform for the MSRs and advances. OLS also assumed
the subservicing contracts related to $26.3 billion of loans. The aggregate purchase price, net of assumed liabilities, was approximately
$2.1 billion, subject to post-closing adjustments. In addition, until certain consents and court approvals are obtained, OLS will
subservice MSRs related to approximately $9 billion of private label loans previously serviced by ResCap.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">To finance the ResCap Acquisition,
OLS deployed approximately $840.0 million of capital from the proceeds of a new $1.3 billion senior secured term loan (SSTL) facility
and borrowed $1.25 billion pursuant to certain servicing advance facilities. A portion of the proceeds from the new SSTL facility
was used to repay the outstanding balance on the previous SSTL facility.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">For accounting purposes, Ocwen has
treated the ResCap Acquisition as a purchase of a business pursuant to FASB Accounting Standards Codification (ASC)
805, <I>Business Combinations</I>, which requires, among other things, that the assets acquired and liabilities assumed be recognized
at their fair values as of the acquisition date using the acquisition method of accounting. For U.S. tax purposes, the acquisition
of ResCap Servicing Operations is treated as an asset acquisition.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.25in">The following table summarizes
the pro forma estimate of the fair values of assets acquired and liabilities assumed as if the ResCap Acquisition had
occurred on December 31, 2012:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 87%; text-align: left; padding-left: 0in"><FONT STYLE="font-size: 10pt">Mortgage servicing rights</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">407,987</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 10pt">Advances</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,523,227</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 0in"><FONT STYLE="font-size: 10pt">Premises and equipment</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22,456</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0in"><FONT STYLE="font-size: 10pt">Receivables and other assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(75,520</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt"><FONT STYLE="font-size: 10pt">&nbsp;Total identifiable net assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,881,611</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">216,210</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0in"><FONT STYLE="font-size: 10pt">Total consideration</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">2,097,821</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0in; text-indent: 0.25in">In a business combination, the initial
allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period
(up to one year from the acquisition date). Because the measurement period for the ResCap Acquisition is still open, Ocwen expects
that certain fair value estimates will change once all information necessary to make a final fair value assessment has been received.
Any measurement period adjustments determined to be material will be applied retrospectively to the period of acquisition in Ocwen&rsquo;s
consolidated financial statements and, depending on the nature of the adjustments, other periods subsequent to the period of acquisition
could also be affected.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Accounting
                                                                                                                                                                                                    Policies</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The unaudited pro forma combined
statement of operations reflects adjustments to conform the results of ResCap Servicing Operations to the accounting policies of
Ocwen with regard to the valuation of MSRs and the timing of servicing revenue recognition.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">ResCap Servicing Operations valued
all MSRs at fair value. Ocwen generally values MSRs at amortized cost. ResCap Servicing Operations recognized servicing fees when
the fees were earned, which it generally considered to be the period during which the services were provided. Ocwen generally considers
servicing fees to be earned when the borrowers&rsquo; payments are collected and recognizes servicing fees at that time.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance
                                                                                                                                                                                                    Sheet
                                                                                                                                                                                                    Reclassifications
                                                                                                                                                                                                    and
                                                                                                                                                                                                    Eliminations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">Certain amounts in the historical
balance sheet of ResCap Servicing Operations have been reclassified to conform to Ocwen&rsquo;s presentation and to eliminate
ResCap Servicing Operations assets that were not acquired and liabilities that were not assumed. In accordance with the terms
of the ResCap Asset Purchase Agreement, Walter Investment Management Corp. acquired the FNMA MSRs of the ResCap Servicing Operations.
All balances related to the FNMA MSRs, including advances and certain related assets and liabilities have been eliminated.
The details of these reclassifications and eliminations are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    loans
                                                                                                                                                    held
                                                                                                                                                    for
                                                                                                                                                    sale,
                                                                                                                                                    at
                                                                                                                                                    lower
                                                                                                                                                    of
                                                                                                                                                    cost
                                                                                                                                                    or
                                                                                                                                                    fair
                                                                                                                                                    value,
                                                                                                                                                    of
                                                                                                                                                    $2.8
                                                                                                                                                    billion
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    advances
                                                                                                                                                    and
                                                                                                                                                    match
                                                                                                                                                    funded
                                                                                                                                                    advances
                                                                                                                                                    of
                                                                                                                                                    $562.8
                                                                                                                                                    million
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    MSRs
                                                                                                                                                    of
                                                                                                                                                    $302.6
                                                                                                                                                    million
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Government
                                                                                                                                                    insured
                                                                                                                                                    loan
                                                                                                                                                    receivables,
                                                                                                                                                    net,
                                                                                                                                                    of
                                                                                                                                                    $831.6
                                                                                                                                                    million
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Accounts
                                                                                                                                                    receivable
                                                                                                                                                    of
                                                                                                                                                    $82.1
                                                                                                                                                    million
                                                                                                                                                    from
                                                                                                                                                    other
                                                                                                                                                    assets
                                                                                                                                                    to
                                                                                                                                                    accounts
                                                                                                                                                    receivable
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    to
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation
                                                                                                                                                    and
                                                                                                                                                    to
                                                                                                                                                    eliminate
                                                                                                                                                    $26.7
                                                                                                                                                    million
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Premises
                                                                                                                                                    and
                                                                                                                                                    equipment,
                                                                                                                                                    net
                                                                                                                                                    of
                                                                                                                                                    $23.5
                                                                                                                                                    million
                                                                                                                                                    from
                                                                                                                                                    other
                                                                                                                                                    assets
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    to
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">G.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Match
                                                                                                                                                    funded
                                                                                                                                                    liabilities
                                                                                                                                                    of
                                                                                                                                                    $714.4
                                                                                                                                                    million,
                                                                                                                                                    Borrowing
                                                                                                                                                    from
                                                                                                                                                    Affiliates
                                                                                                                                                    of
                                                                                                                                                    $655.2
                                                                                                                                                    million,
                                                                                                                                                    Lines
                                                                                                                                                    of
                                                                                                                                                    credit
                                                                                                                                                    and
                                                                                                                                                    other
                                                                                                                                                    borrowings
                                                                                                                                                    of
                                                                                                                                                    $181.5
                                                                                                                                                    million,
                                                                                                                                                    Conditional
                                                                                                                                                    repurchase
                                                                                                                                                    option
                                                                                                                                                    liability
                                                                                                                                                    of
                                                                                                                                                    $2.5
                                                                                                                                                    billion
                                                                                                                                                    and
                                                                                                                                                    Other
                                                                                                                                                    liabilities
                                                                                                                                                    of
                                                                                                                                                    $209.4
                                                                                                                                                    million
                                                                                                                                                    of
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pro
                                                                                                                                                                                                    Form
                                                                                                                                                                                                    Balance
                                                                                                                                                                                                    Sheet
                                                                                                                                                                                                    Adjustments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The unaudited pro forma combined
balance sheet gives effect to the ResCap Acquisition as if it had occurred on December 31, 2012. No effect is given to the pro
forma adjustments for the earnings of ResCap Servicing Operations that are reflected in the unaudited pro forma combined statements
of operations.</P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The following pro forma adjustments
are included in the unaudited pro forma combined balance sheet:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                                                                                                                                                                         record
                                                                                                                                                                                         proceeds
                                                                                                                                                                                         of
                                                                                                                                                                                         $2.1
                                                                                                                                                                                         billion
                                                                                                                                                                                         from
                                                                                                                                                                                         acquisition
                                                                                                                                                                                         related
                                                                                                                                                                                         debt
                                                                                                                                                                                         incurred
                                                                                                                                                                                         under
                                                                                                                                                                                         the
                                                                                                                                                                                         new
                                                                                                                                                                                         SSTL
                                                                                                                                                                                         and
                                                                                                                                                                                         new
                                                                                                                                                                                         advance
                                                                                                                                                                                         financing
                                                                                                                                                                                         facilities
                                                                                                                                                                                         net
                                                                                                                                                                                         of
                                                                                                                                                                                         original
                                                                                                                                                                                         issue
                                                                                                                                                                                         discount
                                                                                                                                                                                         and
                                                                                                                                                                                         financing
                                                                                                                                                                                         fees
                                                                                                                                                                                         of
                                                                                                                                                                                         $28.8
                                                                                                                                                                                         million.
                                                                                                                                                                                         To
                                                                                                                                                                                         record
                                                                                                                                                                                         the
                                                                                                                                                                                         funding
                                                                                                                                                                                         of
                                                                                                                                                                                         required
                                                                                                                                                                                         cash
                                                                                                                                                                                         reserves
                                                                                                                                                                                         related
                                                                                                                                                                                         to
                                                                                                                                                                                         the
                                                                                                                                                                                         new
                                                                                                                                                                                         advance
                                                                                                                                                                                         facilities
                                                                                                                                                                                         of
                                                                                                                                                                                         $30.9
                                                                                                                                                                                         million.
                                                                                                                                                                                         Financing
                                                                                                                                                                                         fees
                                                                                                                                                                                         are
                                                                                                                                                                                         deferred
                                                                                                                                                                                         and
                                                                                                                                                                                         amortized
                                                                                                                                                                                         as
                                                                                                                                                                                         an
                                                                                                                                                                                         increase
                                                                                                                                                                                         to
                                                                                                                                                                                         interest
                                                                                                                                                                                         expense.
                                                                                                                                                                                         Deferred
                                                                                                                                                                                         financing
                                                                                                                                                                                         fees
                                                                                                                                                                                         are
                                                                                                                                                                                         included
                                                                                                                                                                                         in
                                                                                                                                                                                         other
                                                                                                                                                                                         assets.
                                                                                                                                                                                         To
                                                                                                                                                                                         record
                                                                                                                                                                                         the
                                                                                                                                                                                         purchase
                                                                                                                                                                                         price
                                                                                                                                                                                         of
                                                                                                                                                                                         $2.1
                                                                                                                                                                                         billion,
                                                                                                                                                                                         net
                                                                                                                                                                                         of
                                                                                                                                                                                         the
                                                                                                                                                                                         acquisition
                                                                                                                                                                                         deposit
                                                                                                                                                                                         of
                                                                                                                                                                                         $57.0
                                                                                                                                                                                         million.</FONT></TD></TR>                                                                                                                                                                                                                                                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                                                                                                            record
                                                                                                                            the
                                                                                                                            net
                                                                                                                            realizable
                                                                                                                            value
                                                                                                                            of
                                                                                                                            advances
                                                                                                                            in
                                                                                                                            accordance
                                                                                                                            with
                                                                                                                            Ocwen&rsquo;s
                                                                                                                            methodology.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                    reclassify
                                                                                                                                                    match
                                                                                                                                                    funded
                                                                                                                                                    advances
                                                                                                                                                    in
                                                                                                                                                    accordance
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    acquisition
                                                                                                                                                    related
                                                                                                                                                    match
                                                                                                                                                    funded
                                                                                                                                                    servicer
                                                                                                                                                    advance
                                                                                                                                                    facilities.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           the
                                                                                                                                                           acquired
                                                                                                                                                           MSRs
                                                                                                                                                           at
                                                                                                                                                           their
                                                                                                                                                           estimated
                                                                                                                                                           fair
                                                                                                                                                           value
                                                                                                                                                           of
                                                                                                                                                           $408.0
                                                                                                                                                           million
                                                                                                                                                           consistent
                                                                                                                                                           with
                                                                                                                                                           fair
                                                                                                                                                           value
                                                                                                                                                           estimated
                                                                                                                                                           received
                                                                                                                                                           from
                                                                                                                                                           third-party
                                                                                                                                                           valuation
                                                                                                                                                           experts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           eliminate
                                                                                                                                                           the
                                                                                                                                                           ResCap
                                                                                                                                                           Servicing
                                                                                                                                                           Operations
                                                                                                                                                           service
                                                                                                                                                           fee
                                                                                                                                                           accrual
                                                                                                                                                           to
                                                                                                                                                           conform
                                                                                                                                                           to
                                                                                                                                                           Ocwen&rsquo;s
                                                                                                                                                           policy
                                                                                                                                                           for
                                                                                                                                                           servicing
                                                                                                                                                           fee
                                                                                                                                                           revenue
                                                                                                                                                           recognition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To adjust premises and equipment acquired, which consists principally of real property located in Minnesota and Iowa and data
processing equipment and software related to the ResCap Servicing Operations, to their estimated fair values.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">G.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           debt
                                                                                                                                                           service
                                                                                                                                                           accounts
                                                                                                                                                           related
                                                                                                                                                           to
                                                                                                                                                           the
                                                                                                                                                           acquisition
                                                                                                                                                           related
                                                                                                                                                           match
                                                                                                                                                           funded
                                                                                                                                                           servicer
                                                                                                                                                           advance
                                                                                                                                                           facilities.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">H.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           deferred
                                                                                                                                                           debt
                                                                                                                                                           issuance
                                                                                                                                                           costs
                                                                                                                                                           incurred
                                                                                                                                                           in
                                                                                                                                                           connection
                                                                                                                                                           with
                                                                                                                                                           acquisition
                                                                                                                                                           related
                                                                                                                                                           debt.
                                                                                                                                                           To
                                                                                                                                                           eliminate
                                                                                                                                                           $57.0
                                                                                                                                                           million
                                                                                                                                                           acquisition
                                                                                                                                                           deposit.</TD></TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">I.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To record the acquisition related match funded servicer advance facilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">J.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           acquisition
                                                                                                                                                           related
                                                                                                                                                           senior
                                                                                                                                                           secured
                                                                                                                                                           term
                                                                                                                                                           loan
                                                                                                                                                           debt
                                                                                                                                                           net
                                                                                                                                                           of
                                                                                                                                                           original
                                                                                                                                                           issue
                                                                                                                                                           discount.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">K.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To record the estimated compensatory fee liability related to the ResCap Acquisition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Excluded
                                                                                                                                                                                                    Fee-Based
                                                                                                                                                                                                    Businesses</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">On March 29, 2013, Ocwen sold certain
fee-based businesses of Homeward to Altisource Portfolio Solutions, S.&agrave;&nbsp;r.l. (Altisource), a related
party. In addition, on April 12, 2013 Ocwen sold certain fee-based businesses of ResCap Servicing Operations to subsidiaries of
Altisource. Assets and liabilities of the Homeward and ResCap Servicing Operations that were subsequently sold to Altisource and
its subsidiaries included the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To record proceeds of $86.95 million and $80.0 million in connection with the Homeward and ResCap fee based business sales,
respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                    record
                                                                                                                                                    proceeds
                                                                                                                                                    receivable
                                                                                                                                                    of
                                                                                                                                                    $48.75
                                                                                                                                                    million
                                                                                                                                                    in
                                                                                                                                                    connection
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    ResCap
                                                                                                                                                    fee
                                                                                                                                                    based
                                                                                                                                                    business
                                                                                                                                                    sale.
                                                                                                                                                    Ocwen
                                                                                                                                                    will
                                                                                                                                                    collect
                                                                                                                                                    these
                                                                                                                                                    proceeds
                                                                                                                                                    within
                                                                                                                                                    five
                                                                                                                                                    months
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    sale
                                                                                                                                                    date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To eliminate assets and liabilities of the fee based businesses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                    eliminate
                                                                                                                                                    goodwill
                                                                                                                                                    recognized
                                                                                                                                                    in
                                                                                                                                                    connection
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Homeward
                                                                                                                                                    and
                                                                                                                                                    ResCap
                                                                                                                                                    Acquisitions
                                                                                                                                                    of
                                                                                                                                                    $72.3
                                                                                                                                                    million
                                                                                                                                                    and
                                                                                                                                                    $128.75
                                                                                                                                                    million,
                                                                                                                                                    respectively.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Income
                                                                                                                                                                                                    Statement
                                                                                                                                                                                                    Reclassifications
                                                                                                                                                                                                    and
                                                                                                                                                                                                    Eliminations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">Certain amounts in the historical
statement of operations of ResCap Servicing Operations have been reclassified to conform to Ocwen&rsquo;s presentation and to eliminate
revenues and expenses to the extent they relate to assets that were not acquired or liabilities that were not assumed. The details
of these reclassifications and eliminations are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Servicing
                                                                                                                                                    and
                                                                                                                                                    subservicing
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $140.8
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    assets
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.
                                                                                                                                                    Reclassified
                                                                                                                                                    $53.1
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Process
                                                                                                                                                    management
                                                                                                                                                    fees
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Servicing
                                                                                                                                                    asset
                                                                                                                                                    valuation
                                                                                                                                                    and
                                                                                                                                                    hedge
                                                                                                                                                    activities,
                                                                                                                                                    net
                                                                                                                                                    of
                                                                                                                                                    ($126.8)
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    assets
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Professional
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $80.8
                                                                                                                                                    million,
                                                                                                                                                    Mortgage
                                                                                                                                                    fines
                                                                                                                                                    and
                                                                                                                                                    penalties
                                                                                                                                                    of
                                                                                                                                                    $86.7
                                                                                                                                                    million,
                                                                                                                                                    Provision
                                                                                                                                                    for
                                                                                                                                                    uncollectible
                                                                                                                                                    accounts
                                                                                                                                                    of
                                                                                                                                                    $68.3
                                                                                                                                                    million
                                                                                                                                                    and
                                                                                                                                                    Compensatory
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $71.8
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    liabilities
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Compensation
                                                                                                                                                    and
                                                                                                                                                    benefits
                                                                                                                                                    of
                                                                                                                                                    $.1
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Other
                                                                                                                                                    operating
                                                                                                                                                    expenses
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Professional
                                                                                                                                                    fees
                                                                                                                                                    of
                                                                                                                                                    $7.7
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Professional
                                                                                                                                                    services
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Provision
                                                                                                                                                    for
                                                                                                                                                    uncollectible
                                                                                                                                                    accounts
                                                                                                                                                    of
                                                                                                                                                    $13.2
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Other
                                                                                                                                                    operating
                                                                                                                                                    expenses
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">G.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Other
                                                                                                                                                    operating
                                                                                                                                                    expenses
                                                                                                                                                    of
                                                                                                                                                    $51.5
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Servicing
                                                                                                                                                    and
                                                                                                                                                    origination,
                                                                                                                                                    $.8
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Technology
                                                                                                                                                    and
                                                                                                                                                    communications
                                                                                                                                                    and
                                                                                                                                                    $32.0
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Occupancy
                                                                                                                                                    and
                                                                                                                                                    equipment
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">H.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Reclassified
                                                                                                                                                    Other
                                                                                                                                                    income,
                                                                                                                                                    net,
                                                                                                                                                    of
                                                                                                                                                    $8.8
                                                                                                                                                    million
                                                                                                                                                    to
                                                                                                                                                    Process
                                                                                                                                                    management
                                                                                                                                                    fees
                                                                                                                                                    to
                                                                                                                                                    conform
                                                                                                                                                    with
                                                                                                                                                    the
                                                                                                                                                    Ocwen
                                                                                                                                                    presentation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">I.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Interest
                                                                                                                                                    expense
                                                                                                                                                    of
                                                                                                                                                    $79.5
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    liabilities
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">J.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Eliminated
                                                                                                                                                    Gain
                                                                                                                                                    on
                                                                                                                                                    loans
                                                                                                                                                    held
                                                                                                                                                    for
                                                                                                                                                    sale,
                                                                                                                                                    net
                                                                                                                                                    of
                                                                                                                                                    $37.7
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    assets
                                                                                                                                                    that
                                                                                                                                                    did
                                                                                                                                                    not
                                                                                                                                                    transfer
                                                                                                                                                    to
                                                                                                                                                    Ocwen.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pro
                                                                                                                                                                                                    Forma
                                                                                                                                                                                                    Combined
                                                                                                                                                                                                    Statement
                                                                                                                                                                                                    of
                                                                                                                                                                                                    Operations
                                                                                                                                                                                                    Adjustments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The unaudited pro forma combined
statement of operations gives effect to the ResCap Acquisition as if it had occurred on January 1, 2012. The pro forma adjustments
to the Ocwen unaudited pro forma combined statement of operations are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To eliminate the effect of the change in the ResCap accrual for servicing fees to conform to Ocwen&rsquo;s policy for servicing
fee revenue recognition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To eliminate the effect of the change in fair value of the acquired MSRs and the related hedge activity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To record amortization of acquired MSRs, reflecting amortization that would have been recognized using Ocwen&rsquo;s
amortization policy as if the amortized MSRs had been acquired on January 1, 2012 at their estimated fair value.</TD></TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           $45.9
                                                                                                                                                           million
                                                                                                                                                           of
                                                                                                                                                           interest
                                                                                                                                                           expense
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           acquisition
                                                                                                                                                           related
                                                                                                                                                           debt.
                                                                                                                                                           The
                                                                                                                                                           interest
                                                                                                                                                           rate
                                                                                                                                                           Ocwen
                                                                                                                                                           elected
                                                                                                                                                           to
                                                                                                                                                           pay
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           incremental
                                                                                                                                                           SSTL
                                                                                                                                                           is
                                                                                                                                                           based
                                                                                                                                                           on
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           (as
                                                                                                                                                           a
                                                                                                                                                           base
                                                                                                                                                           rate)
                                                                                                                                                           plus
                                                                                                                                                           a
                                                                                                                                                           predetermined
                                                                                                                                                           margin
                                                                                                                                                           of
                                                                                                                                                           3.75%
                                                                                                                                                           subject
                                                                                                                                                           to
                                                                                                                                                           a
                                                                                                                                                           floor
                                                                                                                                                           of
                                                                                                                                                           1.25%.
                                                                                                                                                           For
                                                                                                                                                           purposes
                                                                                                                                                           of
                                                                                                                                                           this
                                                                                                                                                           pro
                                                                                                                                                           forma
                                                                                                                                                           adjustment,
                                                                                                                                                           an
                                                                                                                                                           annual
                                                                                                                                                           interest
                                                                                                                                                           rate
                                                                                                                                                           of
                                                                                                                                                           5.00%
                                                                                                                                                           was
                                                                                                                                                           utilized
                                                                                                                                                           based
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           rate
                                                                                                                                                           of
                                                                                                                                                           0.20%
                                                                                                                                                           at
                                                                                                                                                           December
                                                                                                                                                           31,
                                                                                                                                                           2012.
                                                                                                                                                           If
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           were
                                                                                                                                                           to
                                                                                                                                                           increase
                                                                                                                                                           by
                                                                                                                                                           0.125%,
                                                                                                                                                           the
                                                                                                                                                           interest
                                                                                                                                                           rate
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           incremental
                                                                                                                                                           SSTL
                                                                                                                                                           would
                                                                                                                                                           be
                                                                                                                                                           unchanged
                                                                                                                                                           at
                                                                                                                                                           5.00%
                                                                                                                                                           as
                                                                                                                                                           the
                                                                                                                                                           base
                                                                                                                                                           rate
                                                                                                                                                           would
                                                                                                                                                           remain
                                                                                                                                                           below
                                                                                                                                                           the
                                                                                                                                                           floor.
                                                                                                                                                           Interest
                                                                                                                                                           expense
                                                                                                                                                           also
                                                                                                                                                           includes
                                                                                                                                                           amortization
                                                                                                                                                           of
                                                                                                                                                           deferred
                                                                                                                                                           financing
                                                                                                                                                           fees
                                                                                                                                                           and
                                                                                                                                                           original
                                                                                                                                                           issue
                                                                                                                                                           discount
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           SSTL
                                                                                                                                                           using
                                                                                                                                                           the
                                                                                                                                                           effective
                                                                                                                                                           interest
                                                                                                                                                           method.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To
                                                                                                                                                           record
                                                                                                                                                           $37.9
                                                                                                                                                           million
                                                                                                                                                           of
                                                                                                                                                           interest
                                                                                                                                                           expense
                                                                                                                                                           on
                                                                                                                                                           acquisition
                                                                                                                                                           related
                                                                                                                                                           Match
                                                                                                                                                           funded
                                                                                                                                                           liabilities.
                                                                                                                                                           The
                                                                                                                                                           interest
                                                                                                                                                           rate
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           match
                                                                                                                                                           funded
                                                                                                                                                           liabilities
                                                                                                                                                           is
                                                                                                                                                           based
                                                                                                                                                           on
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           (as
                                                                                                                                                           a
                                                                                                                                                           base
                                                                                                                                                           rate)
                                                                                                                                                           plus
                                                                                                                                                           a
                                                                                                                                                           margin
                                                                                                                                                           ranging
                                                                                                                                                           from
                                                                                                                                                           1.50%
                                                                                                                                                           to
                                                                                                                                                           5.25%.
                                                                                                                                                           For
                                                                                                                                                           purposes
                                                                                                                                                           of
                                                                                                                                                           this
                                                                                                                                                           pro
                                                                                                                                                           forma
                                                                                                                                                           adjustment,
                                                                                                                                                           a
                                                                                                                                                           weighted
                                                                                                                                                           average
                                                                                                                                                           annual
                                                                                                                                                           interest
                                                                                                                                                           rate
                                                                                                                                                           of
                                                                                                                                                           2.30%
                                                                                                                                                           was
                                                                                                                                                           utilized
                                                                                                                                                           based
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           rate
                                                                                                                                                           of
                                                                                                                                                           0.20%
                                                                                                                                                           at
                                                                                                                                                           December
                                                                                                                                                           31,
                                                                                                                                                           2012
                                                                                                                                                           plus
                                                                                                                                                           the
                                                                                                                                                           applicable
                                                                                                                                                           margin.
                                                                                                                                                           If
                                                                                                                                                           1-month
                                                                                                                                                           LIBOR
                                                                                                                                                           increased
                                                                                                                                                           by
                                                                                                                                                           0.125%,
                                                                                                                                                           interest
                                                                                                                                                           expense
                                                                                                                                                           on
                                                                                                                                                           the
                                                                                                                                                           Match
                                                                                                                                                           funded
                                                                                                                                                           liabilities
                                                                                                                                                           would
                                                                                                                                                           increase
                                                                                                                                                           by
                                                                                                                                                           $1.5
                                                                                                                                                           million.
                                                                                                                                                           Interest
                                                                                                                                                           expense
                                                                                                                                                           also
                                                                                                                                                           includes
                                                                                                                                                           financing
                                                                                                                                                           fees
                                                                                                                                                           incurred
                                                                                                                                                           with
                                                                                                                                                           the
                                                                                                                                                           Match
                                                                                                                                                           funded
                                                                                                                                                           liabilities.
                                                                                                                                                           Financing
                                                                                                                                                           fees
                                                                                                                                                           are
                                                                                                                                                           amortized
                                                                                                                                                           over
                                                                                                                                                           the
                                                                                                                                                           applicable
                                                                                                                                                           revolving
                                                                                                                                                           period,
                                                                                                                                                           which
                                                                                                                                                           is
                                                                                                                                                           one
                                                                                                                                                           year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">To record income taxes at the combined federal and state statutory rate of 36.12%.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exclude
                                                                                                                                                                                                    Fee-Based
                                                                                                                                                                                                    Businesses</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">The following revenues and expenses
associated with the Homeward and ResCap Servicing Operations fee-based businesses that were subsequently sold to Altisource and
its subsidiaries have been deducted in arriving at the unaudited pro forma combined statement of operations:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed Process management fees of $58.1 million and $98.5 million related to the ResCap Servicing Operations and Homeward
fee based businesses, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed Compensation and benefits of $7.6 million and $12.8 million related to the ResCap Servicing Operations and Homeward
fee based businesses, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed
                                                                                                                                                    Servicing
                                                                                                                                                    and
                                                                                                                                                    origination
                                                                                                                                                    of
                                                                                                                                                    $.8
                                                                                                                                                    million
                                                                                                                                                    and
                                                                                                                                                    $27.0
                                                                                                                                                    million
                                                                                                                                                    related
                                                                                                                                                    to
                                                                                                                                                    the
                                                                                                                                                    ResCap
                                                                                                                                                    Servicing
                                                                                                                                                    Operations
                                                                                                                                                    and
                                                                                                                                                    Homeward
                                                                                                                                                    fee
                                                                                                                                                    based
                                                                                                                                                    businesses,
                                                                                                                                                    respectively.</TD></TR></TABLE>
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                                                                                                                                                                                                                    of 9</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">D.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed other operating expenses of $1.2 million and $4.6 million related to the ResCap Servicing Operations and Homeward fee
based businesses, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">E.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed other expense, net, of $.9 million related to the ResCap Servicing Operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif">F.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Removed
                                                                                                                                                    pro-forma
                                                                                                                                                    impact
                                                                                                                                                    at
                                                                                                                                                    the
                                                                                                                                                    combined
                                                                                                                                                    federal
                                                                                                                                                    and
                                                                                                                                                    state
                                                                                                                                                    statutory
                                                                                                                                                    rate
                                                                                                                                                    of
                                                                                                                                                    36.12%.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman Bold"><B>9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings
                                                                                                                                                                                                    per
                                                                                                                                                                                                    Share</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0.25in">Conversion of the Series A Perpetual
Convertible Preferred Stock into shares of common stock has not been assumed for purposes of computing pro forma diluted earnings
per share for 2012 because the effect would be anti-dilutive. The effect of the Convertible Preferred Stock on diluted earnings
per share is computed using the if-converted method. Dividends applicable to the Convertible Preferred Stock are added back to
net income. The effect is anti-dilutive whenever dividends on the Convertible Preferred Stock per common share obtainable on conversion
exceeds basic earnings per share.</P>

<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->
                                                                                                                                                                                                                    of 9</TD></TR></TABLE></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
