Amended and Restated Limited Liability Company Operating Agreement



 Exhibit 10.26 
 EXECUTION COPY 
 AMENDED AND RESTATED 

 LIMITED LIABILITY COMPANY OPERATING AGREEMENT 
 PHH HOME LOANS, LLC 
 January 31, 2005 

  
  
 * The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and
Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 







 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I Definitions
			
	 Section 1.1
	  	Definitions	  	2
			
	 Section 1.2
	  	Interpretation	  	13
	
	ARTICLE II General Provisions
			
	 Section 2.1
	  	Form	  	14
			
	 Section 2.2
	  	Company Name	  	14
			
	 Section 2.3
	  	Registered Office; Registered Agent	  	14
			
	 Section 2.4
	  	Place of Business	  	14
			
	 Section 2.5
	  	Purpose; Nature of Business Permitted; Powers	  	14
			
	 Section 2.6
	  	Business Transactions of a Member with the Company	  	16
			
	 Section 2.7
	  	No State-Law Partnership	  	16
			
	 Section 2.8
	  	Authorized Representatives	  	16
			
	 Section 2.9
	  	Term	  	16
			
	 Section 2.10
	  	D/B/As, Fictitious Names, Licenses and Regulatory Approvals	  	16
			
	 Section 2.11
	  	Subsequent Capital Contributions	  	17
	
	ARTICLE III Members
			
	 Section 3.1
	  	Members	  	21
			
	 Section 3.2
	  	Admission of New Members	  	21
			
	 Section 3.3
	  	Representations	  	21
			
	 Section 3.4
	  	No Liability of Members	  	22
			
	 Section 3.5
	  	Company Property	  	23
			
	 Section 3.6
	  	Confidentiality	  	23
	
	ARTICLE IV Capital Contributions
			
	 Section 4.1
	  	Capital Structure	  	24
			
	 Section 4.2
	  	Capital Contributions	  	24
			
	 Section 4.3
	  	Additional Provisions Concerning Capital Contributions	  	24
			
	 Section 4.4
	  	Capital Accounts	  	25









					
	 Section 4.5
	  	Return of Capital Contributions	  	26
			
	 Section 4.6
	  	Loans From Members	  	26
	
	ARTICLE V Allocations and Distributions
			
	 Section 5.1
	  	Allocations of Net Income and Net Loss	  	26
			
	 Section 5.2
	  	Adjustments and Special Allocations	  	27
			
	 Section 5.3
	  	Net Loss Limitation	  	28
			
	 Section 5.4
	  	Other Allocation Rules	  	29
			
	 Section 5.5
	  	Tax Allocations; Code Section 704(c)	  	29
			
	 Section 5.6
	  	Distributions	  	30
	
	ARTICLE VI Management
			
	 Section 6.1
	  	Managing Member	  	30
			
	 Section 6.2
	  	Board of Advisors	  	32
			
	 Section 6.3
	  	Actions Requiring Board Approval	  	34
			
	 Section 6.4
	  	Company Resources	  	37
			
	 Section 6.5
	  	Advisors Have No Managerial Authority	  	37
			
	 Section 6.6
	  	Devotion of Time	  	37
			
	 Section 6.7
	  	Officers	  	38
			
	 Section 6.8
	  	Remuneration; Reimbursement	  	38
			
	 Section 6.9
	  	Approval of Annual Business Plan	  	38
			
	 Section 6.10
	  	Reports	  	38
	
	ARTICLE VII Changes in Law; Financial Reporting
			
	 Section 7.1
	  	Compliance with Law; Changes in Law	  	39
			
	 Section 7.2
	  	Consolidation	  	41
			
	 Section 7.3
	  	Certain Actions	  	41
	
	ARTICLE VIII Termination of Relationship
			
	 Section 8.1
	  	Cendant Termination Events	  	42
			
	 Section 8.2
	  	Effects of a Cendant Termination Event	  	43
			
	 Section 8.3
	  	PHH Termination Event	  	46
			
	 Section 8.4
	  	Two Year Termination, Special Termination Event and 25-Year Termination	  	47

  

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	 Section 8.5
	  	Effect of Termination Events	  	51
	
	ARTICLE IX Dissolution and Winding Up
			
	 Section 9.1
	  	Events Causing Dissolution	  	51
			
	 Section 9.2
	  	Winding Up	  	52
			
	 Section 9.3
	  	Compensation of Liquidating Trustee	  	54
			
	 Section 9.4
	  	Distribution of Company Property and Proceeds of Sale Thereof	  	54
			
	 Section 9.5
	  	Company Termination	  	54
			
	 Section 9.6
	  	Final Audit	  	55
	
	ARTICLE X Transfers and Assignment of Interests
			
	 Section 10.1
	  	Consent Required for Transfer	  	55
			
	 Section 10.2
	  	Withdrawal	  	56
	
	ARTICLE XI Fiscal Matters; Books and Records
			
	 Section 11.1
	  	Bank Accounts; Investments	  	56
			
	 Section 11.2
	  	Records Required by Act; Right of Inspection	  	56
			
	 Section 11.3
	  	Books and Records of Account	  	57
			
	 Section 11.4
	  	Expenses	  	57
			
	 Section 11.5
	  	Tax Returns and Information	  	57
			
	 Section 11.6
	  	Delivery of Audited Financial Statements to Members	  	58
			
	 Section 11.7
	  	Audits	  	58
			
	 Section 11.8
	  	Fiscal Year	  	58
			
	 Section 11.9
	  	Tax Elections	  	58
			
	 Section 11.10
	  	Tax Matters Member	  	59
	
	ARTICLE XII Indemnification and Insurance
			
	 Section 12.1
	  	Indemnification and Advancement of Expenses	  	59
			
	 Section 12.2
	  	Insurance	  	60
			
	 Section 12.3
	  	Limit on Liability of Members	  	61
			
	 Section 12.4
	  	Indemnification by Managing Member	  	61
			
	 Section 12.5
	  	No Additional Indemnification Rights	  	62
	
	ARTICLE XIII Miscellaneous Provisions
			
	 Section 13.1
	  	Counterparts	  	62

  

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	 Section 13.2
	  	Entire Agreement	  	62
			
	 Section 13.3
	  	Partial Invalidity	  	62
			
	 Section 13.4
	  	Amendment	  	63
			
	 Section 13.5
	  	Binding Effect	  	63
			
	 Section 13.6
	  	Negotiation and Mediation	  	63
			
	 Section 13.7
	  	Governing Law	  	64
			
	 Section 13.8
	  	Offset	  	64
			
	 Section 13.9
	  	Effect of Waiver or Consent	  	64
			
	 Section 13.10
	  	Notices	  	64
			
	 Section 13.11
	  	No Consequential Damages	  	66
			
	 Section 13.12
	  	Most Favored Nation	  	66
			
	 Section 13.13
	  	Impossibility of Performance	  	67

  

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 Index of Defined Terms 
  

			
	 	  	Page
	 Act
	  	1
	 Additional Capital Determination
	  	26
	 Adjusted Capital Account
	  	2
	 Advisor
	  	34
	 Affiliate
	  	2
	 Agreement
	  	1, 2
	 Annual Business Plan
	  	40
	 Assignment
	  	2
	 Authorized Representatives
	  	17
	 Bankruptcy
	  	2
	 Bankruptcy Event
	  	45
	 Beneficial Owner
	  	3
	 Board
	  	34
	 Business Day
	  	3
	 Capital Account
	  	26
	 Capital Contribution
	  	3
	 Cendant
	  	3
	 Cendant Advisors
	  	34
	 Cendant Designated Buyer
	  	45, 50
	 Cendant List
	  	45
	 Cendant Member
	  	1
	 Cendant Mobility
	  	3
	 Cendant Mobility Offices
	  	3
	 Cendant Owned Real Estate Offices
	  	3
	 Cendant Put
	  	45
	 Cendant Put Notice
	  	46
	 Cendant Real Estate
	  	3
	 Cendant Termination Event
	  	44
	 Certificate of Formation
	  	1
	 Change of Control
	  	3
	 Closing Date
	  	4
	 Code
	  	4
	 Common Interest Percentage
	  	25
	 Common Interests
	  	25
	 Company
	  	1
	 Company Expenses
	  	60
	 Company Minimum Gain
	  	4

  

 v 









			
	 Company Property or Properties
	  	4
	 Company Regulatory Event
	  	5
	 Confidential Information
	  	24
	 Contributed Property
	  	5
	 Contribution Agreement
	  	5
	 Contribution Date
	  	19
	 Contribution Notice
	  	18
	 Control
	  	5
	 Controlling Person
	  	5
	 Customer
	  	5
	 Depreciation
	  	5
	 Dispute
	  	67
	 Disputing Member
	  	67
	 Distributable Net Income
	  	6
	 Event of Dissolution
	  	54
	 Fair Market Value
	  	6
	 FHA
	  	6
	 Fiscal Period
	  	6
	 Fiscal Quarter
	  	6
	 GAAP
	  	6
	 Governmental Entity
	  	6
	 Gross Asset Value
	  	7
	 HUD
	  	8
	 HUD-Manager
	  	34
	 Indemnified Parties
	  	62
	 Initial Capital Contribution
	  	25
	 Initial Officers
	  	40
	 Initial Operating Agreement
	  	1
	 Insolvency
	  	8
	 Interest
	  	8
	 Investor Commitments
	  	8
	 Lease
	  	8
	 License Agreement
	  	8
	 Liquidating Trustee
	  	55
	 Loan Funding Facility
	  	8
	 Losses
	  	8
	 LTM Net Income
	  	46
	 Major Action
	  	36
	 Management Services Agreement
	  	8
	 Managing Member
	  	9
	 Master Sublease Agreement
	  	9
	 Mediation Request
	  	67

  

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	 Member
	  	1, 9
	 Member Nonrecourse Debt
	  	9
	 Member Nonrecourse Debt Minimum Gain
	  	9
	 Member Nonrecourse Deductions
	  	9
	 Members
	  	1
	 Minimum Capital Requirements
	  	38
	 Mobility Interim MSA
	  	9
	 Mortgage Instrument
	  	10
	 Mortgage Loan
	  	10
	 Mortgage Loan Disclosure
	  	10
	 Mortgage Loan Documents
	  	10
	 Mortgage Loan Sale Agreement
	  	10
	 Mortgage Note
	  	10
	 Mortgaged Property
	  	10
	 MSA
	  	10
	 Net Income
	  	10
	 Net Loss
	  	10
	 New Member
	  	12
	 Nonrecourse Deductions
	  	12
	 Nonrecourse Liability
	  	12
	 Non-Renewal Notice
	  	53
	 Non-Renewal PHH Sale
	  	53
	 Non-Renewal Put
	  	53
	 NRT Interim MSA
	  	12
	 Origination Channels
	  	12
	 Other Indemnified Parties
	  	64
	 Person
	  	12
	 PHH
	  	12
	 PHH Advisors
	  	34
	 PHH Change of Control
	  	13
	 PHH Interests
	  	47
	 PHH Material Breach
	  	44
	 PHH Member
	  	1
	 PHH Regulatory Event
	  	12
	 PHH Sale
	  	45
	 PHH Sale Notice
	  	47
	 PHH Termination Event
	  	48
	 PIMI Contributed Assets
	  	19
	 PMC
	  	12
	 Proceeding
	  	13
	 Purchase Notice
	  	49
	 Purchase Price
	  	48

  

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	 Purchase Right
	  	48
	 Put Date
	  	46
	 Put Price
	  	45
	 Regulatory Event Fee
	  	44
	 Regulatory Order
	  	13
	 Related Transaction
	  	33
	 RESPA
	  	13
	 Rules
	  	67
	 Sale Date
	  	48
	 Sale Price
	  	47
	 Securities Act
	  	13
	 Small Corps
	  	13
	 Special Termination Event
	  	42
	 Special Termination Notice
	  	42
	 Special Termination Put
	  	53
	 SRA
	  	1
	 State Agency
	  	13
	 Subsequent Capital Contributions
	  	19
	 Subsidiary
	  	13
	 Tax Matters Member
	  	62
	 Termination Payment
	  	46
	 Transaction Documents
	  	13
	 Transfer
	  	14
	 Treasury Regulations
	  	14
	 Two Year PHH Sale
	  	50
	 Two Year Put
	  	50
	 Two Year Put Closing Date
	  	51
	 Two Year Put Date
	  	50
	 Two Year Put Price
	  	50
	 Two Year Sale Date
	  	50
	 Two Year Sale Price
	  	51
	 Two-Year Termination Notice
	  	50
	 Venture License Agreement
	  	14

  

 viii 








 This AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT, dated as of
January 31, 2005 (this “Agreement”), of PHH Home Loans, LLC (the “Company”), a Delaware limited liability company, is by and between PHH Broker Partner Corporation, a Maryland corporation (the “PHH
Member”), and Cendant Real Estate Services Venture Partner, Inc., a Delaware corporation (the “Cendant Member”) and each Person (as hereinafter defined) subsequently admitted as a member of the Company (individually, a
“Member” and, collectively, the “Members”). 
 W I T N E S S E T H: 
 WHEREAS, the PHH Member and the Cendant Member entered into a Limited Liability Company Operating Agreement, effective as of
November 3, 2004 (the “Initial Operating Agreement”) and formed the Company pursuant to and in accordance with the Limited Liability Company Act of the State of Delaware (the “Act”) by filing the Certificate of
Formation of the Company (the “Certificate of Formation”) in accordance with the Act; 
 WHEREAS, the Members
desire to amend and restate the Initial Operating Agreement; 
 WHEREAS, the Members intend that hereafter the principal purpose
of the Company shall be to originate and sell mortgage loans sourced through Cendant’s owned residential real estate brokerage and corporate relocations businesses and from all U.S.-based employees of Cendant and its Subsidiaries, in accordance
with the terms and provisions of this Agreement; 
 WHEREAS, this Agreement sets forth, among other things, the agreement among
the Members as to the governance of the affairs of the Company and the conduct of its business; and 
 WHEREAS, concurrently
with the execution of this Agreement, Cendant Real Estate, PHH, the Cendant Member, PMC, the PHH Member and the Company have entered into a Strategic Relationship Agreement (as amended from time to time, the “SRA”) which sets forth
certain matters related to the business relationship among the parties thereto during the term of this Agreement. 







 NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants,
promises and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members agree as follows: 
 ARTICLE I 
 Definitions 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall each have the meaning set forth in this Article (unless
the context otherwise requires). 
 “Adjusted Capital Account” means, with respect to any Member, the balance,
if any, in such Member’s Capital Account as of the end of the relevant Fiscal Period, after: (i) crediting to such Capital Account any amounts that such Member is obligated to restore pursuant to Treasury Regulation
Section 1.704-1(b)(2)(ii)(c) (or is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5)) and (ii) debiting to such Capital Account the items described in
Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 “Affiliate” means, when used with
reference to a specific Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specific Person. For the avoidance of doubt, neither the Company nor any of
the Brand Franchisees, as defined in the SRA, shall be deemed to be an Affiliate of Cendant or any of Cendant’s Affiliates for any purpose hereunder or under any of the other Transaction Documents. 
 “Agreement” means this Agreement, including the Schedules and Exhibits hereto, as originally executed and as subsequently
amended from time to time in accordance with the provisions hereof. 
 “Assignment” shall mean a document,
sufficient under the laws of the jurisdiction where the related Mortgaged Property is located, to reflect all transfers of the applicable Mortgage Instrument and the Mortgage Note. 
 “Bankruptcy” means, with respect to any Person, the happening of any one or more of the following events: (a) such
Person (or, in the case of any Person which is a partnership, any general partner thereof): (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudged bankrupt or insolvent,
or there has been entered against such Person (or general partner) an order for relief, in any bankruptcy or insolvency proceeding; (iv) files a petition or answer seeking in respect of such Person (or general partner) any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against
such Person (or such general partner) in any proceeding of a nature described above; or (vi) seeks, consents or acquiesces in the appointment of a trustee, receiver or liquidator of such Person (or such general partner) or of all or any
substantial part of such Person’s (or such general partner’s) properties; or (b) 120 days after the commencement of any proceeding against any such Person (or such general partner) seeking reorganization, arrangement, composition,
readjustment,

  

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liquidation, dissolution or similar relief under any statute, law or regulation, if such proceeding has not been dismissed, or within 90 days after the appointment without such Person’s (or
such general partner’s) consent or acquiescence of a trustee, receiver or liquidator of the Person (or such general partner) or of all or any substantial part of such Person’s (or such general partner’s) properties, if such
appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, if such appointment is not vacated. 
 “Beneficial Owner” shall, with respect to any Person, be determined as set forth in Rule 13d-3 of the General Rules and Regulations of the Securities Exchange Act of 1934, as in effect on the date hereof. 
 “Business Day” means any day other than a Saturday, Sunday or a holiday on which commercial banks in the State of
New York are closed. 
 “Cendant” means Cendant Corporation, a Delaware corporation. 
 “Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any asset
(other than cash) contributed to the capital of the Company pursuant to Article IV hereof. 
 “Cendant Mobility
Office” means any office comprising part of Cendant’s corporate relocation business, including, without limitation, any office of Cendant Mobility Services Corporation (“Cendant Mobility”) or any of its Subsidiaries,
whether owned as of the date hereof or acquired or opened hereafter by Cendant Mobility or one of its Subsidiaries. 
 “Cendant Owned Real Estate Office” means any residential real estate brokerage office owned as of the date hereof or acquired or opened hereafter by Cendant Real Estate or one of its Subsidiaries, including NRT
Incorporated. 
 “Cendant Real Estate” means Cendant Real Estate Services Group, LLC, a Delaware limited
liability company. 
 “Change of Control” means, with respect to any Person, the occurrence of any event set
forth in one of the following paragraphs: 
  

	 	(a)	any “person” or “group” (as such terms are used in Section 13(d)(3) of the Exchange Act) is or becomes the Beneficial Owner, directly or
indirectly, of securities of such Person representing greater than one-third of the combined voting power of such Person’s outstanding securities; 

  

 3 









	 	(b)	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of such Person (together with any new
directors whose election or appointment by such Board or whose nomination for election by the stockholders of such Person was approved by a vote of not less than a majority of the directors then still in office who were either directors at the
beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least two-thirds of the Board of Directors of such Person; 

  

	 	(c)	there is consummated a merger, consolidation or similar transaction (including a recapitalization) of such Person with any other Person, other than a merger or
consolidation immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of the entity surviving such merger, consolidation or similar transaction
or the Controlling Person thereof; or 

  

	 	(d)	there is consummated a sale or disposition by such Person of all or a substantial portion of such Person’s assets to another Person, other than a sale or
disposition immediately following which the stockholders of such Person immediately prior thereto own in the aggregate not less than two-thirds of the combined voting power of such other Person or the Controlling Person thereof.


 “Closing Date” means January 31, 2005. 
 “Code” means the Internal Revenue Code of 1986. 
 “Company Minimum Gain” means “partnership minimum gain” as set forth in Treasury Regulation Sections
1.704-2(b)(2) and 1.704-2(d). 
 “Company Property or Properties” means all interests, properties, whether real
or personal, and rights of any type owned or held by the Company, whether owned or held by the Company at the date of its formation or thereafter acquired. 
 “Company Regulatory Event” means a situation in which (i) the Company becomes subject to any Regulatory Order, or any Governmental Entity initiates a Proceeding with respect to the
Company, and (ii) such Regulatory Order or Proceeding prevents or materially impairs the Company’s ability to originate loans for any period of time in a manner that adversely affects the value of one or more of the quarterly distributions
to be paid by the Company pursuant to Section 5.6 of this Agreement; provided, however, that Company Regulatory Event shall not include (1) any order,

  

 4 








 
directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending business such that the Company is
unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of the Cendant Entities or their Affiliates. 
 “Contributed Property” means property or other consideration (other than cash) contributed to the Company in exchange for
Interests. 
 “Contribution Agreement” means the Contribution Agreement to be entered into by and among the
Cendant Member, the Company and the PHH Member pursuant to Section 2.11 hereof. 
 “Control” shall mean,
with regard to any Person, the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative with the foregoing. 
 “Controlling Person” means a Person who
controls another Person. 
 “Customer” means any individual who contacts the Company, whether in person or by
mail, phone, via the Internet (including by electronic mail), or otherwise, or who is so contacted by the Company, about the possibility of obtaining a Mortgage Loan through the Company, or who otherwise obtains a Mortgage Loan from or through the
Company. 
 “Depreciation” means, for each Fiscal Period, an amount equal to the depreciation, amortization or
other cost recovery deduction allowable with respect to an asset for such Fiscal Period; provided, however, that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of
such Fiscal Period, Depreciation shall be an amount that bears the same ratio to such Gross Asset Value which the asset had when its value was last adjusted, as the federal income tax depreciation, amortization or other cost recovery deduction with
respect to such asset for such Fiscal Period bears to the adjusted tax basis which the asset had when its value was last adjusted; and provided, further, that if the federal income tax depreciation, amortization or other cost
recovery deduction for such Fiscal Period is zero, then, subject to Section 6.3(a)(xiv), Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.

 “Distributable Net Income” shall mean, for each Fiscal Quarter, an amount equal to the net income of the
Company and its Subsidiaries, on a consolidated basis, determined in accordance with GAAP, less any amounts retained by the Company as shall be necessary to meet the Minimum Capital Requirements (which requirements shall be approved by the Board
pursuant to Section 6.3). 
  

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 “Fair Market Value” means the fair market value of an asset, as determined
by the Managing Member using any reasonable method of valuation, except as otherwise provided herein; provided, however, that such fair market value shall be approved by the Board as provided in Section 6.3(a)(xvii). 

“FHA” means the Federal Housing Administration of HUD or any successor thereto. 
 “Fiscal Period” means the period (i) commencing (w) at the beginning of each Fiscal Quarter, (x) the date of
any acquisition of Interests by any new or existing Member in exchange for a Capital Contribution, or (y) on each date following the effective date of any distribution to a Member of any property as consideration for an Interest in the Company,
and (ii) ending on the date immediately preceding the first day of the next Fiscal Period; provided, that the last Fiscal Period shall end on the date on which all assets of the Company are distributed to the Members pursuant to
Section 9.4 hereof. 
 “Fiscal Quarter” means (i) the period commencing on the date of this Agreement
and ending on March 31, 2005, or (ii) any subsequent three (3) month period commencing on January 1, April 1, July 1 and October 1 and ending on March 31, June 30, September 30
and December 31, respectively; provided, that the last Fiscal Quarter shall end on the date on which all assets of the Company are distributed to the Members pursuant to Section 9.4 hereof. 
 “GAAP” means generally accepted accounting principles in the United States. 
 “Governmental Entity” means any court, agency or commission or other governmental or regulatory authority. 
 “Gross Asset Value” means, with respect to any asset, such asset’s adjusted basis for federal income tax purposes,
except as follows: 
 (i) the initial Gross Asset Value of any asset contributed by a Member to the Company shall
be the Fair Market Value of such asset; 
 (ii) the Gross Asset Value of all Company assets shall be adjusted to
equal their respective Fair Market Values, as of the following times: (a) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital

  

 6 








 
Contribution, (b) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company and (c) the
liquidation of the Company, within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); provided, however, that, with approval of the Board pursuant to Section 6.3(a)(xiv) hereof, adjustments pursuant to clause
(ii)(a) or (ii)(b) of this definition shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; 
 (iii) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the Fair Market Value
of such asset on the date of such distribution, unreduced by any liability secured by such asset; and 
 (iv) the
Gross Asset Value of Company assets will be increased or decreased to reflect any adjustment to the adjusted basis of such assets under Sections 734(b) or 743(b) of the Code, but only to the extent that the adjustment is taken into account in
determining Capital Accounts under Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and paragraph (f) of the definition of Net Income and Net Loss or Section 5.2(f), provided, however, that Gross Asset Values shall not
be adjusted pursuant to this paragraph (iv) to the extent the Managing Member determines that an adjustment pursuant to paragraph (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an
adjustment pursuant to this paragraph (iv) and the Board authorizes such paragraph (ii) adjustment pursuant to Section 6.3(a)(xiv) hereof. 
 If the Gross Asset Value of an asset has been determined or adjusted pursuant to paragraph (i), paragraph (ii) or paragraph (iv) above, such Gross Asset Value shall thereafter be adjusted by the
Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Loss. 
 “HUD” means the United States Department of Housing and Urban Development or any successor thereto. 
 “Interest” means (i) a Member’s share of Net Income (and items of income and gain) and Net Loss (and items of loss and deduction) of the Company and a Member’s right to receive distributions from the Company
in accordance with the provisions of this Agreement and the Act and (ii) such Member’s other rights and privileges as herein provided, including, without limitation, voting privileges. 
  

 7 








 “Insolvency” means, when used with respect to any Person, such
Person is unable to pay its debts and obligations as they become due, or has incurred debts beyond its ability to pay such debts as they mature. 
 “Investor Commitments” means any agreement, contract or arrangement pursuant to which any Person purchases or agrees to purchase Mortgage Loans from the Company or any Subsidiary of the
Company. 
 “Lease” means the Bishop’s Gate Sublease, substantially in the form of Exhibit A
hereto, to be entered into between the Company and PMC on the Contribution Date, pursuant to which the Company will lease space from PMC at 3000 Leadenhall Road, Mt. Laurel, NJ 08054. 
 “License Agreement” means the Trademark License Agreement, dated as of the date of this Agreement, between PMC and TM
Acquisition Corp., Coldwell Banker Real Estate Corporation and ERA Franchise Systems, Inc., pursuant to which PMC has been granted a license to use the Cendant Real Estate Franchisee Brands (as defined in the SRA) in connection with its business, on
the terms set forth therein. 
 “Loan Funding Facility” means a credit or loan agreement or other funding
arrangement, approved by the Board pursuant to Section 6.3 hereof, pursuant to which the Company and/or its Subsidiaries borrows money for the purpose of funding Mortgage Loan originations. 
 “Losses” means any and all losses, damages, disbursements, suits, claims, liabilities, obligations, judgments, fines,
penalties, charges, amounts paid in settlement, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses), and shall specifically include, but only for purposes of Section 12.4 hereof, any indirect,
special, incidental or consequential damages (including lost profits and lost cash distributions). 
 “Management
Services Agreement” means the Management Services Agreement, substantially in the form attached hereto as Exhibit B, to be entered into by the Company and PMC in accordance with Section 2.11 of this Agreement. 
 “Managing Member” means the PHH Member, or such other Member as may replace the PHH Member as Managing Member pursuant to
Section 8.2 or 8.4 hereof. 
 “Master Sublease Agreement” means the Master Shared Office Space Agreement,
substantially in the form attached hereto as Exhibit C, to be entered into between the Company and NRT on the Contribution Date, pursuant to which the Company will sublease from NRT office space utilized by field personnel of the Company who
are co-located in a Cendant Owned Real Estate Office. 
  

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 “Member” means, at any time, a Person admitted as a member of the Company
pursuant to Section 3.2 hereof and listed on Schedule I hereto. If a Member Transfers its Interest or any portion thereof to a Person who is not a Member, reference in this Agreement to a “Member” or such Member’s Capital
Account in connection with such Transferred Interest or portion thereof shall be deemed to be a reference to the record holder of such Transferred Interest or portion thereof for the purpose of calculating the economic interest and Capital Account
balances and adjustments represented by such Transferred Interest or portion thereof until such record holder of such Transferred Interest or portion thereof is admitted as a Member. 
 “Member Nonrecourse Debt” means “partner nonrecourse debt” as set forth in Treasury Regulation
Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” means an amount with respect to each
Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3). 
 “Member Nonrecourse Deductions” means “partner nonrecourse deductions” as set forth in Treasury Regulation
Section 1.704-2(i)(2), and the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Period shall be determined in accordance with the rules of Treasury Regulation Section 1.704-2(i)(2). 

“Mobility Interim MSA” means the Marketing Agreement, by and between Cendant Mobility and PMC, dated as of
January 31, 2005. 
 “Mortgage Instrument” means any deed of trust, security deed, mortgage, or other
instrument which constitutes a first lien or second lien on the Mortgaged Property securing payment by a mortgagor of a Mortgage Note. 
 “Mortgage Loan” means a mortgage loan (including a home equity line of credit) evidenced by one or more promissory notes and secured by a mortgage or deed of trust on one or more residential real estate properties.

 “Mortgage Loan Disclosure” shall mean any disclosure, notice or other document or statement that, pursuant
to applicable law, must be provided to a Customer by or on behalf of the Company in connection with the origination, closing and funding of a Mortgage Loan or an application for a Mortgage Loan. 
  

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 “Mortgage Loan Documents” means the Mortgage Instruments, Mortgage Notes
and Assignments. 
 “Mortgage Loan Sale Agreement” means a Mortgage Loan Sale Agreement to be entered into by
and between the Company and PMC in accordance with Section 2.11 hereof. 
 “Mortgage Note” means the
mortgage note, deed of trust note, security deed note or other form of promissory note executed by a mortgagor and secured by a Mortgage Instrument evidencing the indebtedness of the mortgagor under a Mortgage Loan. 
 “Mortgaged Property” means the interest in real property pledged to secure a Mortgage Note, as evidenced by one or more
Mortgage Instruments. 
 “MSA” means the Marketing Services Agreement, dated as of the date of this Agreement,
by and between PMC and certain Subsidiaries of Cendant Real Estate. 
 “Net Income” and “Net
Loss” shall mean, for each Fiscal Period, an amount equal to the Company’s items of taxable income or loss for such Fiscal Period, determined in accordance with Section 703 of the Code (for this purpose all items of income, gain,
loss and deduction required to be separately stated pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net
Loss shall be added to taxable income or loss; 
 (b) any expenditures of the Company described in
Section 705(a)(2)(B) or that are treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss, shall be subtracted
from such taxable income or loss; 
 (c) in the event that the Gross Asset Value of any Company asset is adjusted
pursuant to the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as an item of gain (if the adjustment increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross
Asset Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Net Income or Net Loss; 
  

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 (d) gain or loss resulting from the disposition of property with respect to
which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

 (e) in lieu of the depreciation, amortization, and other costs recovery deductions taken into account in
computing such taxable income or loss, there shall be taken into account Depreciation with respect to each asset of the Company for such Fiscal Period computed in accordance with the definition of Depreciation; 
 (f) to the extent an adjustment to the adjusted basis of any Company asset pursuant to Section 734(b) or 743(b) of the
Code is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Member’s Interest, the amount
of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account in computing
Net Income or Net Loss; and 
 (g) notwithstanding any other provision of this definition, any items specially
allocated pursuant to Section 5.2 shall not be considered in determining Net Income or Net Loss. 
 “New
Member” means any Person not listed on Schedule I as of the date hereof who has been admitted as a Member to the Company pursuant to Section 3.2 hereof. 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(1), and the amount of the
Nonrecourse Deductions for a Fiscal Period shall be determined in accordance with Treasury Regulation Section 1.704-2(c). 
 “Nonrecourse Liability” means a liability (or that portion of a liability) with respect to which no Member bears the economic risk of loss as determined under Treasury Regulation Section 1.704-2(b)(3). 
 “NRT Interim MSA” means the Marketing Agreement, by and between NRT Incorporated and PMC, dated as of January 31,
2005. 
 “Origination Channels” has the meaning assigned to such term in the SRA. 
  

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 “Person” means any individual, general partnership, limited partnership,
corporation, limited liability company, joint venture, trust, business trust, governmental agency, cooperative, association, or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such person, as
the context may require. 
 “PHH” means PHH Corporation, a Maryland corporation. 
 “PHH Regulatory Event” means a situation in which (i) PMC or any of its Affiliates (other than the Company) becomes
subject to any Regulatory Order, or any Governmental Entity initiates a Proceeding with respect to PMC or any of its Affiliates (other than the Company), and (ii) such Regulatory Order or Proceeding prevents or materially impairs the
Company’s ability to originate loans for any period of time in a manner that adversely affects the value of one or more quarterly distributions to be paid by the Company pursuant to Section 5.6 of this Agreement; provided,
however, that PHH Regulatory Event shall not include (1) any order, directive or interpretation or change in law, rule or regulation, in any such case that is applicable generally to companies engaged in the mortgage lending business
such that PMC or such Affiliate or the Company is unable to cure the resulting circumstances described in (ii) above, or (2) any Regulatory Order or Proceeding that results solely from acts or omissions on the part of Cendant or its
Affiliates. 
 “PMC” means PHH Mortgage Corporation, a New Jersey corporation. 
 “PHH Change of Control” means a Change of Control of PHH, or the Managing Member or any other Affiliate of PHH that
beneficially owns, directly or indirectly, any Interest of the Company. 
 “Proceeding” means any legal,
administrative, arbitral or other proceeding, claim, action or governmental or regulatory investigation of any nature. 
 “Regulatory Order” means any injunction, order, judgment, decree, memorandum of understanding, consent decree, directive or regulatory restriction, or any change in or interpretation of any law, rule or regulation, imposed
by a Governmental Entity. 
 “RESPA” means the Real Estate Settlement Procedures Act, 12 U.S.C.
§ 2601 et seq., and the Department of Housing and Urban Development’s implementing regulation, Regulation X, 24 C.F.R. § 3500 et seq. 
 “Securities Act” means the Securities Act of 1933. 
 “Small Corps” means, collectively, the companies listed in Exhibit D. 
  

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 “State Agency” means any agency or other Governmental Entity of any of the
fifty states of the United States or of the District of Columbia, in each case having authority to regulate the mortgage-related activities of the Company or any of its Subsidiaries or to determine the investment requirements with regard to mortgage
loan originations performed by the Company or any of its Subsidiaries. 
 “Subsidiary” means, when used with
respect to any party, any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, which is consolidated with such party for financial reporting purposes under GAAP, and, when used with
respect to the Company, shall include, without limitation, those Small Corps that will become Subsidiaries of the Company following the completion of the Subsequent Capital Contributions in accordance with Section 2.11 hereof. 
 “Transaction Documents” means, collectively, this Agreement, the SRA, the MSA, the NRT Interim MSA, the Mobility Interim
MSA, the License Agreement, the Venture License Agreement, the Management Services Agreement, the Lease Agreement, the Master Sublease Agreement, the Contribution Agreement and the Mortgage Loan Sale Agreement. 
 “Transfer” means any change in the record or beneficial ownership of an Interest, whether made voluntarily or involuntarily
by operation of law. 
 “Treasury Regulations” means the regulations promulgated by the U.S. Treasury
Department pursuant to the Code. 
 “Venture License Agreement” means the Trademark License Agreement, by and
among TM Acquisition Corp., Coldwell Banker Real Estate Corporation, ERA Franchise Systems, Inc. and the Company, dated as of January 31, 2005. 
 Section 1.2 Interpretation. Each definition in this Agreement includes the singular and the plural, and reference to the neuter gender includes the masculine and feminine where appropriate.
References to any statute or Treasury Regulations means such statute or regulations as amended at the time and include any successor legislation or regulations. The headings to the Articles and Sections are for convenience of reference and shall not
affect the meaning or interpretation of this Agreement. Except as otherwise stated, reference to Articles, Exhibits, Sections and Schedules mean the Articles, Exhibits, Sections and Schedules of this Agreement. The Exhibits and Schedules are hereby
incorporated by reference into and shall be deemed a part of this Agreement. 
  

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 ARTICLE II 
 General Provisions 
 Section 2.1 Form. The Members hereby agree to operate
the Company as a limited liability company pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Members and the
administration and termination of the Company shall be governed by the Act. 
 Section 2.2 Company Name. The name of the
Company is “PHH Home Loans, LLC” or such other name or names as may be selected by a unanimous vote of the Members from time to time, and its business shall be carried on in such name and in the other names listed on Schedule 2.2
hereto, with such variations and changes thereto as the Members shall deem necessary to comply with requirements of the jurisdictions in which the Company’s operations are conducted. 
 Section 2.3 Registered Office; Registered Agent. The Company shall maintain a registered office in the State of Delaware at 2711
Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, and the name of the Company’s registered agent in the State of Delaware is, Corporation Service Company. 
 Section 2.4 Place of Business. The business address of the Company is 3000 Leadenhall Road, Mt. Laurel, New Jersey 08054, or such
other place as the Members shall designate by unanimous vote. 
 Section 2.5 Purpose; Nature of Business Permitted;
Powers. 
 (a) The Company is formed for the purposes of (1) originating Mortgage Loans that are sourced through any
Cendant Owned Real Estate Office and fulfilled through any of the Origination Channels, (2) originating Mortgage Loans that are sourced through any Cendant Mobility Office and fulfilled through any of the Origination Channels,
(3) originating Mortgage Loans for U.S.-based employees of Cendant and its Subsidiaries and fulfilled through any of the Origination Channels, (4) originating Mortgage Loans sourced by any loan officer of the Company, either through any
Cendant Owned Real Estate Office or through any Cendant Mobility Office, (5) selling all Mortgage Loans originated by the Company on a servicing-released basis on terms consistent with the provisions of Section 6.1(b) below, and
(6) any other purpose agreed to unanimously by the Members in writing. For the avoidance of doubt, the purposes for which the Company is formed shall not include, and without the prior unanimous written consent of all Members the Company shall
not engage in, (i) originating, purchasing or otherwise acquiring and holding Mortgage Loans for investment purposes, or (ii) servicing Mortgage Loans or retaining servicing rights with respect to any Mortgage Loans originated and sold by
the Company. 
  

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 (b) Subject to the other provisions of this Agreement, the Company shall possess and may
exercise all of the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, but only in so far as such powers and privileges are necessary to the conduct, promotion or
attainment of the business purposes of the Company specified in Section 2.5(a) hereof, including, without limitation, the power: 
 (i) to acquire, hold, manage, own, sell, transfer, convey, assign, exchange, license, pledge or otherwise dispose of the Company’s interest in assets or any property held by the Company, including,
without limitation, interests in technology, intellectual property rights and other proprietary processes, products or services; 
 (ii) to establish, have, maintain or close one or more offices within or without the State of Delaware and in connection therewith to rent or acquire office space and to engage personnel; 
 (iii) to open, maintain and close bank and brokerage accounts, including the power to draw checks or other orders for the
payment of moneys, and to invest such funds as are temporarily not otherwise required for Company purposes; 
 (iv) to bring and defend actions and proceedings at law or in equity or before any Governmental Entity, including any State Agency; 
 (v) to hire consultants, custodians, attorneys, accountants and such other agents, officers and employees of the Company as it may deem necessary or advisable, and to authorize each such agent and
employee to act for and on behalf of the Company; 
 (vi) to enter into, perform and carry out contracts and
agreements of every kind necessary or incidental to the accomplishment of the Company’s business purposes, and to take or omit to take such other action in connection with the business of the Company as may be necessary or desirable to further
the business purposes of the Company; 
 (vii) to obtain and hold any and all permits, licenses, consents,
authorizations and approvals as the Managing Member may from time to time deem necessary or appropriate for the conduct of the business of the Company and its Subsidiaries, including, without limitation, any such licenses and authorizations as may
be required pursuant to the rules and regulations of any State Agency; and 
 (viii) to carry on any other
activities necessary or incidental to any of the foregoing. 
  

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 Section 2.6 Business Transactions of a Member with the Company. In accordance with
Section 18-107 of the Act and subject to the requirements of Section 6.1(e) and Section 6.3 hereof, a Member may lend money to, borrow money from, act as surety, guarantor or endorser for, guarantee or assume one or more specific
obligations of, provide collateral for, and transact other business with, the Company and, subject to applicable law, shall have the same rights and obligations with respect to any such matter as a Person who is not a Member. 
 Section 2.7 No State-Law Partnership. No provisions of this Agreement shall be deemed or construed to constitute the Company a
partnership (including, without limitation, a limited partnership), or any Member a partner of a partnership or a partner with any other Member, for any purpose other than, in each case, federal and state income tax purposes. 
 Section 2.8 Authorized Representatives. The “Authorized Representatives” of each Member shall be those Persons appointed
from time to time as Advisors by such Member in accordance with Section 6.2 hereof. The written statements and representations of an Authorized Representative on behalf of a Member shall be the only authorized statements and representations of
such Member with respect to the matters specifically covered by this Agreement. The term “approved by” or “consented to by” or “consent of” or “satisfactory to” with respect to a Member means a decision or
action which has been consented to in writing by an Authorized Representative of such Member. 
 Section 2.9 Term. The
existence of the Company commenced on the date of the filing of the Certificate of Formation in the Office of the Secretary of State of the State of Delaware, and shall continue until January 31, 2055, unless earlier dissolved pursuant to the
provisions of Article IX hereof. Upon the occurrence of an Event of Dissolution, all FHA-insured loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company. 
 Section 2.10 D/B/As, Fictitious Names, Licenses and Regulatory Approvals. 
 (a) The Company and its Subsidiaries shall make all d/b/a, fictitious name and similar filings as are listed on Schedule 2.10(a)
hereto and shall obtain all licenses and regulatory approvals in each of the fifty (50) states and in the District of Columbia as shall be necessary to conduct its loan origination, loan sales and related operations as contemplated by this
Agreement and the other Transaction Documents in all such jurisdictions. The Cendant Member shall be responsible for

  

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making all such d/b/a, fictitious name and similar filings, and the PHH Member shall be responsible for obtaining all such licenses and regulatory approvals. On the fifteenth (15th) of February, 2005 and on the first (1st) and fifteenth (15th) of each month thereafter, the PHH Member shall provide to the
Cendant Member a detailed report on the status of all licenses and regulatory approvals necessary to operate the Company and its Subsidiaries. 
 (b) Not more than forty-five (45) days after the PHH Member receives all of the requisite d/b/a, fictitious name and other similar approvals for filings made by the Cendant Member in accordance with
Section 2.10(a) above in any state, the PHH Member shall cause the Company to file with the appropriate regulatory authorities in such state all applications for the requisite licenses and regulatory approvals with respect to the business to be
conducted by the Company and any of its Subsidiaries in such state; provided, however, that for purposes of counting the forty-five day period herein, no such approvals shall be deemed received by the PHH Member prior to
February 15, 2005. The PHH Member shall pay to the Cendant Member a cash payment of $50,000 per month with respect to each state for which the Company shall not have met such forty-five (45) day deadline, with such payment being due and
payable on the day of such deadline and again every thirty (30) days thereafter until such filing has been made. 
 (c)
The PHH Member shall cause the Company to diligently pursue and use its reasonable best efforts to obtain all such licenses and regulatory approvals described above not later than July 31, 2005. Without limiting the foregoing, the PHH Member
shall comply in a timely manner with all requests for information received from any State Agency (provided that the PHH Member shall not be responsible for any failure or refusal by Cendant to provide any information so requested) and shall cause
representatives of the Company to meet in person with the requisite regulatory authorities in any state where such authorities have so requested or where receipt of approval from such authorities has been delayed and the Cendant Member so reasonably
requests. 
 Section 2.11 Subsequent Capital Contributions. 
 (a) At any time after the Company shall have obtained all requisite licenses and approvals and made all other filings necessary to enable it
to operate its business both (1) in not less than 25 states and (2) in each of those states listed on Schedule 2.11(a) hereto or any subset thereof approved by the Cendant Member in writing, the Cendant Member shall have the right
to deliver to the PHH Member a written notice (the “Contribution Notice”) containing the Cendant Member’s election to cause the Subsequent Capital Contributions (as defined below) to occur. The Parties shall consummate the
transactions constituting the Subsequent Capital Contributions on the date specified by the Cendant Member in the Contribution Notice, which date (the

  

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“Contribution Date”) shall be no earlier than the seventh (7th) day following the date of delivery of such notice to the PHH Member. On the Contribution Date, the Parties shall
take the following actions: 
 (i) the PHH Member shall contribute, or cause to be contributed, to the Company,
(A) substantially all of the assets constituting the businesses of each of the companies constituting the Small Corps (with the form of the transaction in which such transfer shall occur being determined pursuant to subparagraph
(b) below), and (B) those separately identifiable assets that comprise part of PMC’s “phone-in, move-in” origination channel and that will be utilized by the Company and its employees in the operation of its loan origination
business (as identified and scheduled by the Parties in accordance with subparagraph (b) below) (the “PIMI Contributed Assets”); 
 (ii) the Cendant Member shall contribute, or cause to be contributed, to the Company (A) the right to use those tradenames and marks specified in the Venture License Agreement, on a royalty-free
basis and otherwise on the terms set forth in such agreement, and (B) an amount of cash determined in accordance with subparagraph (b) below; 
 (iii) the parties shall execute the Contribution Agreement, the Management Services Agreement, the Mortgage Loan Sale Agreement, the Lease and the Master Sublease Agreement; 
 (iv) the PHH Member shall cause the Company to offer employment to (A) such employees of PMC as shall be reasonably
necessary to enable the Company to perform its obligations pursuant to the terms of the SRA, and (B) all of the employees of the Small Corps (other than those Small Corps that will become Subsidiaries of the Company upon being contributed to
the Company); and 
 (v) the PHH Member shall cause the Company to sponsor and maintain its own employee benefit
plans (including, but not limited to welfare benefit plans and tax-qualified pension and retirement plans) for the benefit of the employees of the Company and its Subsidiaries. 
 The actions contemplated by subparagraphs (i) through (v) above are referred to herein as the “Subsequent Capital Contributions.” 
  

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 (b) As soon as practicable after the date of this Agreement, in preparation for the
Subsequent Capital Contributions, the Parties shall cooperate in good faith to do each of the following as promptly as practicable following the date hereof and in any event within such time as shall be necessary to enable the Subsequent Capital
Contributions to occur by mid-year 2005: 
 (i) Determine the form of the transaction (merger, asset transfer,
transfer of equity interests or other) pursuant to which the businesses of the Small Corps will be contributed to the Company (including, among other things, determining the consents and approvals and d/b/a and other filings, qualifications and
notices required to be obtained or made in connection with such transaction and the expected timing thereof), it being understood that the final determination regarding the form of such transaction shall be made by the Cendant Member in its sole
discretion, and that the Parties will work together with a view toward structuring the contributions so that the loans originated by the Small Corps whose businesses will be combined directly with the Company’s (rather than becoming
Subsidiaries of the Company) will constitute not less than 15% of all loans originated directly by the Company; 
 (ii) Obtain all such consents and approvals and make all such d/b/a and other filings, qualifications and notices as shall be necessary to complete the contribution of the businesses of the Small Corps to the Company pursuant to the form of
transaction determined in accordance with subparagraph (b)(i) above; 
 (iii) Prepare detailed and complete
schedules identifying all of the PIMI Contributed Assets, all of the employees of PMC and its Subsidiaries who will be offered employment with the Company on the Contribution Date, and, if the form of transaction determined pursuant to subparagraph
(i) above contemplates one or more asset transfer transactions, all of the assets, contracts and other rights constituting the businesses of the applicable Small Corps to be contributed to the Company pursuant to such transactions; 

(iv) Obtain valuations (which in the case of subclauses (A) and (C) below shall be performed by an unaffiliated
third party selected by the Cendant Member) for (A) the businesses of the Small Corps to be contributed to the Company pursuant to Section 2.11(a)(i)(A) above, (B) the PIMI Contributed Assets to be contributed to the Company pursuant
to Section 2.11(a)(i)(B) above, and (C) the Venture Trademark License to be contributed to the Company pursuant to Section 2.11(a)(ii)(A) (it being understood that the amount of cash to be contributed to the Company by the Cendant
Member pursuant to Section 2.11(a)(ii)(B) shall equal the difference between the total of the amounts determined pursuant to subclauses (A) and (B) above and the amount determined pursuant to subclause (C) above), and finalize
Schedule II to this Agreement to reflect the updated Gross Asset Values for such assets based upon such valuations; 
  

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 (v) Prepare all agreements, instruments and other documents necessary or
appropriate to effect the transactions constituting the Subsequent Capital Contributions (including without limitation a Contribution Agreement), which agreements shall include provisions for, among other things, (A) customary representations
from the PHH Member with respect to the assets to be contributed by it to the Company, the consents and approvals necessary to effect such contributions, compliance with law and other regulatory matters with respect to the businesses of the Small
Corps and employee matters with respect to the period prior to the Contribution Date, and (B) indemnification of the Company by the PHH Member with respect to Losses arising out of or resulting from any matter, circumstance or event occurring
prior to the Contribution Date with respect to or affecting the business, assets or employees of the Small Corps contributed by or on behalf of the PHH Member; and 
 (vi) Prepare a Mortgage Loan Sale Agreement having terms consistent with Section 6.1(b) of this Agreement. 

(c) Prior to making the Subsequent Capital Contributions contemplated by subparagraph (a) above, if the form of transaction
involves any of the companies comprising the Small Corps being merged into the Company or being contributed to the Company and becoming a Subsidiary of the Company as a result thereof, the PHH Member shall (i) settle and eliminate all
intercompany accounts receivable, accounts payable or other arrangements and obligations between PHH or any of its Subsidiaries, on the one hand, and each such company, on the other, (ii) cause all of the ownership interests in Landover
Mortgage LLC held by any such company to be distributed by such company to PMC, and (iii) in the case of any such company that will become a Subsidiary of the Company following the contribution, convert such company to a limited liability
company pursuant to a transaction acceptable in form and substance to tax counsel for the Cendant Member prior to the Contribution Date. 
 (d) The PHH Member and its Affiliates (other than the Company and any of the Small Corps (or any successor thereto) that is merged into the Company or contributed as a Subsidiary of the Company) shall
bear and pay all costs and expenses (including Taxes) associated with the contribution of the businesses of the Small Corps contemplated by Section 2.11(a) hereof, all of the transactions contemplated by Section 2.11(c) hereof, and
obtaining the consents and approvals required in connection with the contribution of the Small Corps contemplated by Section 2.11(b)(ii) above. Each Member shall bear and pay its own costs in connection with the other transactions contemplated
by this Section 2.11. 
  

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 ARTICLE III 
 Members 
 Section 3.1 Members. The Company shall consist of the Members
executing this Agreement and any New Members admitted to the Company by the Members in accordance with terms hereof. The Members of the Company, together with the Common Interest Percentages and addresses of such Members, are listed on Schedule
I of this Agreement. As of the date hereof, there are no other Members of the Company and no other Person has any right to take part in the ownership or share in the profits of the Company. The Managing Member shall have the authority, without
the consent of the Members, but subject to the limitations contained in Article VI hereof and otherwise in accordance with the terms of this Agreement, to amend Schedule I in connection with any Transfer or other change in ownership of
Interests permitted hereunder and to reflect (a) the admission of any New Member, (b) the removal, expulsion, retirement or death of any Member, in each case, in accordance with the terms of this Agreement and (c) any change in the
Interests of any Member effected in accordance with the terms of this Agreement (including Section 4.3 or 10.1 hereof). No Person shall be deemed to be a Member unless such Person has executed and delivered to the Company a copy of this
Agreement. Each New Member shall be deemed to have a fully executed copy of this Agreement if such Member is delivered a copy of this Agreement which (a) has been executed by such Member and (b) is countersigned on the same page by an
authorized officer of the Company. 
 Section 3.2 Admission of New Members. New Members of the Company may only be added
if the addition of any such proposed New Member is approved, prior to such admission, by the unanimous consent of all Members and if such proposed New Member executes this Agreement and makes the representations and warranties set forth in
Section 3.3 hereof. Notwithstanding the foregoing, a Person that (a) is an Affiliate of a Member and to whom such Member has Transferred all or any portion of its Interest in accordance with Section 10.1 hereof or (b) is a
transferee of all or a portion of the Cendant Member’s Interest as permitted by Section 10.1 hereof shall be admitted as a New Member without the consent of the other Members, provided that such New Member executes this Agreement and makes
the representations and warranties set forth in Section 3.3 hereof. 
 Section 3.3 Representations. Each Member
hereby represents and warrants to the Company as follows: 
 (a) Such Member is a corporation, limited liability company,
partnership or business trust duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization. Such Member has full right, power and authority to execute and deliver this Agreement and to
perform each of its obligations hereunder. 
  

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 (b) All necessary action, corporate or otherwise, on the part of such Member necessary to
authorize the execution and delivery by such Member of this Agreement and the performance by such Member of its obligations hereunder has been taken, and no further action on the part of such Member is necessary for such authorization. This
Agreement has been duly authorized, executed and delivered by such Member and (assuming due authorization, execution and delivery by the other Members), constitutes a legal, valid and binding obligation of such Member enforceable against such Member
in accordance with its terms. 
 (c) Except as otherwise set forth in or contemplated by this Agreement with respect to the
Company, no consent, approval or authorization of, or filing or registration with, any governmental or regulatory authority or any other Person (other than such as have been obtained or made by such Member) is required to be made or obtained by such
Member in connection with the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement. 
 (d) Neither the execution and delivery of this Agreement by such Member nor the consummation by such Member of the transactions contemplated hereby, nor compliance by such Member with any of the terms or
provisions hereof, will (i) conflict with or result in a breach of any provision of the certificate of incorporation, by-laws or similar governing documents of such Member or (ii) assuming the consents, permits, authorizations, approvals,
filings and registrations previously disclosed in writing by such Member to the other Members are obtained or made (x) violate any statute, code, ordinance, rule, regulation, judgment, order, write, decree or injunction applicable to such
Member or any of its properties or assets or (y) violate, conflict with, result in a breach of any provisions of, constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, result in the
termination of, accelerate the performance required by, or result in a right of termination or acceleration or the creation of any encumbrance upon any of the properties or assets of such Member under, any of the terms, conditions or provisions of
any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Member is a party, or by which its properties or assets may be bound or affected, except, in the case of clause (ii), for
such violations, conflicts, breaches or defaults which, either individually or in the aggregate, would not prevent or materially hinder or delay such Member’s ability to consummate the transactions contemplated hereby or perform its obligations
hereunder. 
 Section 3.4 No Liability of Members. All debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

  

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 Section 3.5 Company Property. No real or other property of the Company shall be
deemed to be owned by any Member individually but shall be owned by and title shall be vested solely in the Company. The Interests of the Members in the Company shall constitute personal property. 
 Section 3.6 Confidentiality. 
 (a) Each Member agrees not to disclose, communicate, use to the detriment of the Company or for the benefit of any other Person, or misuse in any way, any confidential information or trade secrets of the
Company or any Subsidiary or any other Member or its Affiliates, including personnel information, secret processes, know-how, customer lists, formulas or other technical data (“Confidential Information”), except as may be required
by law; provided, however, that (i) this prohibition shall not apply to (x) any information which, through no improper action of such Member, is publicly available or generally known in the industry or (y) any
information which is disclosed upon the approval of all of the Members and (ii) such information may be disclosed to the extent required by law, legal process or applicable stock exchange rule. Each Member acknowledges and agrees that any
information or data such Member has acquired on any of these matters or items were received in confidence and as fiduciary of the Company. 
 (b) It is agreed between the parties that the Company would be irreparably damaged by reason of any violation of the provisions of this Section 3.6 and that any remedy at law for a breach of such
provisions would be inadequate. Therefore, the Company shall be entitled to seek and obtain injunctive or other equitable relief (including, but not limited to, a temporary restraining order, a temporary injunction or a permanent injunction) against
any Member, such Member’s agents, assigns or successors for a breach or threatened breach of such provisions and without the necessity of proving actual monetary loss. It is expressly understood among the parties that this injunctive or other
equitable relief shall not be the Company’s exclusive remedy for any breach of this Section 3.6 and that the Company shall be entitled to seek any other relief or remedy that it may have by contract, statute, law or otherwise for any
breach hereof, and it is agreed that the Company shall also be entitled to recover its attorneys’ fees and expenses in any successful action or suit against any Member relating to any such breach. It is also expressly agreed that any Member
shall have the right to enforce this Section 3.6 on behalf of the Company against the other Members. 
 (c)
Notwithstanding the foregoing, the participation or involvement of any Member in the Company shall not confer upon the Company or otherwise entitle the Company or any other Member thereof to use or otherwise disclose in connection with the Company
and its business and affairs the name of such Member without such Member’s prior consent. 
  

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 (d) Except as otherwise agreed by the Members, in the event of a PHH Change of Control or
anticipated PHH Change of Control, the PHH Member shall implement reasonable internal access controls and other restrictions on the use and disclosure of Confidential Information to prevent any directors, officers, employees, agents, consultants or
contractors of a third party from having access to such Confidential Information. 
 ARTICLE IV 
 Capital Contributions 
 Section 4.1 Capital Structure. The capital structure of the Company shall consist of one class of Interests (“Common Interests”). Except as otherwise set forth herein, each of the Common Interests shall be identical.

 Section 4.2 Capital Contributions. 
 (a) Each Member has contributed, as an initial capital contribution (“Initial Capital Contribution”) to the Company, the amount set forth opposite such Member’s name on Schedule
I hereto, and hereby agrees to contribute, in accordance with the provisions of Section 2.11 of this Agreement, all of its right, title and interest (whether now held or hereafter acquired) in and to the assets described in
Section 2.11(a) hereto having the estimated Gross Asset Values as are reflected on Schedule II hereto (with the final Gross Asset Values for such assets to be determined for purposes of this Agreement in accordance with
Section 2.11). 
 (b) In exchange for the Initial Capital Contributions, each Member has received an Interest in the
Company in proportion to the Interest percentage (“Common Interest Percentage”) set forth opposite the name of such Member on Schedule I hereto. 
 Section 4.3 Additional Provisions Concerning Capital Contributions. 
 (a)
Capital Contributions. Other than as set forth in Section 4.2, no Member shall be permitted to make additional Capital Contributions to the Company except upon the prior written approval of all the other Members; provided,
however, that notwithstanding anything to the contrary contained herein, in the event of an Additional Capital Determination (as defined below), then additional Capital Contributions shall be made by each Member in an amount equal to the
product of (x) the Additional Capital Amount with respect to such Additional Capital Determination and (y) such Member’s Common Interest Percentage. An “Additional Capital Determination” shall mean a determination
made by the Managing Member (which determination, if

  

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made, shall be immediately notified in writing to the Board), and approved by the Board pursuant to Section 6.3, that the Company requires additional Capital Contributions from the Members
to satisfy the Minimum Capital Requirements, as defined in Section 6.3(a)(xviii) herein. The “Additional Capital Amount” with respect to any Additional Capital Determination shall mean the aggregate additional Capital Contributions
required from all Members in connection therewith, as approved by the Board pursuant to Section 6.3. 
 (b)
Interest. Interest, if any, earned on funds contributed or held by the Company shall inure to the benefit of the Company; the Members shall not be entitled to receive interest or any other payments from the Company with respect to their
Capital Contributions or Capital Accounts. 
 Section 4.4 Capital Accounts. 
 (a) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv), a capital account (a “Capital Account”) shall be
established and maintained for each Member throughout the full term of the Company. A Member’s Capital Account (i) shall be increased by (A) the amount of cash and the Fair Market Value of property (other than cash) contributed by
such Member and (B) such Member’s allocable share of the Company’s Net Income (and items of income and gain) for each Fiscal Period; and (ii) shall be decreased by (A) the amount of cash and the Fair Market Value of property
(other than cash) distributed to such Member and (B) such Member’s allocable share of the Company’s Net Loss (and items of deduction and loss) for each Fiscal Period. 
 (b) In addition to the adjustments specified by Section 4.4(a), each Member’s Capital Account shall also be adjusted for any
other increases or decreases that are made to Capital Accounts pursuant to Section 704(b) of the Code and Treasury Regulation Section 1.704-1(b)(2)(iv). 
 (c) In the event any Interest or portion thereof is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account or ratable portion thereof of the
transferor to the extent such Capital Account relates to the Interest or portion thereof so transferred, except to the extent provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m). 
 (d) It is the intention of the Members that Capital Accounts shall be maintained in accordance with Section 704(b) of the Code and
with the Treasury Regulations promulgated thereunder so that the allocations of items of income, gain, loss, deduction and credit provided herein have substantial economic effect thereunder. 
 (e) Except as may be required by the provisions of the Act or to the extent of any withdrawal of capital in contravention of this Agreement
or any

  

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distribution in contravention of this Agreement, at no time during the term of the Company or upon dissolution and liquidation thereof shall a Member with a negative balance in his Capital
Account have any obligation to the Company or the other Members to restore such negative balance, and such negative balance shall not be treated as an asset of the Company. Notwithstanding whether a Member has a positive or a negative balance in its
Capital Account, a Member shall be obligated to restore to the Company the amount of any withdrawal of capital in contravention of this Agreement or any distribution in contravention of this Agreement. 
 Section 4.5 Return of Capital Contributions. Except as otherwise provided herein or in the Act, no Member shall have the right to
withdraw, or receive any return of, all or any portion of such Member’s Capital Contribution. 
 Section 4.6 Loans From
Members. Loans by a Member to the Company shall not be considered Capital Contributions. If any Member shall advance funds to the Company in excess of the amounts contributed by such Member to the capital of the Company, the making of such
advances shall not result in any increase in the amount of the Capital Account of such Member. The amounts of any such advances shall be a debt of the Company to such Member and shall be payable or collectible only out of the Company assets in
accordance with the terms and conditions upon which such advances are made. The repayment of loans from a Member to the Company upon liquidation shall be subject to the order of priority set forth in Section 9.4 hereof. Notwithstanding anything
to the contrary in this Agreement, any Loan by a Member to the Company shall be subject to the provisions of Section 6.1(e) and shall be on arm’s-length market terms. 
 ARTICLE V 
 Allocations and Distributions 
 Section 5.1 Allocations of Net Income and Net Loss. This Section 5.1 sets forth the rules for both the book allocations of Net
Income (and items of income and gain) and Net Loss (and items of loss and deduction), to reflect the economic arrangements of the Members and, subject to Section 5.5, for the tax allocations for United States federal income tax purposes,
pursuant to Section 704 of the Code and the Treasury Regulations promulgated thereunder. 
 (a) Except as otherwise
provided in this Article V, Net Loss shall be allocated among the Members with respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages. 
  

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 (b) Except as otherwise provided in this Article V, Net Income shall be allocated among the
Members with respect to each Fiscal Period as of the end of such Fiscal Period pro rata based upon their respective Common Interest Percentages. 
 Section 5.2 Adjustments and Special Allocations. 
 The following special allocations shall
be made in the following order and prior to any other allocations under this Agreement: 
 (a) Minimum Gain Chargeback.
Notwithstanding any other provision of this Article V and except as otherwise provided in Treasury Regulation Section 1.704-2(f), if there is a net decrease in Company Minimum Gain during any Fiscal Period of the Company, each Member shall be
specially allocated items of Company income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, as determined under Treasury
Regulation Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in
accordance with Treasury Regulation Sections 1.704-2(f)(6) and (j)(2). This Section 5.2(a) is intended to comply with the minimum gain chargeback requirement in such Treasury Regulation Section 1.704-2(f) and shall be interpreted
consistently therewith. 
 (b) Member Minimum Gain Chargeback. Notwithstanding any other provision of this Article V, if
there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt, then, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Treasury Regulation Section 1.704-2(i), shall be specially allocated items of Company income and gain for such Fiscal Period (and, if necessary, subsequent Fiscal Periods) in an amount equal to such Member’s share of the
net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be allocated shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4) and (j)(2). This Section 5.2(b) is
intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (c) Qualified Income Offset. Pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(d), in the event any Member unexpectedly receives any adjustments, allocations, or distributions
described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially

  

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allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, any Adjusted Capital Account Deficit as quickly as possible, provided
that an allocation pursuant to this Section 5.2(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section have been tentatively made as if
this Section 5.2(c) were not in the Agreement. This Section 5.2(c) is intended to satisfy the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistent therewith. 
 (d) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Period shall be allocated among the Members in accordance with
their respective Common Interest Percentage. 
 (e) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for
any Fiscal Period of the Company or portion thereof shall be allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable, in accordance with
Treasury Regulation Section 1.704-2(i)(1). 
 (f) Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Company asset is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) (2) or (4) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be allocated to the Members in a manner consistent with the manner in
which their Capital Accounts are required to be adjusted pursuant to such sections of the Treasury Regulations. 
 Section 5.3
Net Loss Limitation. 
 Notwithstanding the provisions of Section 5.1(a), the Net Losses (or items of deduction or
loss) allocated pursuant to Section 5.1(a) hereof shall not exceed the maximum amount of Net Losses (or items of deduction or loss) that can be so allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of
any Fiscal Period. In the event that some but not all Members would have Adjusted Capital Account Deficits as a consequence of the allocation of Net Losses (or items of deduction or loss) pursuant to Section 5.1 hereof, the limitation set forth
in this Section 5.3 shall be applied on a Member by Member basis and Net Losses (or items of deduction or loss) not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the
respective positive balances in such Members’ Capital Accounts so as to allocate the maximum permissible Net Losses (or items of deduction or loss) to each Member under Treasury Regulation Section 1.704-1(b)(2)(ii)(d). 
  

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 Section 5.4 Other Allocation Rules. 
 (a) For purposes of determining the Net Income, Net Loss or other items allocable to any Fiscal Period, subject to approval by the Board
pursuant to Section 6.3(a)(xiv) hereof, Net Income, Net Losses and such other items shall be determined on a daily, monthly or other basis as determined by the Managing Member using any permissible method under Section 706 of the Code and
the Treasury Regulations thereunder. Without limiting the generality of the foregoing, the Managing Member shall, subject to approval by the Board pursuant to Section 6.3(a)(xiv), allocate items of Net Income (and items of income or gain) and
Net Loss (and items of deduction or loss) between a Member and any Person who has acquired an Interest in the Company from such Member (including as a result of the provisions of Article VIII) using any permissible method under Section 706 of
the Code and the Treasury Regulations there under. 
 (b) “Excess nonrecourse liabilities” of the Company, within the
meaning of Treasury Regulation Section 1.752-3(a)(3), shall, subject to Section 6.3(a)(xiv) hereof, be allocated to the Members in any permissible method as determined by the Managing Member. 
 Section 5.5 Tax Allocations; Code Section 704(c). 
 (a) Except as otherwise provided for in this Agreement, each item of income, gain, loss, deduction and credit shall be allocated among the Members in the same manner for U.S. federal income tax purposes
as the correlative item of book income, gain, loss, deduction and credit is allocated pursuant to Sections 5.1, 5.2, 5.3 and 5.4. In addition, in accordance with Code Section 704(c) and the Treasury Regulations thereunder, items of income,
gain, loss, deduction and credit with respect to any property contributed to the capital of the Company shall, solely for U.S. federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted
tax basis of such property at the time of contribution to the Company for U.S. federal income tax purposes and its initial Gross Asset Value at the time of contribution using the “traditional method” as set forth in Treasury Regulation
Section 1.704-3(b). 
 (b) In the event the Gross Asset Value of any Company asset is adjusted in accordance with the
definition of Gross Asset Value hereof, subsequent allocations of items of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted tax basis of such asset for U.S. federal income tax
purposes and its adjusted Gross Asset Value in a manner consistent with the principles of Code Section 704(c) and the Treasury Regulations promulgated thereunder. 
  


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 (c) Any elections or other decisions relating to such allocations shall, subject to
Section 6.3(a)(xiv) hereof, be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section are solely for purposes of U.S. federal, state, and local income
taxes and shall not affect, or in any way be taken into account in computing, any Members’ Capital Account or share of Net Income (or items of income or gain) or Net Loss (or items of loss or deduction), other items, or distributions pursuant
to any provision of this Agreement. 
 Section 5.6 Distributions. 
 Within thirty (30) days following the completion of each Fiscal Quarter, the Managing Member shall cause the Company to distribute to
all Members an amount equal to the Distributable Net Income for such Fiscal Quarter pro rata based upon their respective Common Interest Percentages. 
 ARTICLE VI 
 Management 
 Section 6.1 Managing Member. 
 (a) General. The PHH Member shall be the Managing Member of the Company, and shall manage the Company in accordance with this Agreement. The actions of the Managing Member taken in such capacity
and in accordance with this Agreement shall bind the Company. 
 (b) Powers and Duties. Except for circumstances in
which the approval of the Board is required by this Agreement pursuant to Section 6.3, the Managing Member shall have full, exclusive and complete discretion to manage the business and affairs of the Company in the ordinary course.
Notwithstanding the foregoing, the Managing Member covenants and agrees to manage the business and affairs of the Company in accordance with the following terms and provisions: 
 (i) The Managing Member shall manage the business and affairs of the Company only in a manner consistent with and in
furtherance of the purposes set forth in Section 2.5(a) of this Agreement. The Managing Member shall not cause or permit the Company or any of its Subsidiaries to engage in any business or activity other than that permitted to be conducted by
the Company or any of its Subsidiaries pursuant to Section 2.5(a) of this Agreement, or take or fail to take any action that would prevent or preclude the Company from carrying on its business as contemplated in this Agreement. 
  

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 (ii) The Managing Member shall cause the Company and its Subsidiaries to
sell any and all Mortgage Loans it originates as promptly as practicable, but in no event earlier than three (3) Business Days following the closing and funding of such Mortgage Loan, and at no time shall the Managing Member cause or permit the
Company or any of its Subsidiaries to hold any Mortgage Loans for investment purposes (it being the Members’ intent that at least 15% of the total number of all loans originated by the Company be sold to unaffiliated Persons pursuant to
Investor Commitments or other sale arrangements entered into on terms consistent with the provisions of Section 6.1(b)(iii) below). 
 (iii) In connection with any sales of Mortgage Loans by the Company or any Subsidiary of the Company, whether to the Managing Member or any of its Affiliates or to Persons that are not Affiliates of any
Member, the Managing Member shall cause the Company or such Subsidiary to sell such Mortgage Loans only on arm’s-length terms pursuant to industry-standard loan sale documentation and on industry-standard terms for best efforts execution
inclusive for servicing released sales. 
 Such duties may be delegated by the Managing Member to such officers, agents or employees of the
Company as the Managing Member may deem appropriate from time to time. 
 (c) Fiduciary Duties of Managing Member. The
Managing Member, in the performance of its duties as such, shall owe to the Members duties of loyalty and due care of the type owed by the general partner of a limited partnership to its limited partners under the laws of the State of Delaware.

 (d) Compliance with Transaction Documents. Without limiting the provisions of Section 6.1(b), the Managing
Member shall cause the Company to operate its business at all times in a manner consistent with the SRA, this Agreement and all the other Transaction Documents. 
 (e) Transactions With Affiliates. Any transactions between the Company, on the one hand, and the Managing Member or any Affiliate thereof, on the other hand (any such transaction, a
“Related Transaction”), including without limitation any arrangements for sale of Mortgage Loans (including the Mortgage Loan Sale Agreement), shall be approved by the Board in accordance with Section 6.3 prior to the time that
the Company engages or agrees or commits to engage in any such Related Transaction. Notwithstanding the fact that the terms of a Related Transaction have been previously approved by the Board, the Managing Member shall not permit the Company to
enter into a Related Transaction unless the transaction is entered into on an arm’s length basis on terms no less favorable to the Company than the terms that the Company could obtain from an independent third party. 
  

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 (f) Status of Managing Member. The Managing Member shall be the sole
“manager” (as that term is used in the Act) of the Company. Neither the Advisors nor the officers of the Company, in such capacity, shall be “managers.” No Person who is not also a Member may be appointed or serve as the Managing
Member. 
 (g) Reliance by Third Parties. Third parties dealing with the Company may rely conclusively upon any
certificate of the Managing Member to the effect that it (or its designee) is acting on behalf of the Company. Subject to the provisions of this Agreement, the signature of an authorized officer of the Managing Member shall be sufficient to bind the
Company in every manner to any agreement or on any document. 
 (h) HUD Manager. Notwithstanding any other provisions of
this Agreement, however, for the purposes of complying with the regulations of the HUD only, a separate person shall be designated by the Managing Member (upon prior written consent of the Cendant Member) as the HUD-Manager, who will have as his/her
principal activity the management of the Company as it relates to the origination of FHA-insured mortgages and shall have exclusive authority to deal with HUD/FHA on behalf of the Company (the “HUD-Manager”). If the HUD-Manager
withdraws or is removed, a new HUD-Manager shall be designated by the Managing Member, and HUD shall be notified of the change. Upon admission of any new Member, such new Member shall be deemed to agree that the HUD-Manager shall have exclusive
authority to deal with HUD/FHA on behalf of the Company. 
 Section 6.2 Board of Advisors. 
 (a) Establishment. There is hereby established a committee (the “Board”) comprised of natural persons (the
“Advisors”), whose primary purpose shall be to provide a means for the Cendant Member to exercise its approval rights over certain actions of the Company, as set forth in Section 6.3 below. 
 (b) Number of Advisors. The authorized number of Advisors shall be five (5) and the Board shall be designated as set forth in
paragraphs (c) and (d) below. No Member may appoint any Advisor except as expressly set forth in paragraphs (c) and (d) below. 
 (c) Appointment by the PHH Member. The PHH Member shall have the right to designate (and to remove and/or designate successive replacements for) three (3) Advisors (“PHH
Advisors”). Each PHH Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial PHH Advisors shall be Donna Van Osten, Marshall Gayden and Robert Groody. 
  

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 (d) Appointment by Cendant. The Cendant Member shall have the right to designate
(and to remove and/or designate successive replacements for) two (2) Advisors (“Cendant Advisors”). Each Cendant Advisor shall have one (1) vote with respect to any matter to be voted on by the Board. The initial Cendant
Advisors shall be Dave Weaving and Judy Reeves. 
 (e) Term of Office. Once designated, an Advisor shall continue in
office until such Advisor’s removal in accordance with this Agreement or such Advisor’s earlier death or resignation. Any Advisor may resign at any time by giving written notice to that effect to the Board and the Managing Member. Any such
resignation shall take effect at the time of the receipt of that notice or any later effective time specified in that notice, and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it
effective. 
 (f) Meetings of the Board. The Board shall meet regularly at least once each Fiscal Quarter, at such time
and at such place as the Board may designate. Special meetings of the Board shall be held on the call of any Advisor upon at least five (5) Business Days (if the meeting is to be held in person) or two (2) Business Days (if the meeting is
held by telephone communications) notice to each of the other Advisors, or upon such shorter notice as may be approved by the Advisors (including at least one PHH Advisor and at least one Cendant Advisor), and such notice may be delivered personally
or by telephone, electronic mail, facsimile transmission, United States mail or courier to each Advisor at his or her business or residence address, provided that notice shall be deemed given when actually delivered to the Advisor. Any Advisor may
waive such notice as to himself or herself. 
 (g) Conduct of Meeting. Any meeting of the Advisors may be held in person
or telephonically. 
 (h) Quorum. A majority of the Advisors which have been designated and who are then in office shall
constitute a quorum of the Board for purposes of conducting business, provided that such quorum shall include at least one Cendant Advisor, and provided further that proper notice of such meeting was delivered pursuant to
paragraph (f) above. 
 (i) Voting. The effectiveness of any vote, consent or other action of the Board in respect
of any matter set forth in Section 6.3 shall require a majority vote of the entire Board (at least three Advisors voting in favor of such consent or other action), provided that such majority must include the affirmative vote of at least
one Cendant Advisor. No Advisor shall be disqualified from voting on, or shall be required to recuse himself or herself from the consideration of or voting on, any matter by reason of such Advisor’s or any related Person’s interest in such
matter (it being understood that in approving or disapproving any matter an Advisor may act to protect

  

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the interests of such Advisor or related Person, as the Managing Member, a Member, or in any other capacity), so long as such Advisor discloses such interest to, or such interest is reasonably
apparent to, the other Advisors. Only the Advisors in attendance at (or participating by telephone in) any meeting of the Board may vote on any matter as to which a vote is taken during such meeting, and no Advisor may vote by proxy, absentee ballot
or any other means. 
 (j) Action Without Meeting. Any action required or permitted to be taken at any meeting of the
Board may be taken without a meeting if all of the Advisors consent thereto in writing, and such writing is filed with the minutes of proceedings of the Board. 
 Section 6.3 Actions Requiring Board Approval. 
 (a) It is hereby understood
and agreed by the Members that (x) the Company shall not take, nor shall the Managing Member and/or any officer of the Company cause the Company to take, nor shall the Company authorize or permit any of its Subsidiaries to take, any of the
following actions (in each case, the taking of which shall be hereinafter referred to as a “Major Action”) without first obtaining approval thereof by the Board in accordance with Section 6.2, in each case: 
 (i) Accounting. (a) Except as otherwise may be mandated by GAAP, change any of the accounting principles or
practices used by the Company or (b) change the independent auditors of the Company; 
 (ii)
Acquisitions and Dispositions. Other than as specifically contemplated by this Agreement or any other Transaction Document or the then-current Annual Business Plan approved in accordance with Section 6.9 of this Agreement, (a)(1)
purchase or acquire any assets or property (including real property or capital stock of a business) or (2) make any capital expenditures in excess of $100,000, or (b) sell, option, convey, exchange, lease (as lessor), license or otherwise
dispose of or transfer any portion of or any interest in any property of the Company, other than sales of Mortgage Loans made in accordance with Section 6.1(b)(iii); 
 (iii) Advisors. Employ accountants, legal counsel, investment bankers or other experts, other than those currently
used by PHH or Cendant, to perform services for the Company; 
 (iv) Bankruptcy. Make, execute or deliver
on behalf of the Company an assignment for the benefit of creditors; or cause the Company, or any part thereof or interest therein to be subject to the authority of any trustee, custodian or receiver or to be subject to any proceeding for
bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, relief of debtors, dissolution or liquidation, or similar proceedings with respect to the Company; 
  

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 (v) Distributions or Capital Returns. Declare, set aside, or pay any
dividend or make any distribution of assets (whether in cash, securities, property, or any combination thereof), or return to a Member any amount of its Capital Contribution, except, in each case, as expressly provided herein; 
 (vi) Indebtedness. Obligate the Company, any Subsidiary of the Company or any Member as a surety, guarantor, or
accommodation party to any obligation; incur any indebtedness for borrowed money (other than pursuant to the Loan Funding Facility and trade payables incurred in the ordinary course of business); or impose upon any Member any personal liability in
respect of any indebtedness of the Company, except as and to the extent agreed in writing by such Member; 
 (vii) Issuances or Repurchases of Interests. (a) sell or issue, or enter into any agreement to sell or issue, to any Person any Interest in the Company or option or other right to acquire any Interest or any other equity
interest or quasi equity interest in the Company; (b) repurchase any Interest or any other equity interest in the Company, in each case other than as specifically contemplated by this Agreement; or (c) admit any Person as a Member;

 (viii) Joint Ventures. Enter into any joint venture, joint operating or similar arrangement;

 (ix) Judgments. (1) Confess a judgment against the Company, or settle or adjust any claims
against the Company, resulting in either (A) the payment or transfer of consideration of more than $150,000 for a single judgment or claim or more than $500,000 in the aggregate during any 12-month period, (B) any material or significant
restriction on the ability of the Company to conduct its business as contemplated by this Agreement and the other Transaction Documents, or (C) that otherwise causes a significant change in the business operations of the Company; or
(2) commence any legal action or proceeding involving the Company where the amount exceeds $300,000; 
 (x)
Liens or Encumbrances. Grant any lien or encumbrance on any property of the Company (other than the interest of any lessor in property leased by the Company as lessee under a capitalized lease or operating lease entered into in accordance
with this Agreement), other than as specifically contemplated by this Agreement or the Loan Funding Facility; 
  

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 (xi) Material Contracts. Enter into any new contract, or modify any
existing contract, if such contract is a Transaction Document or is otherwise material to the business, results of operations or financial condition of the Company and its Subsidiaries taken as a whole; 
 (xii) Related Transactions. Enter into, modify or amend the terms of in any material manner, make any material waiver
on behalf of the Company under, or terminate any Related Transaction, including any Transaction Document to which the Company, on the one hand, and PHH or any of its Subsidiaries (other than the Company), on the other, are parties; 
 (xiii) Mergers. Directly or indirectly, by operation of law or otherwise, merge with, consolidate with, acquire all
or substantially all of the assets or capital stock of, or otherwise combine with, any Person, other than as specifically contemplated by this Agreement; 
 (xiv) Tax Matters. Take any action to the extent that this Agreement provides that such action is subject to the provisions of this Section 6.3(a)(xiv), make any election under the Code and
other relevant tax laws as to the status of the Company, the treatment of items of income, gain, loss, deduction and expense, and as to all other relevant matters, including, without limitation, elections referred to in Section 754 of the Code,
determine which items of cash outlay are to be capitalized or treated as current expenses, or select the method of accounting and bookkeeping procedures to be used by the Company; 
 (xv) Annual Business Plan. Approve each Annual Business Plan and any material changes thereto or deviations
therefrom; 
 (xvi) Chief Executive Officer. Appointment of the president and/or chief executive officer
of the Company; 
 (xvii) Fair Market Value. Make any determination of Fair Market Value required to be
made under this Agreement; 
 (xviii) Minimum Capital Requirements. Make any final Additional Capital
Determination or any determination regarding the respective Additional Capital Amounts required to be made by Members in connection therewith; or approve the amount of cash or cash equivalents that should be retained by the Company in order to meet
minimum regulatory capital and reserve requirements imposed by any Governmental Entity, whether in connection with retaining the licenses and registrations necessary for the Company to originate Mortgage Loans or otherwise, or by any creditor of the
Company or any of its Subsidiaries, including any lender under the Loan Funding Facility (the “Minimum Capital Requirements”); 
  

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 (xix) Liquidating Trustee. The appointment of a Liquidating Trustee
that is a Person other than the Managing Member; or 
 (xx) Agree to do any of the foregoing. 
 The Managing Member shall cause the governing documents of each of the Company’s Subsidiaries to provide that such Subsidiary must
obtain the approval of the Company, as outlined pursuant to this Section 6.3, prior to taking any action set forth in this Section 6.3. 
 Section 6.4 Company Resources. Except as specifically provided in this Agreement or any other Transaction Document, or with the prior approval of the Board, the Company shall not pay to or use for
the benefit of any Member, funds, assets, credit or other resources of any kind or description of the Company. Funds of the Company shall be deposited only in the accounts of the Company in the Company’s name, shall not be commingled with funds
of any Member, and shall be withdrawn only upon such signature or signatures as may be designated in writing from time to time by the Managing Member. 
 Section 6.5 Advisors Have No Managerial Authority. 
 (a) Neither the Board
nor the Advisors (individually or together with one or more other Advisors) shall have power to direct or participate in the management of the Company; provided, however, that nothing contained in this Section 6.5(a) shall
adversely affect or impair the authority and obligations of the Board and the Advisors pursuant to Sections 6.2 and 6.3 hereof. 
 (b) The Advisors (acting in their individual capacity as such) shall owe no fiduciary or other duties to the Company or any Member. 
 (c) Unless expressly and duly authorized in writing to do so by the Managing Member and the Board, no other Member and no Advisor shall have any power or authority to bind or act on behalf of the Company
in any way, to pledge its credit, or to render it liable for any purpose. 
 Section 6.6 Devotion of Time. The Advisors
(in their capacity as Advisors) shall not be obligated to devote all of their time or business efforts to the affairs of the Company, and shall devote such time, effort, and skill as they deem appropriate for the execution of their duties and
responsibilities under this Agreement. 
  

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 Section 6.7 Officers. The initial executive officers of the Company shall be the
individuals set forth in Schedule 6.7 hereto (the “Initial Officers”). Successors to the Initial Officers, and such other executive officers as may be necessary to conduct the business of the Company, shall be chosen by the
Managing Member, subject to the approval of the Board if required pursuant to Section 6.3 hereof. 
 Section 6.8
Remuneration; Reimbursement. Neither the Managing Member nor any Advisor or officer shall be entitled to remuneration in its capacity as such. 
 Section 6.9 Approval of Annual Business Plan. Not less than seventy-five (75) days prior to the end of each fiscal year, the Managing Member shall submit to the Board the business plan of
operations for the Company for the upcoming fiscal year, which shall contain detailed budget, planning, projection and profitability information (the “Annual Business Plan”). Each Annual Business Plan shall be subject to approval of
the Board in accordance with Section 6.3. 
 Section 6.10 Reports. 
 (a) No later than the sixth (6th) Business Day following the end of each calendar month, the PHH Member shall, in its capacity as Managing Member
on an outsourced basis, deliver to the Cendant Member: 
 (i) those surveys and reports listed and described in
Schedule 6.10(a)(i) hereto to verify compliance with the covenant contained in Section 6.1(d); and 
 (ii) a copy of (a) the balance sheet of the Company as of the end of the month, (b) an income statement of the Company for such month, and (c) reports reflecting other financial and statistical information with respect to the
Company, prepared substantially in the form of the report set forth in Schedule 6.10(a)(ii). 
 (b)
No later than the tenth (10th) Business Day following
the end of each calendar month, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member such forward-looking financial information about the Company and the Company’s operations as the
Cendant Member may reasonably request (i.e., that is capable of being obtained, produced, or generated without undue effort by the Company and the Managing Member) from time to time (the “Monthly Forecasts”). The Managing Member
shall (i) provide the Monthly Forecasts to the Cendant Member in the format requested by the Cendant Member and on a timely basis and (ii) make members of its management and the Company’s management reasonably available for discussion
relating to such Monthly Forecasts. The Managing

  

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Member acknowledges that the Cendant Member and any Affiliate thereof may use the Monthly Forecasts for the purpose of developing projections of the Company’s future financial performance
and may include such projections in reports and other documents filed with Governmental Entities, and as such, the Managing Member represents and warrants to Cendant that the Managing Member shall prepare the Monthly Forecasts in good faith and
shall use its reasonable best efforts to ensure that the Monthly Forecasts provide the most accurate estimate of the Company’s future results. 
 (c) No later than the tenth (10th) Business Day following the completion of each Fiscal Quarter, the PHH Member shall, in its capacity as Managing Member on an outsourced basis, deliver to the Cendant Member all statements, reports
and other documents reasonably requested by the Cendant Member that may be necessary or appropriate for the Cendant Member or any Controlling Person thereof (including, without limitation, Cendant) to satisfy all its reporting requirements pursuant
to the Securities Exchange Act of 1934. 
 (d) The Managing Member shall cause the Company to deliver to the Cendant Member the
financial reports and other information described in Sections 11.5 and 11.6 hereof. 
 ARTICLE VII 
 Changes in Law; Financial Reporting 
 Section 7.1 Compliance with Law; Changes in Law. 
 (a) The Members shall
use commercially reasonable efforts to ensure that the Company’s business and operations comply at all times with all applicable laws, including RESPA. 
 (b) In the event that, as a result of any change in law, rule or regulation or interpretation thereof after the date hereof, as set forth in a written document by a Governmental Entity of competent
jurisdiction, (i) any term or provision of this Agreement or any of the other Transaction Documents, in the written opinion of nationally-recognized counsel of either party, is not compliant in any material respect with any applicable law,
including RESPA, or (ii) the financial terms of this Agreement and the other Transaction Documents, taken as a whole, become materially inconsistent with the then-current market, the Members shall use commercially reasonable efforts to
restructure the business and operations of the Company and amend the relevant provisions of this Agreement and the other Transaction Documents to the extent necessary to achieve as closely as possible the intention of the parties with respect to the
economics of the relationships provided for in this Agreement and the other Transaction Documents in a manner that complies with such law, and, in the case of a change in law, rule or regulation described in (ii) above, the Cendant Member shall
have the right, by

  

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providing written notice to the PHH Member, to cause PMC and the PHH Member to enter into good faith discussions to renegotiate the economic terms provided for in this Agreement and the other
Transaction Documents. In the event the Members fail to reach agreement regarding any such restructuring and renegotiation on terms that are reasonably satisfactory to the Cendant Member within thirty (30) days following the date on which
written notice is provided by the Cendant Member, the existing financial terms shall remain in full force and effect; provided, however, that in such case the Cendant Member may elect to solicit from the PHH Member and from other
Persons a request for proposals for the provision of mortgage services substantially similar to those provided for in this Agreement and the other Transaction Documents. In the event that any proposal received by the Cendant Member contains
financial and other terms that, taken as a whole, are reasonably determined by the Cendant Member to be superior to those set forth in the PHH Member’s proposal, and the Cendant Member notifies the PHH Member of its intent to accept such
proposal, the PHH Member shall have thirty (30) days from the date of such notification to review and determine whether to accept all of the terms of such proposal, so long as such proposal complies with all applicable laws and regulations (it
being understood that the Cendant Member shall have no obligation to accept any proposal at all). In the event that the PHH Member agrees to the terms of such proposal within such thirty (30) day period, such terms shall be incorporated into
this Agreement and the other Transaction Documents effective as of a date not later than ten (10) days following such agreement. In the event the PHH Member fails to accept the terms of such proposal, then the Cendant Member, at its option,
shall have the right to terminate its relationship as set forth in this Agreement by providing written notice (the “Special Termination Notice”) to the PHH Member and through completion of the transaction contemplated by
Section 8.4(b) (a “Special Termination Event”). In the event that the proposal submitted by the PHH Member is selected by the Cendant Member, the terms of such proposal shall be incorporated into this Agreement and the other
Transaction Documents effective as of a date not later than 20 days following the Cendant Member’s selection of such proposal. 
 (c) If any change in law, rule or regulation described in (b) above involves a change in RESPA that would permit Cendant or an Affiliate of Cendant to be paid directly for loan referrals to the Company, then in lieu of the provisions
described in (b) above, the Members shall revise the structure and terms of this Agreement and the other Transaction Documents so that, in lieu of the distributions provided for in this Agreement, the Company shall pay a fee to the Cendant
Member in respect of each Mortgage Loan referred to the Company by Cendant or an Affiliate of Cendant in an amount not less than, at Cendant’s option, (i) 10 basis points over the average return to the Cendant Member with respect to its
interest in the Company, computed as basis points per loan, over the immediately preceding six Quarterly Periods and (ii) the price the Cendant Member could obtain in the then-current market on substantially similar terms, based upon a survey
of the market by Cendant and PMC with the highest and lowest bids being discounted. 
  

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 Section 7.2 Consolidation. 
 (a) The PHH Member hereby represents and warrants to the Cendant Member that the Company will be consolidated on the books of PHH for
financial reporting purposes, and that PHH has undertaken and completed prior to date hereof all analyses and investigations as shall be necessary and appropriate to support such position. 
 (b) The Members shall use commercially reasonable efforts to take all such actions as shall be necessary to ensure that the Company is
consolidated on the books of PHH for financial reporting purposes. Without limiting the foregoing, in the event that, as a result of a change or interpretation in United States generally accepted accounting principles after the date hereof, the
Company is required to be consolidated on the balance sheet of Cendant, the Members shall use commercially reasonable efforts to make such changes to the business relationship between the parties and to the provisions of this Agreement as are
requested by the Cendant Member to mitigate the effects to Cendant of such change. 
 Section 7.3 Certain Actions.

 The Managing Member shall (i) promptly notify the Cendant Member in writing of any claim or action, or any inquiry or
investigation that could result in a claim or action, initiated by any Person (including any Governmental Entity) that, if adversely resolved, would result in a material or significant restriction on the ability of the Company to conduct its
business as contemplated by this Agreement and the other Transaction Documents, or that would otherwise cause a significant change in the business operations of the Company, and (ii) keep the Cendant Member actively involved in the settlement
or other resolution of any such claim, action, inquiry or investigation; provided, however, that such claim, action, inquiry or investigation shall not be settled or adjusted, and the Company shall not confess a judgment against it in
connection therewith, without the approval of the Board pursuant to Section 6.3 hereof. 
  

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 ARTICLE VIII 
 Termination of Relationship 
 Section 8.1 Cendant Termination Events. For
purposes of this Agreement, “Cendant Termination Event” means the occurrence of any of the following events: 
 (a) A
PHH Regulatory Event occurs and is continuing for a period of six consecutive months or more; provided, however, that the PHH Member may elect to defer a termination pursuant to this Section 8.1(a) for up to six
(6) additional one-month periods following the time that such termination event shall have first occurred if, no later than the second Business Day prior to the commencement of each such additional one-month period the PHH Member pays the
Cendant Member in cash, by wire transfer of immediately available funds to an account designated in writing by the Cendant Member, one million dollars ($1,000,000) (the “Regulatory Event Fee”); 
 (b) A Company Regulatory Event occurs and is continuing for a period of six consecutive months or more; provided, however,
that the PHH Member may elect to defer a termination pursuant to this Section 8.1(b) for up to six (6) additional one-month periods following the time that such termination event shall have first occurred if, no later than the second
Business Day prior to the commencement of each such additional one-month period the PHH Member pays the Cendant Member in cash, by wire transfer of immediately available funds to an account designated in writing by the Cendant Member, an amount
equal to the Regulatory Event Fee; 
 (c) There is a material violation or breach by the PHH Member (acting in any capacity
whatsoever, including as Managing Member) of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (a “PHH Material Breach”), which violation or breach is not cured
by the PHH Member or the other relevant PHH party, in a manner reasonably satisfactory to the Cendant Member, within thirty (30) days after written notice relating to such PHH Material Breach has been delivered by the Cendant Member to the PHH
Member; 
 (d) The Company fails to make a distribution for any Fiscal Quarter in accordance with the provisions of
Section 5.6 hereof within ten (10) Business Days after the date on which the Cendant Member first provides notice to the Company of such failure; provided, however, that any payment of a distribution to the Cendant Member
after the due date provided for under Section 5.6 shall include interest from the due date through the payment date at the prime rate; 
 (e) (i) The occurrence of a PHH Change of Control involving any entity on the Cendant List attached hereto as Schedule 8.1(e) or any other entity that directly or indirectly conducts or engages in
any business covered by the non-competition provisions set forth in Article X of the SRA. The Cendant List shall contain up to ten companies and may be refreshed by the Cendant Member no more frequently than once

  

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every two years beginning from the date of this Agreement; provided, however, that if any Person on the Cendant List enters into a merger, consolidation or similar business
combination transaction with another Person on the Cendant List, then Cendant may add another Person to the Cendant List to replace such Person within sixty (60) days after the announcement of such transaction, and such addition shall not
constitute a refreshing of the Cendant List as discussed above; 
 (f) The occurrence of any event or circumstance constituting
Insolvency or Bankruptcy with respect to PHH or PMC (a “Bankruptcy Event”); or 
 (g) The occurrence of any
act or omission by PHH or any of its Subsidiaries that causes or would reasonably be expected to cause material harm to the reputation of Cendant or any of its Subsidiaries. 
 Section 8.2 Effects of a Cendant Termination Event. Upon the occurrence of a Cendant Termination Event during the term of the
Company, the Cendant Member shall have the right to either (i) cause PMC or the PHH Member to purchase (the “Cendant Put”) all of the Interests then held by the Cendant Member or any of its Affiliates or (ii) cause the PHH
Member to sell (the “PHH Sale”) all of the Interests then held by the PHH Member or any of its Affiliates to a Person not affiliated with Cendant (any such Person, for purposes of this Section 8.2, the “Cendant
Designated Buyer”). 
 (a) Cendant Put. 
 (i) The exercise price of the Cendant Put (the “Put Price”) shall be an amount equal to the sum of
(A) the then-current Capital Account balance of the Cendant Member plus the then-current Capital Account balance of any other Affiliate of Cendant holding an Interest, in each case, as of the Put Date, plus (B) the aggregate amount of all
past due quarterly distributions to the Cendant Member and to any other Affiliate of Cendant and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, in each case as of the Put Date,
plus (C) liquidated damages in an amount equal to the Termination Payment (as defined below), calculated as of the Put Date, plus (D) an amount equal to 49.9% of the Net Income, if any, realized by the Company at any time after the end of
the Fiscal Quarter most recently completed as of the Put Date attributable to Mortgage Loans in process at any time prior to the Put Date. In the event that the Cendant Member elects to exercise the Cendant Put, the Cendant Member shall provide
written notice (the “Cendant Put Notice”) to the PHH Member. The Cendant Put Notice shall set forth the Cendant Member’s calculation of the Put Price and the basis for such calculation. Any disagreement regarding the Put Price
or any other matter related to the exercise of the Cendant Put shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the Cendant Member elects to

  

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exercise the Cendant Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to consummate
the Cendant Put transaction as soon as reasonably practicable following the receipt of the Cendant Put Notice by the PHH Member. Concurrently with the consummation of the Cendant Put transaction, the PHH Member shall pay or cause to be paid the Put
Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or accounts designated in writing by the Cendant Member. The “Put Date” shall be the date on which the Cendant Put is consummated.

 (ii) Upon the consummation of a Cendant Put, (A) all of the other Transaction Documents shall
automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither the Cendant Member nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to
pursue a partnership, joint venture or other arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the
Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (iii) “Termination Payment” means an amount equal to (A) the product of
(x) two (2) and (y) the actual Net Income of the Company for the trailing twelve months (“LTM Net Income”), plus (B) all costs reasonably incurred by Cendant in unwinding its relationship with PHH pursuant to
this Agreement and the other Transaction Documents and transitioning to a new mortgage venture partner; provided, however, that in the case of a Cendant Termination Event pursuant to a PHH Change in Control, in calculating the
Termination Payment, the LTM Net Income shall instead be multiplied by the number of years (including fractions thereof) remaining until the tenth (10th) anniversary of the Closing Date; provided further, however, that if such PHH Change in Control
termination occurs on or after the eighth (8th) anniversary of the Closing Date, the LTM Net Income shall be multiplied by two (2). 
 (b) PHH Sale.

 (i) If the Cendant Member elects to cause the PHH Sale, it shall deliver written notice (the “PHH
Sale Notice”) to the PHH Member. The Cendant Member shall provide written notice to the PHH Member of the identity of the Cendant Designated Buyer as promptly as reasonably practicable after delivery of the PHH Sale Notice. 
  

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 (ii) The sale price (the “Sale Price”) of the Interests
then held by the PHH Member and any of its Affiliates (the “PHH Interests”) to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the Interests of the PHH Member and any Affiliate thereof
as of the date that the PHH Sale Notice is delivered, which value shall be determined by multiplying the PHH Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a
then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most
recently completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Sale Date
attributable to Mortgage Loans in process prior to the Sale Date. The PHH Sale Notice shall set forth the Cendant Member’s calculation of the Sale Price and the basis for such calculation. Any disagreement regarding the Sale Price or any other
matter related to the PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof. 
 (iii) If the Cendant Member delivers a PHH Sale Notice, then promptly thereafter the Cendant Member and the PHH Member shall work together to effect the sale by the PHH Member and its Affiliates of the PHH Interests to the Cendant
Designated Buyer, and the PHH Member shall use its reasonable best efforts to complete such sale as promptly as practicable thereafter. The PHH Member shall cooperate with and assist the Cendant Member and the Cendant Designated Buyer in obtaining
all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time agreed upon for the closing of
the PHH Sale (the “Sale Date”), (i) the Cendant Designated Buyer shall pay to the PHH Member (and/or, as directed by the PHH Member, to any of its Affiliates) the Sale Price, by wire transfer of immediately available funds, in
consideration for the PHH Interests, and (ii) the PHH Member shall pay to the Cendant Member liquidated damages in an amount equal to the Termination Payment as of the Sale Date. 
 (iv) Upon consummation of the PHH Sale, (A) the other Transaction Documents (except as otherwise provided in any such
Transaction Document) shall automatically terminate, (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another
arrangement with any third party mortgage operation, (C) the PHH Member shall cause all loan officers employed by PMC or any of its Subsidiaries that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices

  

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promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole Managing Member of the Company. The PHH
Member shall, and shall cause its Affiliates to, execute any agreement or document necessary to effectuate the provisions of this paragraph (iv). 
 Section 8.3 PHH Termination Event. 
 For purposes of this Agreement, a
“PHH Termination Event” means the occurrence of any of the following events: (i) a material violation or breach by Cendant or any Subsidiary thereof of any material covenant, agreement or obligation set forth in this Agreement
or any other Transaction Document, which violation or breach is not cured and is continuing within sixty (60) days following written notice to the Cendant Member; provided, however, that the PHH Member shall have no right pursuant
to this Section 8.3 or otherwise to terminate this Agreement as a result of a breach by any Affiliate of Cendant of the covenant set forth in Section 3.13(b) of the SRA; or (ii) the Bankruptcy of Cendant. 
 (a) In the event that a PHH Termination Event shall have occurred, the PHH Member shall have the right to purchase (the “Purchase
Right”) all of the Interests then held by the Cendant Member and any of its Affiliates. The exercise price of the Purchase Right (the “Purchase Price”) shall be an amount equal to the sum of (i) the fair value of the
Interests then held by the Cendant Member and by any of its Affiliates as of the date that the Purchase Right is exercised, which value shall be determined by multiplying the Cendant Member’s then-current proportionate membership interest by
the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (ii) the aggregate amount of all past due quarterly distributions to the Cendant Member
and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof, plus (iii) an amount equal to 49.9% of the Net Income realized by the Company at any time after
the end of the Fiscal Quarter most recently completed as of the date of purchase attributable to Mortgage Loans in process at any time prior to completion of the Purchase Right transaction. The Purchase Right shall remain exercisable for a period of
two (2) months following the occurrence of a PHH Termination Event. In the event that the PHH Member elects to exercise the Purchase Right, the PHH Member shall provide written notice (the “Purchase Notice”) to the Cendant
Member prior to the expiration of such two-month period. The Purchase Notice shall set forth the PHH Member’s calculation of the Purchase Price and the basis for such calculation. Any disagreement regarding the Purchase Price or any other
matter related to the exercise of the Purchase Right shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the PHH Member elects to exercise the Purchase Right, the PHH Member and the Cendant Member
shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to

  

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consummate the Purchase Right transaction; provided, however, that the Purchase Right transaction shall not be consummated earlier than the one-year anniversary of delivery of the
Purchase Notice. Concurrently with the consummation of the Purchase Right transaction, the PHH Member shall pay or cause to be paid the Purchase Price to the Cendant Member in cash by wire transfer of immediately available funds to an account or
accounts designated in writing by the Cendant Member. 
 (b) Upon consummation of the Purchase Right transaction, (i) all
other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (ii) neither the Cendant Member nor any Affiliate thereof shall be subject to any restriction under this Agreement or any
other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation and (iii) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of
its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (c) The PHH Member’s sole remedy hereunder or under any other Transaction Document with respect to a breach of the covenant set forth
in Section 3.13(b) of the SRA shall be the right to receive from the Cendant Entities liquidated damages in an amount equal to the aggregate amount of all documented out-of-pocket costs actually incurred and paid by the PHH Member or any of its
Affiliates to one or more third parties as a direct result of such breach. 
 Section 8.4 Two Year Termination, Special
Termination Event and 25-Year Termination. 
 (a) Two-Year Termination. At any time after the
eighth (8th) anniversary of the Closing Date, the
Cendant Member may deliver to the PHH Member a written notice (the “Two-Year Termination Notice”) requesting that the PHH Member either (i) purchase or cause to be purchased (the “Two Year Put”) all of the
Interests held by the Cendant Member or any of its Affiliates on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“Two Year Put Date”) or (ii) sell (the “Two Year
PHH Sale”) all of the Interests then held by the PHH Member and/or any of its Affiliates to a Person that is not affiliated with Cendant (any such Person, for purposes of this Section 8.4, the “Cendant Designated
Buyer”) on a date no earlier than two years after such Two-Year Termination Notice is delivered to the PHH Member (“Two Year Sale Date”). 
 (i) Two Year Put. 
 (1) The exercise price of the Two Year Put (the “Two Year Put Price”) shall be an amount equal to the sum of (A)

  

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the fair value of the Interests of the Cendant Member and any Affiliate thereof as of the Two Year Put Closing Date, which value shall be determined by multiplying the Cendant Member’s
then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus (B) the aggregate amount of all past
due quarterly distributions to the Cendant Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of the Two Year Put Closing Date, plus
(C) an amount equal to 49.9% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed as of the Two Year Put Closing Date attributable to Mortgage Loans in process at any time prior to
the Two Year Put Closing Date. No later than sixty (60) days prior to the Two Year Put Date, the Cendant Member shall deliver to the PHH Member a written notice setting forth the Cendant Member’s calculation of the Two Year Put Price and
the basis for such calculation. Any disagreement regarding the Two Year Put Price or any other matter related to the exercise of the Two Year Put shall be resolved in accordance with the provisions of Section 13.6 hereof. In the event that the
Cendant Member elects to exercise the Two Year Put, the PHH Member and the Cendant Member shall, and shall cause their respective Affiliates to, cooperate as fully as reasonably practicable with one another to consummate the Two Year Put transaction
on the Two Year Put Date. Concurrently with the consummation of the Two Year Put transaction, the PHH Member shall pay or cause to be paid the Two Year Put Price to the Cendant Member in cash by wire transfer of immediately available funds to an
account or accounts designated in writing by the Cendant Member. The “Two Year Put Closing Date” shall be the date on which the Two Year Cendant Put is consummated. 
 (2) On the Two Year Put Closing Date, (A) all other Transaction Documents shall automatically terminate (except as
otherwise provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another
arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of
Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
  

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 (ii) Two Year PHH Sale. 
 (1) If the Cendant Member elects to cause the Two Year PHH Sale, it shall provide written notice to the PHH Member of the
identity of the Cendant Designated Buyer no later than 180 days before the Two Year Sale Date. 
 (2) The sale
price (the “Two Year Sale Price”) of the PHH Member’s Interest to the Cendant Designated Buyer shall be an amount equal to the sum of (A) the fair value of the PHH Member’s Interest, which value shall be determined by
multiplying the PHH Member’s then-current proportionate membership interest by the Company’s EBITDA for the trailing twelve months, multiplied by a then-current average market EBITDA multiple for mortgage banking companies, plus
(B) the aggregate amount of all past due quarterly distributions to the PHH Member and any Affiliate thereof and any unpaid distribution in respect of the most recently completed Fiscal Quarter pursuant to Section 5.6 hereof as of such
date, plus (C) an amount equal to 50.1% of the Net Income realized by the Company at any time after the end of the Fiscal Quarter most recently completed on or after the Two Year Sale Date attributable to Mortgage Loans in process at any time
prior to the Two Year Sale Date. No later than sixty (60) days prior to the Two Year Sale Date, the Cendant Member shall deliver to PMC or the PHH Member a notice that sets forth the Cendant Member’s calculation of the Two Year Sale Price
and the basis for such calculation. Any disagreement regarding the Two Year Sale Price or any other matter related to the Two Year PHH Sale shall be resolved in accordance with the provisions of Section 13.6 hereof. 
 (3) The Cendant Member, PMC and the PHH Member shall work together to effect the sale by the PHH Member or its Affiliates of
the PHH Interests to the Cendant Designated Buyer, and the PHH Member shall use its reasonable best efforts to complete such sale on the Two Year Sale Date. PMC and the PHH Member shall cooperate with and assist the Cendant Member and the Cendant
Designated Buyer in obtaining all consents and approvals of, making all filings and registrations with and providing all notices to, such Governmental Entities or third parties as shall be necessary or advisable to consummate such sale. At the time
agreed upon for the closing of the Two Year PHH Sale, the Cendant Designated Buyer shall pay to the PHH Member (or, as directed by the PHH Member, any of its Affiliates) the Two Year Sale Price, by wire transfer of immediately available funds, in
consideration for the PHH Interests. 
  

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 (4) Upon consummation of the Two Year PHH Sale, (A) the other
Transaction Documents shall automatically terminate (other than as set forth in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction
Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries
(including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request, and (D) the Cendant Designated Buyer or an Affiliate thereof shall become
a Member and the sole Managing Member of the Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (iv). 
 (b) Special Termination Event. Upon the occurrence of a Special Termination Event, the Members shall as promptly as practicable take
all such actions necessary to consummate a transaction identical in all material respects to a Two Year Put (a “Special Termination Put”), except that (1) the purchase price shall be calculated as of the date the Special
Termination Put is completed, and (2) such transaction shall be completed not later than ninety (90) days following the delivery by the Cendant Member of the Special Termination Notice pursuant to Section 7.1(b). On the date of
completion of the Special Termination Put, (A) all other Transaction Documents shall automatically terminate (except as otherwise provided in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to
any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any third party mortgage operation, and (C) the PHH Member shall, and shall cause the Company to, cause
all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate Offices to vacate those offices promptly following the Cendant Member’s request. 
 (c) PHH 25-Year Termination. The PHH Member may terminate the relationship between the Parties to this Agreement, effective as of
January 31, 2030, by delivering written notice thereof to the Cendant Member (a “Non-Renewal Notice”), which notice shall be delivered no earlier than January 31, 2027 and not later than January 31, 2028. Upon
delivery of a Non-Renewal Notice, PMC and the PHH Member shall work together with the Cendant Member to consummate a transaction identical in all material respects to, at the election of the PHH Member, either the Two Year Put (a
“Non-Renewal Put”) or Two Year PHH Sale (a “Non-Renewal PHH Sale”), except that (1) the purchase price for such transaction shall be calculated as of the date of completion of such transaction, and
(2) such transaction shall be completed no earlier

  

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than January 31, 2030. Upon consummation of the Non-Renewal Put or the Non-Renewal PHH Sale, (A) the other Transaction Documents shall automatically terminate (other than as set forth
in any such Transaction Document), (B) neither Cendant nor any Affiliate thereof shall be subject to any restriction under this Agreement or any other Transaction Document to pursue a partnership, joint venture or another arrangement with any
third party mortgage operation, (C) the PHH Member shall, and shall cause the Company to, cause all loan officers employed by PMC or any of its Subsidiaries (including the Company) that are located in any of Cendant’s Owned Real Estate
Offices to vacate those offices promptly following the Cendant Member’s request, and (D) in the case of a Non-Renewal PHH Sale, the Cendant Designated Buyer or an Affiliate thereof shall become a Member and the sole Managing Member of the
Company. The PHH Member shall, and shall cause its Affiliates, to execute any agreement or document necessary to effectuate the provisions of this paragraph (c). 
 Section 8.5 Effect of Termination Events. 
 (a) Notwithstanding anything to
the contrary set forth in this Agreement, upon the consummation of a Cendant Put, a Two Year Put, a Purchase Right, a Special Termination Event Put or a Non-Renewal Put, the Cendant Member and each of its Affiliates that is a Member shall cease to
be a Member and to have any obligations pursuant to this Agreement. 
 (b) Notwithstanding anything to the contrary set forth
in this Agreement, upon the consummation of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale, the PHH Member and each of its Affiliates that is a Member shall cease to be a Member and to have any obligations pursuant to this Agreement.

 ARTICLE IX 
 Dissolution and Winding Up 
 Section 9.1 Events Causing Dissolution. 
 (a) The Company shall be dissolved upon the first of the following events to occur (an “Event of Dissolution”): 

(i) The written consent all Members at any time to dissolve and wind up the affairs of the Company; or 
 (ii) The entry of a decree of judicial dissolution under Section 18-802 of the Act. 
  

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 No other event, including the retirement, insolvency, liquidation, dissolution, expulsion,
bankruptcy, death, incapacity or adjudication of incompetence of a Member, shall cause the existence of the Company to terminate. 
 (b) Except as otherwise set forth in this Section 9.1, dissolution shall be effective on the effective date of the Event of Dissolution, but the Company shall not terminate until the assets thereof have been distributed in accordance
with the provisions of Section 9.4 hereof and all other provisions of the Act with respect to the dissolution of a limited liability company have been complied with. Notwithstanding the dissolution of the Company, prior to the termination of
the Company, the business, assets and affairs of the Company shall continue to be governed by this Agreement. 
 Section 9.2
Winding Up. If the Company is dissolved pursuant to Section 9.1, the Company’s affairs shall be wound up as soon as reasonably practicable in the manner set forth below. 
 (a) Upon the occurrence of an Event of Dissolution, sole and plenary authority to effectuate the liquidation of the Company shall be vested
in the Managing Member or a Person designated by the Managing Member (subject to the approval of the Board pursuant to Section 6.3 hereof) to effectuate the liquidation of the Company or if the Managing Member elects not to effectuate such
liquidation and fails to designate a liquidator, such Person as is selected by the Members (the Managing Member or any such liquidating trustee who assumes such responsibility being referred to herein as the “Liquidating Trustee”).
The Liquidating Trustee shall proceed diligently to wind up the affairs of the Company, liquidate the assets of the Company in an orderly and businesslike manner consistent with obtaining the fair value thereof and distribute the assets of the
Company in accordance with the provisions of Section 9.4 hereof. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to enable the Liquidating
Trustee to minimize the losses attendant upon such liquidation. All FHA-insured loans held by the Company shall be transferred to an approved mortgagee or lender prior to dissolution of the Company. Prior to such distribution of the Company’s
assets, the Liquidating Trustee shall continue to exploit the rights, activities and properties of the Company consistent with the sale or liquidation thereof, exercising in connection therewith all of the power and authority of the Managing Member
as herein set forth. 
 (b) In winding up the affairs of the Company, the Liquidator shall have full right and unlimited
discretion, in the name of and for and on behalf of the Company to: 
 (i) Prosecute and defend civil, criminal
or administrative suits; 
  

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 (ii) Collect Company assets, including obligations owed to the Company;

 (iii) Settle and close the Company’s business; 
 (iv) Dispose of and convey all Company Property for cash, and in connection therewith to determine the time, manner and
terms of any sale or sales of Company Property, having due regard for the activity and condition of the relevant market and general financial and economic conditions; 
 (v) Pay all reasonable selling costs and other expenses incurred in connection with the winding up out of the proceeds of
the disposition of Company Property; 
 (vi) Discharge the Company’s known liabilities and, if necessary,
to set up, for a period not to exceed five (5) years after the date of dissolution, such cash reserves as the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; 
 (vii) Distribute any remaining proceeds from the sale of Company Property to the Members; 
 (viii) Prepare, execute, acknowledge and file articles of dissolution under the Act and any other certificates, tax returns
or instruments necessary or advisable under any applicable law to effect the winding up and termination of the Company; 
 (ix) Upon the distribution of the assets of the Company in accordance with the provisions of Section 9.4 hereof, the Liquidating Trustee shall cause the Company’s accountants to make a full and
proper accounting of the assets, liabilities and operations of the Company, as of and through the date on which such distribution occurs; and 
 (x) Exercise, without further authorization or consent of any of the parties hereto or their legal representatives or successors in interest, all of the powers conferred upon the Members under the terms
of this Agreement to the extent necessary or desirable in the good faith judgment of the Liquidating Trustee to perform its duties and functions. The Liquidating Trustee (unless such Liquidating Trustee is the Managing Member or an Affiliate
thereof) shall, while acting in such capacity on behalf of the Company, be entitled to the indemnification rights set forth in Section 12.1 hereof. 
  

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 Section 9.3 Compensation of Liquidating Trustee. The Liquidating Trustee appointed as
provided herein shall be entitled to receive such reasonable compensation for its services as shall be agreed upon by the Liquidating Trustee and the Managing Member. 
 Section 9.4 Distribution of Company Property and Proceeds of Sale Thereof. 
 (a) Upon completion of all desired sales of Company Property, and after payment of all selling costs and expenses, the Liquidating Trustee shall distribute the proceeds of such sales, and any Company Property that is to be distributed in
kind, to the following groups in the following order of priority: 
 (i) to satisfy Company liabilities to
creditors, including Members who are creditors, to the extent otherwise permitted by law (other than for past due Company distributions), whether by payment or establishment of reserves; 
 (ii) to satisfy Company obligations to Members and former Members to pay past due Company distributions; 
 (iii) pro rata among the Members who have made Capital Contributions to the extent of their Capital Contributions; and

 (iv) to the Members pro rata in accordance with their positive Capital Account balances, taking into account
all Capital Account adjustments for the Fiscal Period in which the liquidation occurs and any distributions to such Member pursuant to Section 9.4(a)(iii). 
 All distributions required under this Section 9.4 shall be made to the Members by the end of the taxable year in which the liquidation occurs or, if later, within 90 days after the date of such
liquidation. 
 (b) The claims of each priority group specified above shall be satisfied in full before satisfying any claims
of a lower priority group. If the assets available for disposition are insufficient to dispose of all of the claims of a priority group, the available assets shall be distributed in proportion to the amounts owed to each creditor or the respective
Capital Account balances or Interests of each Member in such group. 
 Section 9.5 Company Termination. Upon compliance
with the foregoing distribution plan, the Company shall cease to be such, and the Liquidating Trustee shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware articles of dissolution of the Company.

  

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 Section 9.6 Final Audit. Within a reasonable time following the completion of the
liquidation, the Liquidating Trustee shall supply to each of the Members a statement that shall set forth the assets and the liabilities of the Company as of the date of complete liquidation and each Member’s pro rata portion of distributions
pursuant to Section 9.4. 
 ARTICLE X 
 Transfers and Assignment of Interests 
 Section 10.1 Consent Required for
Transfer. 
 (a) No Member shall be entitled to directly or indirectly sell, assign, Transfer or otherwise dispose of all or
any portion of his Interest, involuntarily or voluntarily, without the written consent of all the other Members, which consent may be given or withheld in each such other Member’s sole and absolute discretion; provided, however,
that notwithstanding the foregoing any Member may sell, assign, Transfer or otherwise dispose of all or any portion of such Member’s Interest to an Affiliate of such Member without the written consent of the other Members; provided
further, however, that the Cendant Member may at its election Transfer a portion of its Interest to any Person that acquires or otherwise succeeds to a portion of the business of Cendant Real Estate, and shall transfer (i) its entire
Interest to any Person that acquires or otherwise succeeds to substantially all of the business of Cendant Real Estate, or (ii) an appropriate portion of its Interest to any Person that acquires or otherwise succeeds to substantially all of the
business of NRT, in each case, whether by merger, asset sale, stock sale, or otherwise (it being understood that in the case of any transfer of a portion of the Cendant Member’s Interest contemplated by this second proviso, the percentage
represented by the portion of the Interest so transferred shall be determined based upon the percentage of the Company’s revenue for the then-current trailing twelve months represented by the portion of the business of Cendant Real Estate so
transferred in the transaction). 
 (b) It shall be a condition to any Transfer of all or a portion of the Cendant
Member’s Interest permitted by Section 10.1(a) that any Person acquiring such Interest or portion thereof shall agree in writing to be bound by this Agreement and all of the other Transaction Documents with respect to the portion of the
business of Cendant Real Estate acquired by such Person, to the same extent that Cendant Real Estate and the Cendant Member were so bound prior to such transfer (other than as set forth in any such other Transaction Document). In the event of
consummation of any such Transfer in accordance with Section 10.1(a), the Managing Member shall amend Schedule I to reflect such Transfer. 
  

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 (c) It shall be a condition to any Transfer by a Member which may be permitted under
Section 10.1(a) that the transferee assume by written agreement all of the obligations of the transferor under this Agreement with respect to such transferred Interests and make the representations in Section 3.3 hereof. Any attempted or
purported Transfer in violation of this Article X shall be null and void ab initio. 
 Section 10.2 Withdrawal. No Member
may withdraw from the Company without the prior written consent of all Members, which consent may be given or withheld for any reason. 
 ARTICLE XI 
 Fiscal Matters; Books and Records 
 Section 11.1 Bank Accounts; Investments. Capital Contributions, revenues and any other Company funds shall be deposited by the
Company in a bank account established in the name of the Company, or shall be invested by the Company, at the direction of the Managing Member, in time deposits, short-term governmental obligations, commercial paper or other short-term money market
instruments in furtherance of the purposes of the Company. No other funds shall be deposited into Company bank accounts or commingled with Company investments. Funds deposited in the Company’s bank accounts may be withdrawn only to be invested
in time deposits, short-term governmental obligations, commercial paper or other short-term money market instruments in furtherance of the Company’s purposes, to pay Company debts or obligations or to be distributed to the Members pursuant to
this Agreement. 
 Section 11.2 Records Required by Act; Right of Inspection. 
 (a) During the term of the Company’s existence and for a period of four (4) years thereafter, there shall be maintained in the
Company’s principal office specified pursuant to Section 2.4 all records required to be kept pursuant to Section 18-305(a) of the Act, including, without limitation, a current list of the names, addresses and Common Interest
Percentage held by each of the Members (including the dates on which each of the Members became a Member), copies of federal, state and local information or income tax returns for each of the Company’s tax years, copies of this Agreement and
the Certificate of Formation, including all amendments or restatements, and correct and complete books and records of account of the Company for all periods of operations. 
 (b) Each of the Company and the Managing Member shall, at their sole cost and expense, make available, or cause to be made available, to
the Cendant Member or any person designated by the Cendant Member, in a timely manner, all documents or materials in the possession of, or available to, the Company or the

  

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Managing Member that the Cendant Member may reasonably request for any business purpose (including, without limitation, any such documents and materials the Cendant Member may request to verify
the accuracy of the calculation of Distributable Net Income for any Fiscal Quarter). In furtherance of the foregoing, each of the Company and the Managing Member shall, at its sole cost and expense, make available, or cause to be made available,
during normal business hours and with reasonable advance notice, to the Cendant Member or any Person designated by the Cendant Member, resources, including, but not limited to, access to employees, sufficient to respond adequately to any issue or
concern raised by the Cendant Member. 
 Section 11.3 Books and Records of Account. The Company shall maintain books and
records in such a manner as to enable the preparation of the Company’s U.S. federal information tax return in compliance with Section 6031 of the Code, and such other records as may be required in connection with the preparation and filing
of the Company’s required U.S. federal, state and local income tax returns or other tax returns or reports of foreign jurisdictions, including, without limitation, the records reflecting the Capital Accounts and adjustments thereto specified in
Article V hereof. Subject to Section 3.6, all such books and records shall at all times be made available at the principal office of the Company and shall be open to the reasonable inspection and examination by the Members or their duly
authorized representatives during normal business hours. Notwithstanding the definition of “Members” herein, only Members admitted as such to the Company shall have the inspection rights provided in the preceding sentence. 
 Section 11.4 Expenses. The Company will be responsible for all expenses (“Company Expenses”), including, without
limitation, (i) all reasonable accounting and legal expenses incurred in connection with Company operations, (ii) all reasonable costs incurred in connection with the preparation of or relating to reports made to the Members,
(iii) all reasonable costs related to litigation involving the Company, directly or indirectly, including, without limitation, attorneys’ fees incurred in connection therewith and (iv) all reasonable costs related to the
Company’s obligations set forth in Sections 11.10 and 12.1; provided, however, that any Company Expenses must be attributable solely to the operations of the Company, and that any expenses relating to, resulting from or in
connection with any other Person, including without limitation any other Person who is an Affiliate of the Managing Member, shall not be Company Expenses. 
 Section 11.5 Tax Returns and Information. The Members intend for the Company to be treated as a partnership for tax purposes. The Company shall prepare or cause to be prepared all federal, state
and local income and other tax returns that the Company is required to file. After the end of each fiscal year of the Company, the Company shall prepare and transmit to each Member a report (i.e., Schedule K-1) that shall include all necessary tax
reporting information required by Members for preparation of their federal, state and local income or franchise tax returns, including the amount of income, gain, loss, deduction and credit allocated to each Member for such fiscal year. 

 

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 Section 11.6 Delivery of Audited Financial Statements to Members. As to each fiscal
year of the Company, the Company shall send to each Member a copy of (a) the balance sheet of the Company as of the end of the fiscal year, (b) an income statement of the Company for such year, and (c) a statement showing the Net
Income distributed by the Company to Members in respect of such year. Such financial statements shall be delivered sixty (60) days following the end of such fiscal year. The Company shall send to each Member all other reports or statements
prepared by the Company’s accountants promptly after receipt thereof. 
 Section 11.7 Audits. The fiscal year-end
financial statements to be delivered pursuant to Section 11.6 shall be audited and prepared in accordance with GAAP. The audit shall be performed by an accounting firm selected pursuant to Section 6.3(a)(iii). 
 Section 11.8 Fiscal Year. The Company’s fiscal year shall end on December 31 of each calendar year. 
 Section 11.9 Tax Elections. The Company shall, subject to approval of the Board pursuant to Section 6.3(a)(xiv) hereof, make the
following elections on the appropriate tax returns: 
 (a) to adopt the calendar year as the Company’s fiscal year, if
permitted by the Code; 
 (b) to elect to amortize the organizational expenses of the Company ratably over a period of sixty
(60) months as permitted by Section 709(b) of the Code; and 
 (c) any other election the Managing Member determines
is in the best interests of the Members, including an election pursuant to Section 754 of the Code to adjust Company Properties upon a distribution of Company Property as described in Section 734 of the Code or a transfer of any Interests
as described in Section 743 of the Code. 
 Neither the Company nor any Member may make an election for the Company to be (i) excluded
from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or (ii) classified as a corporation for income tax purposes. 
  

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 Section 11.10 Tax Matters Member. The PHH Member shall be designated as the “tax
matters partner” (the “Tax Matters Member”) of the Company pursuant to Section 6231(a)(7) of the Code or corresponding provisions of state or local law, to manage administrative tax proceedings conducted at the Company
level by the Internal Revenue Service or the state or local taxing authority with respect to Company matters. The Tax Matters Member is, subject to Section 6.3(a)(xiv) directed and authorized to take whatever steps it, in its reasonable
judgment, determines is necessary or desirable to perfect such designation, including, without limitation, filing any forms or documents with the Internal Revenue Service or any state or local taxing authority and taking such other action as may
from time to time be required under Treasury Regulations and corresponding provisions of state or local law. Expenses of administrative proceedings relating to the determination of Company items at the Company level undertaken by the Tax Matters
Member shall be expenses of the Company. The Tax Matters Member shall inform each Member of the commencement of any audit of the Company by the Internal Revenue Service or any other taxing authority. 
 ARTICLE XII 
 Indemnification and Insurance 
 Section 12.1 Indemnification and Advancement of Expenses. 
 (a) In General. The Company shall, to the maximum extent permitted by applicable law, indemnify and hold harmless all Advisors and
officers of the Company (“Indemnified Parties”), to the fullest extent permitted by law, from and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim,
suit, inquiry, proceeding, investigation or appeal taken from any of the foregoing by or before any court or governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Indemnified
Party is or may be a party thereto, which arises out of, relates to or is in connection with this Agreement or the management or conduct of the business or affairs of the Company, except for any such Losses that are found, pursuant to a final and
nonappealable judgment of a court of competent jurisdiction, to have resulted from the gross negligence, bad faith, fraud or willful misconduct of, or breach of this Agreement or knowing violation of law by, the Indemnified Party seeking
indemnification. The termination of any proceeding by settlement shall not be deemed to create a presumption that the Indemnified Party involved in such settlement acted in a manner which constituted gross negligence, bad faith, fraud or willful
misconduct or a knowing violation of law. All judgments against an Indemnified Party wherein such Indemnified Party is entitled to indemnification shall, to the extent available, be satisfied from Company assets. The provisions of this
Section 12.1 shall survive any termination or expiration of this Agreement. Expenses incurred by an Indemnified Party in defense or settlement of any claim that may be subject to a right of indemnification hereunder

  

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may be advanced (and must be advanced to Advisors) by the Company prior to the final disposition thereof upon receipt of an undertaking by or on behalf of the Indemnified Party to repay such
amount if it shall ultimately be determined that the Indemnified Party is not entitled to be indemnified by the Company. The right of any Indemnified Party to the indemnification and advancement of expenses provided herein shall be cumulative of and
in addition to any and all rights to which such Indemnified Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Indemnified Party’s successors, assigns and legal representatives. 
 (b) Any indemnification under paragraph (a) of this Section 12.1 (unless ordered by a court of competent jurisdiction) shall be
made by the Company only as authorized in the specific case upon a determination that indemnification of the Indemnified Party is proper in the circumstances because he or she has met the applicable standard of conduct set forth in paragraph
(a) of this Section 12.1. Such determination shall be made (i) by a four-fifths vote of the Board, or (ii) if a four-fifths vote of the Board so directs, by independent legal counsel in a written opinion. 
 (c) For purposes of this Section 12.1, any reference to the “Company” shall include, in addition to the resulting or
surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so
that any Person who is or was a director or officer of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer or manager of another corporation, limited liability company, partnership, joint
venture, trust or other enterprise, shall stand in the same position under the provisions of this Section 12.1 with respect to the resulting or surviving entity as he or she would have with respect to such constituent entity if its separate
existence had continued. 
 (d) Notwithstanding anything in this Article XII to the contrary, the Company will not have the
obligation of indemnifying any Person with respect to proceedings, claims or actions initiated or brought voluntarily by such Person and not by way of defense. 
 (e) Any indemnification or advancement of expenses provided by, or granted pursuant to, this Section 12.1 shall be considered retroactive to the date upon which the Certificate of Formation was filed
with the State of Delaware. 
 Section 12.2 Insurance. The Company may purchase and maintain insurance or another
arrangement on behalf of any Person who is or was an Advisor or officer identified in Section 12.1 against any liability asserted against such Person or incurred by such Person in such a capacity or arising out of the status of such a Person,
whether or not the Company would have the power to indemnify such Person against that liability under Section 12.1 or otherwise. 
  

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 Section 12.3 Limit on Liability of Members. The indemnification set forth in this
Article XII shall in no event cause the Members to incur any personal liability beyond their total Capital Contributions, nor shall it result in any liability of the Members to any third party. 
 Section 12.4 Indemnification by Managing Member. 
 (a) The Managing Member shall indemnify and hold harmless the Company and all other Members and their respective Affiliates (“Other Indemnified Parties”), to the fullest extent permitted
by law, from and against any and all Losses, including, without limitation, Losses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from any of the foregoing by or before
any court or governmental, administrative or other regulatory agency, body or commission, whether pending or threatened, whether or not an Other Indemnified Party is or may be a party thereto, arising out of or resulting from (i) the
negligence, willful misconduct or violation of law or erroneous acts of or by the Managing Member or any of its officers or employees in connection with the management of the business and affairs of the Company, and (ii) any breach or violation
by PMC or any of its Affiliates of any representation, warranty, covenant or other agreement contained in this Agreement or any other Transaction Document (including, without limitation, any indemnification payment made to an Advisor or officer
under this Article XII hereof as a result of such breach or violation), it being understood that the Company shall retain all risk with respect to, and the Managing Member shall have no indemnification obligations hereunder with respect to, loan
level origination defects not otherwise resulting from any of the circumstances described in clause (i) or (ii) of this Section 12.4(a). The provisions of this Section 12.4 shall survive any termination or expiration of this
Agreement or any other Transaction Document. The right of any Other Indemnified Party to the indemnification and advancement of expenses provided herein shall be cumulative of and in addition to any and all rights to which such Other Indemnified
Party may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Other Indemnified Party’s successors, assigns and legal representatives. 
 (b) In the case of a PHH Regulatory Event, the PHH Member shall indemnify and hold harmless the Company from and against all Losses
incurred by it arising out of or resulting from such PHH Regulatory Event, except, in any such case, to the extent that the Regulatory Order or Proceeding or Losses leading to such PHH Regulatory Event are caused solely by Cendant or any of its
Affiliates or any of their respective directors, officers, advisors or employees. 
  

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 (c) In the case of a Company Regulatory Event, the PHH Member shall indemnify and hold
harmless the Company from and against all Losses incurred or sustained by it arising out of or resulting from such Company Regulatory Event, except, in any case, to the extent that the Regulatory Order or Proceeding or Losses leading to such Company
Regulatory Event are caused solely by Cendant or any of its Affiliates or any of their respective directors, officers, advisors or employees. 
 (d) In the event there is a breach or violation by PMC or its Affiliates (excluding the Company), on the one hand, or by Cendant or its Affiliates, on the other hand, of any representation, warranty,
covenant or other agreement contained in this Agreement or any other Transaction Document, then the breaching Party shall give prompt written notice thereof to the other Party and each Advisor. 
 Section 12.5 No Additional Indemnification Rights. 
 Except as set forth herein, no Person (including, without limitation, any Member and any officer, director or agent of any Member) shall have indemnification rights against the Company. 
 ARTICLE XIII 
 Miscellaneous Provisions 
 Section 13.1 Counterparts. This Agreement may be executed in several counterparts,
each of which will be deemed an original but all of which will constitute one and the same. 
 Section 13.2 Entire
Agreement. This Agreement and the other Transaction Documents constitute the entire agreement among the parties hereto and contains all of the agreements among such parties with respect to the subject matter hereof and thereof. This Agreement
and the other Transaction Documents supersede any and all other agreements, either oral or written, between such parties with respect to the subject matter hereof and thereof. 
 Section 13.3 Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and
valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the
extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable.

  

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 Section 13.4 Amendment. Except as expressly provided herein (including
Section 10.1 hereof), this Agreement may be amended only by a written agreement executed by all the Members. Following such amendment, the Agreement, as amended, shall be binding upon all Members. The Company shall notify the Secretary of HUD
of any amendments to this Agreement which would affect the Company’s action under any HUD/FHA administered mortgage insurance program. 
 Section 13.5 Binding Effect. Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and shall inure to the benefit of the parties, and their
respective distributees, heirs, successors and assigns. 
 Section 13.6 Negotiation and Mediation. 
 (a) Negotiation. In the event of any dispute, controversy or claim arising out of or relating to this Agreement or the breach,
termination or validity thereof, or the transactions contemplated hereby (a “Dispute”), upon the written notice of any Member hereto, the Members shall attempt in good faith to negotiate a resolution of the Dispute. If the Members
are unable for any reason to resolve a Dispute within 30 days after the receipt of such notice, the Dispute shall be submitted to mediation in accordance with Section 13.6(b) hereof. 
 (b) Mediation. Any Dispute not resolved pursuant to Section 13.6(a) hereof shall, at the request (the “Mediation
Request”) of any Member (the “Disputing Member”), be submitted to mediation in accordance with the then-prevailing Commercial Mediation Rules of the American Arbitration Association, as modified herein (the
“Rules”). The mediation shall be held in New York, New York. The Members shall have twenty (20) days from receipt by a party of a Mediation Request to agree on a mediator. If no mediator has been agreed upon by the Members
within twenty (20) days of receipt by a Member (or Members) of a Mediation Request, then any Member may request (on written notice to the other Member or Members), that the American Arbitration Association appoint a mediator in accordance with
the Rules. All mediation pursuant to this Section 13.6(b) shall be confidential and shall be treated as compromise and settlement negotiations, and no oral or documentary representations made by the Members during such mediation shall be
admissible for any purpose in any subsequent proceedings. No Member shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by another Member in the mediation proceedings or about the
existence, contents or results of the mediation award without the prior written consent of such other Member except in the course of a judicial or regulatory proceeding or as may be required by law, rule or regulation or requested by a governmental
authority or securities exchange. Before making any disclosure permitted by the preceding sentence, the Member intending to make such disclosure shall give the other Member a reasonable opportunity to protect its interests. If the Dispute has not
been resolved within sixty (60) days of the appointment of a Mediator,

  

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or within ninety (90) days of delivery by a Disputing Member of notice in accordance with Section 13.10 (whichever occurs sooner) or within such longer period as the Members may agree
to in writing, then any Member may file an action on the Dispute in any court having jurisdiction in accordance with Section 13.7 herein. 
 Section 13.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE MEMBERS HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or relating to this Agreement shall only be instituted in any
federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or
proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an inconvenient forum. Each of the Parties hereby irrevocably waives
all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
 Section
13.8 Offset. Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before payment. 
 Section 13.9 Effect of Waiver or Consent. No provision of this Agreement shall be deemed to have been waived unless such waiver is contained in a written notice given to the party claiming such
waiver has occurred. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or
default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the
Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run. 
 Section 13.10 Notices. To be effective, unless otherwise specified in this Agreement, all notices and demands, consents and other
communications under this Agreement must be in writing and must be given (a) by depositing the same in the United States mail, postage prepaid, certified or registered, return receipt requested, (b) by delivering the same in person and
receiving a signed receipt therefore, (c) by sending the 
  

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same by a nationally recognized overnight delivery service or (d) by telecopy (promptly confirmed by telephone and followed by personal or nationally recognized overnight delivery). For
purposes of notices, demands, consents and other communications under this Agreement, the addresses of the Members (and their respective counsel, if applicable) shall be as follows: 
 If to the PHH Member, addressed to: 
 PHH Broker Partner Corporation 
 3000 Leadenhall Road 
 Mt. Laurel, NJ 08054 
 Attn: William F. Brown 
 With a copy to: 
 PHH Mortgage Corporation 
 3000 Leadenhall Road 
 Mt. Laurel, NJ 08054 
 Attn: William F. Brown 
 If to the Cendant Member, addressed to: 
 Cendant Real Estate Services Venture Partner, Inc. 
 1 Campus Drive 
 Parsippany, NJ 07054 
 Attn: Eric Bock 
 With a copy to: 
 Cendant Corporation 
 9 West 57th Street, 37th Floor 
 New York, NY 10019 
 Attn: Eric Bock 
 Notices, demands, consents and other communications mailed in accordance with the foregoing clause (a) shall be deemed to have been
given, made and received three (3) Business Days following the date so mailed. Notices, demands, consents and other communications given in accordance with the foregoing clauses (b) and (d) shall be deemed to have been given, made and
received when sent on a Business Day or, if not sent on a Business Day, then the next succeeding Business Day. Notices,

  

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demands, consents and other communications given in accordance with the foregoing clause (c) shall be deemed to have been given, made and received when delivered or refused on a Business Day
or, if not delivered or refused on a Business Day, then the next succeeding Business Day. Any Member or its assignee may designate a different address to which notices or demands shall thereafter be directed and such designation shall be made by
written notice given in the manner hereinabove required, provided, that at all times each Member shall be required to maintain a notice address in the continental United States. 
 Section 13.11 No Consequential Damages. 
 In no event shall the Cendant Member or any of its Affiliates have any liability to the PHH Member or any of its Affiliates for any indirect, consequential, incidental, collateral, exemplary, punitive,
enhanced, special or other similar damages of any kind or nature whatsoever, including, without limitation, lost profits to the PHH Member or any of its Affiliates from past, present or future business opportunities, loss of use or revenue, loss of
savings or losses by reason of cost of capital, arising out of or in any manner relating to this Agreement or any other Transaction Document, the performance or breach thereof or the subject matter thereof, whether or not the Cendant Member or any
of its Affiliates have been advised of, or otherwise might or should have anticipated, the possibility or likelihood of such damages. The limitations of liability set forth in this Section 13.11 shall apply regardless of the form of action in
which a claim is brought, whether in contract, tort (including negligence of any kind, whether active or passive), warranty, strict liability or any other legal or equitable grounds, and shall survive failure of an exclusive remedy. 
 Section 13.12 Most Favored Nation. 
 If during the term of this Agreement PMC or any of its Affiliates enters into any agreement, arrangement or understanding with a third party whereby PMC or such Affiliate (or any other entity formed in
connection with such agreement, arrangement or understanding) agrees to provide substantially the same Mortgage Loan origination services to such third party, and such agreement, arrangement or understanding contains pricing (other than the pricing
of loans) or servicing terms or conditions that, taken as a whole, are more favorable to such third party than the comparable terms of this Agreement and the related Transaction Documents, taken as a whole, are to Cendant, then the Company shall
offer such favorable terms and conditions to the Cendant Member with respect to Mortgage Loans originated by the Company pursuant to this Agreement and amend this Agreement and any other Transaction Documents, as applicable, to the extent necessary
so that such terms and conditions are incorporated in a manner reasonably acceptable to the Cendant Member. 
  

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 Section 13.13 Impossibility of Performance. 
 If during the term of this Agreement, without any change in applicable law, rule or regulation and through no fault or breach of any Party
hereto, it shall have become impossible for the Parties to fulfill the objectives of the Company and to perform their obligations hereunder, then the Parties shall proceed with an orderly liquidation and dissolution of the Company in accordance with
Article IX hereof. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized, as of the day and year first above written. 
  

			
	 CENDANT REAL ESTATE SERVICES
VENTURE PARTNER, INC.

		
	By:	 	 /s/    Eric J. Bock

	Name:	 	Eric J. Bock
	Title:	 	Executive Vice President and Secretary
	
	 PHH BROKER PARTNER CORPORATION

		
	By:	 	 /s/    Terence W. Edwards

	Name:	 	Terence W. Edwards
	Title:	 	President


  

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 Exhibit A 
 SUBLEASE 
 THIS SUBLEASE is made as of
January 31, 2005, by and between Cendant Mortgage Corporation, a New Jersey corporation (“Sublessor”), and PHH Home Loans, LLC, a Delaware limited liability company (“Sublessee”). 
 R E C I T A L S 
 A. iStar Bishops Gate LLC (“Landlord”), and Sublessor are the landlord and tenant, respectively, under that certain lease
(attached hereto as Exhibit “A” and incorporated herein by reference) dated as of December 9, 2002 (the lease, as same may have been or may hereafter be modified, is herein referred to as the “Master Lease”) for certain
premises described in the Master Lease (the “Master Lease Premises”). The common address of the building in which the Master Lease Premises are located is 3000-5000 Leadenhall Road, Mount Laurel, New Jersey; 
 B. Sublessor has agreed to sublet to Sublessee a portion of the Master Lease Premises (the “Premises”) consisting of approximately
            rentable square feet as set forth in Exhibit “B” attached hereto, and Sublessee has agreed to hire and take the Premises from Sublessor, on the terms and conditions
set forth herein. 
 NOW, THEREFORE, Sublessor and Sublessee agree as follows: 
 1. Term. 
 Subject to the Contingencies, as defined in Section 31 hereof, including receipt of Landlord’s Consent to this Sublease, Sublessor sublets the Premises to Sublessee and Sublessee hires and takes the Premises from Sublessor for a
term commencing on             (the “Sublease Commencement Date”) and ending on             (the “Expiration
Date”), unless terminated earlier in accordance with the provisions hereinafter set forth (the period commencing on the Sublease Commencement Date and ending on the Expiration Date is herein referred to as the “Term”). The date upon
which Sublessee shall commence paying rent hereunder is the Sublease Commencement Date. Such subletting shall be in all respects subject and subordinate to the terms, covenants and conditions of the Master Lease. Sublessor and Sublessee acknowledge
and agree that Sublessor’s right, if any, to extend the term of the Master Lease, or to exercise any other options contained in the Master Lease, including any option to purchase, shall not be exercisable by Sublessee and, on the Expiration
Date, Sublessee’s right to possess the Premises under this Sublease shall terminate and no longer be of any force or effect. 
 2. Possession. 
 a) Delivery of Possession. Sublessor agrees to deliver possession of the Premises
to Sublessee upon the Sublease Commencement Date. 
 b) Condition of Premises. Sublessee’s taking possession of the
Premises shall be conclusive evidence that the Premises were in good order and satisfactory condition when Sublessee took possession. No promise of Sublessor to alter, remodel, repair or improve the Premises or the Building in which the Premises may
be situated have been made by Sublessor to Sublessee. Sublessee, at its cost and expense, shall perform all work necessary to prepare the Premises for Sublessee’s occupancy thereof. At the termination of this Sublease, Sublessee shall return
the Premises broom-clean and in as good condition as when Sublessee took possession, ordinary wear and tear excepted. Sublessee shall remove any improvements or alterations made to the Premises by or on Sublessee’s behalf and restore the
Premises to the original condition prior to installation of such improvements or alterations; provided, however that Sublessee shall only be required to remove such improvements or alterations and restore the Premises to the extent that Sublessor is
required to remove and restore the same under the Master Lease, failing which Sublessor may restore the Premises to such condition and Sublessee shall pay the cost thereof on demand. 







 3. Incorporation of Master Lease. 
 The terms, covenants, conditions and respective obligations of Sublessor and Sublessee to each other under this Sublease shall be the terms
and conditions of the Master Lease (which terms and conditions are incorporated herein by reference as though fully set forth), except as otherwise expressly provided in this Sublease. To the extent any terms or provisions of this Sublease
contradict or conflict with any of the terms or provisions of the Master Lease, the terms and provisions of this Sublease shall control as between Sublessor and Sublesee only. Sublessor and Sublessee expressly agree, however, that Sublessor assumes
none of the Landlord’s obligations as set forth in the Master Lease. Sublessee agrees to look solely to Landlord for performance of those obligations and to forever hold Sublessor harmless from any claim arising from Landlord’s failure to
perform its obligations, unless such failure is due to Sublessor’s breach of the Master Lease. 
 4. Sublessee’s
Assumption of Master Lease Obligations and Benefits. 
 Except as otherwise expressly provided in this Sublease,
(a) Sublessee expressly assumes and agrees to perform and comply with all of the terms, covenants and conditions of the Master Lease that are to be observed and performed thereunder by Sublessor for the benefit of Landlord with respect to the
Premises, and (b) Sublessee shall indemnify, defend and save Sublessor harmless from and against any loss, damage, cost or expense which Sublessor may sustain or incur by reason of any failure on the part of Sublessee so to observe and perform
the same. 
 5. Rental. 
 As base rental (“Base Rent”) for the Premises during the Term, Sublessee covenants and agrees to pay to Sublessor $            , in
advance by the first day of each month, without demand, deduction, offset or notice, at the address of Sublessor identified in the “Notices” section of this Sublease (or some other place as Sublessor shall have designated in writing). It
is understood that Base Rent shall be net to Sublessor, and any other charges that Sublessor may incur on account of the Premises on account of services to Sublessee in excess of the services provided to Sublessor under the Master Lease or on
account of the negligence or willful misconduct of Sublessee shall be the sole responsibility of Sublessee, and such other charges shall be in addition to the Base Rent due hereunder (such other charges are herein referred to as “Additional
Rent”). The Base Rent shall be subject to any Base Rent increases set forth in the Master Lease. 
 If Sublessee fails to
pay when due any Base Rent or Additional Rent that Sublessee is obligated to pay under the terms of this Sublease, the unpaid amounts shall bear interest at the maximum rate then allowed by law. Sublessee acknowledges that the late payment of all or
any portion of Base Rent or Additional Rent will cause Sublessor to lose the use of that money and incur costs and expenses not contemplated under this Sublease, including without limitation, administrative and collection costs and processing and
accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if Sublessor does not receive the entire amount payable within ten (10) days from the date it is due, Sublessee shall pay
Sublessor a late charge equal to ten percent (10%) of outstanding amount. Sublessor and Sublessee agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Sublessor for the loss
suffered from such nonpayment by Sublessee. Acceptance of any interest or late charge shall not constitute a waiver of Sublessee’s default with respect to such nonpayment by Sublessee nor prevent Sublessor from exercising any other rights or
remedies available to Sublessor under this Sublease. Any payment of any kind returned for insufficient funds will be subject to an additional handling charge of $25.00. 
 6. Expense Pass-throughs. 
 It is understood that Base Rent shall be
net to Sublessor, and any other charges that Sublessor may incur per the Master Lease shall be the sole responsibility of Sublessee, and shall be in addition to

  

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the Base Rent due. Sublessee shall pay monthly installments to Sublessor which shall be an estimate of charges due under the Master Lease. Upon final billing for each calendar year from the
Landlord, Sublessor shall submit the same billing to Sublessee, and any overpayments or underpayments shall be ameliorated at that time. 
 7. Utilities. 
 Sublessee shall pay for all water, gas, heat, power,
and other utilities and services supplied to the Premises. 
 8. Use of the Premises. 
 Sublessee, along with its successors or assigns, shall be limited in use of the Premises to that use specified in the Master Lease. Sublessee
shall not conduct any activity or perform any act prohibited by the laws of the United States of America or the state in which the building and property are located or the ordinances of the city or county in which the Premises is situated and shall
not commit waste nor suffer waste to be committed, nor permit any nuisance on or in the Premises. Sublessee shall not utilize any unethical method of business operation, nor shall any space in the Premises be used for living quarters, whether
temporary or permanent. Sublessee shall not do anything, or permit anything to be done, in or about the Premises, or bring or keep anything therein, that will in any way increase the possibility of fire or other casualty or do anything in conflict
with the pertinent laws, rules or regulations of any governmental authority. Sublessee shall not use or keep in, on or about the Premises or the property upon which the Premises may be situated, any hazardous, flammable or explosive fluid or
substance or any illuminating material, unless it is battery powered or UL approved. Sublessee shall at all times maintain an adequate number of suitable fire extinguishers on the Premises for use in case of local fires, including electrical or
chemical fires. 
 9. Hazardous Materials. 
 Sublessee, including its agents, employees, contractors and invitees, shall not cause nor permit the presence, release, storage, use or
handling of any toxic substances or hazardous materials in, about or under the Premises, nor the Building nor the real property of which the Premises may be a part. If Sublessee breaches the obligations stated in the preceding sentence, or if the
presence of any such toxic substances or hazardous materials on or about the Premises caused or permitted by Sublessee results in contamination of the Premises, the real property of which the Premises may be a part, or any adjacent property, then
Sublessee shall indemnify, defend and hold Sublessor and Landlord harmless from any and all claims, judgments, damages, penalties, fines, costs, liabilities or losses (including, without limitation, diminution in value of the Premises and/or
adjacent property, damages for the loss or restriction on use of rentable or usable space or of any amenity of the Premises and/or adjacent property, damages arising from any adverse impact on marketing of the Premises and/or adjacent property,
costs incurred in connection with any cleanup, remedial, removal or restoration work, and sums paid in settlement of claims, attorney’s fees, consultant fees and expert fees) which arise during or after the Term hereof, as a result of such
contamination. Nothing contained herein shall be deemed or construed to limit the liability of Sublessee to Sublessor or Landlord hereunder for the breach of any covenant of Sublessee under this Section. The provisions of this Section shall survive
the expiration or earlier termination of this Sublease and Sublessee’s surrender of the Premises to Sublessor. 
 10.
Intentionally Omitted. 
 11. Insurance. 
 At all times while this Sublease is in effect, Sublessee agrees to maintain at its expense, with an insurance carrier satisfactory to
Sublessor the insurance required to be maintained by Sublessor under the Master Lease. 
  

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 12. Waiver of Subrogation. 
 Sublessee hereby waives any and all rights of recovery against Sublessor and Landlord and their respective subsidiaries and affiliates, and
their respective officers, directors, stockholders, agents and employees relating to the Premises or property damage and any resulting business interruption losses, occurring on or arising out of the use, maintenance or occupancy of the Premises,
the Master Lease Premises or the building whether or not such loss or damage is insured. 
 13. Termination of Master
Lease. 
 In the event that during the Term of this Sublease the Master Lease is terminated or comes to an end for any
reason, then this Sublease and any assignments of this Sublease shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this Section, if the reason for such termination of the Master
Lease shall be a default on the part of Sublessee with respect to any of the terms or conditions of this Sublease or of the Master Lease, Sublessor shall be entitled to recover from Sublessee as liquidated damages at least an amount equal to the
damages which Landlord shall be entitled to recover from Sublessor in connection with such termination of the Master Lease. 
 14. Repairs and Alterations. 
 There shall be no obligation on the part of Landlord or Sublessor to make
any repairs, alterations or improvements in order to make the Premises ready for occupancy by Sublessee. Prior to making any repairs, alterations or improvements on the Premises, Sublessee shall obtain the prior written consent thereto of both
Landlord and Sublessor. Any alterations, additions, or improvements made to the Premises, or Sublessee’s behalf, whether at the expense of Sublessee or Sublessor, including but not limited to, wall covering, carpeting, or other floor covering,
paneling and built-in cabinets shall be deemed a part of the real estate and the property of Sublessor and shall be surrendered with the Premises unless Landlord or Sublessor, by notice given to Sublessee no later than thirty (30) days prior to
the end of the Term, shall elect to have Sublessee remove such alterations, additions, or improvements. Sublessee shall thereupon accomplish such removal at its sole cost and repair any damage to the Premises caused by such removal. In the event
that Sublessor consents in writing to any alterations, additions, or improvements to the Premises by Sublessee, they shall be made at the sole cost of Sublessee by licensed contractors or workmen approved by Sublessor. Sublessee shall secure all
appropriate governmental approvals and permits and shall complete such alterations with due diligence. Any consent or approval given by Landlord or Sublessor hereunder shall not give rise to rights to third parties to file mechanic’s or
materialman’s liens, nor waive Sublessor’s prohibition against such liens, nor in any manner abrogate that Section of this Sublease requiring Sublessee to keep Premises free of liens. 
 15. Sublessee to Keep Premises Free of Liens. 
 Sublessee shall keep the Premises and the property on which the Premises is situated free from any liens arising out of any work performed, materials furnished, or obligations incurred by Sublessee.
Sublessee shall indemnify, hold harmless, and defend Landlord and Sublessor from any liens and encumbrances arising out of any work performed or materials furnished by or at the direction of Sublessee. Such indemnity shall include, without
limitation, all attorneys’ fees and costs incurred by Landlord or Sublessor due to the filing of such mechanic’s or materialman’s lien or notice thereof. In the event that Sublessee, within twenty (20) days following the
imposition of any such lien, shall not cause such lien to be released of record by payment or posting of a proper bond, in addition to all other remedies provided herein and by law, Landlord or Sublessor shall have the right (but not the obligation)
to cause the same to be released by such means as it shall deem proper, including bonding or payment of the claim giving rise to such lien. All such sums paid by Landlord or Sublessor and all expenses incurred by it in connection therewith,
including attorneys’ fees and costs, shall be payable to Landlord or Sublessor by Sublessee on demand with the highest legal interest rate. Landlord or Sublessor shall have the right at all times to give notice or to post and keep posted on
Premises any notice permitted or

  

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required by law which Landlord or Sublessor shall deem proper for the protection of Sublessor, Landlord and the Premises or any other party having an interest therein from mechanic’s and
materialman’s liens. 
 Sublessee shall give written notice to Landlord and Sublessor at least ten (10) business days prior to the
commencement of any work relating to the alterations or additions to the Premises and shall post the Premises giving all such persons notice of Sublessor’s and Landlord’s non-liability for work performed or materials supplied. Failure to
provide Landlord and Sublessor such notice or post the Premises shall be deemed a material breach of this Sublease. 
 16.
Assignment and Subletting. 
 Sublessee may not assign, sublease, transfer, sell, encumber or otherwise convey its
interest in this Sublease, or any portion thereof, or its interest in the Premises, or any portion thereof, without the prior written consent of Sublessor, which consent may be granted or withheld in the sole discretion of Sublessor and the prior
written consent of Landlord to the degree that such consent is required under the terms of the Master Lease. Any such attempted purported assignment, subletting, transfer, sale, encumbrance or other conveyance obtained without first obtaining such
prior written consent shall be void and of no force or effect, and shall not confer any interest or estate in the purported transferee and shall, at Sublessor’s option, constitute an incurable default under this Sublease. 
 17. Continuing Liability of Sublessor. 
 Notwithstanding anything to the contrary contained elsewhere in this Sublease, nothing contained in this Sublease shall be deemed or construed as relieving Sublessor from any of its duties,
responsibilities or obligations under the Master Lease, and Sublessor shall in all events be and remain primarily liable under the Master Lease as a principal, and not as a guarantor or surety, for all duties, responsibilities and obligations
(monetary or otherwise) contained in the Master Lease, to the same extent as though no subletting by Sublessor had been made. 
 18. Notices. 
 Any notice, demand, consent, payment or communication given hereunder shall be in writing
and shall be given by personal delivery, by commercial overnight delivery service or by certified mail, postage prepaid, return receipt requested, at the following addresses: 
  

							
	If to Sublessor:	 	Cendant Mortgage Corporation
		 	3000 Leadenhall Road
		 	Mt Laurel, New Jersey 08054
		 	Attention: General Counsel
		
	If to Sublessee:	 	PHH Home Loans, LLC
		 	  
	 	
		 	  
	 	
		 	Attn:	 	  
	 	
		
	If to Landlord:	 	iStar Bishops Gate LLC
		 	c/o iStar Financial Inc.
		 	114 Avenue of the Americas
		 	27th Floor
		 	New York, New York 10036
		 	Attn: Chief Financial Officer
		
	with a copy to:	 	iStar Financial Inc.
		 	114 Avenue of the Americas
		 	27th Floor
		 	New York, New York 10036
		 	Attn: General Counsel

  

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		 	and
		
		 	Katten Muchin Zavis Rosenman
		 	525 West Monroe Street
		 	16th Floor
		 	Chicago, Illinois 60661-3693
		 	Attn: Gregory P.L. Pierce, Esq.

 Any of the above Parties may, by like notice at any time and from time to time,
designate a different address to which such notice shall be sent. Such notices, requests, consents, payments or communications shall be deemed sufficiently given (a) if personally served, upon such service (b) if sent by commercial
overnight delivery service, upon the next business day following such sending, or (c) if mailed, forty-eight (48) hours following the first attempt of the postal service to deliver same. 
 19. Notice of Default. 
 Sublessor and Sublessee each agree to give to the other, forthwith upon receipt thereof, a copy of any notice (including notice of default) under the Master Lease. 
 20. Sublessee Defaults and Remedies. 
 Defaults. The occurrence of any one or more of the following events shall constitute a default and breach of this Sublease by Sublessee: 
 a) If Sublessee shall fail to make any payment of any Rent or Additional Rent when due and payable, and such default shall continue for a
period of three (3) days; or 
 b) If Sublessee shall be in default in the performance of any of the other terms, covenants
and conditions of this Sublease and (i) such default shall not have been remedied within ten (10) days after written notice by Sublessor to Sublessee specifying such default and requiring it to be remedied; or (ii) where such default
reasonably cannot be remedied within such period of ten (10) days, if Sublessee shall not have commenced the remedying thereof within such period of time and shall not be proceeding with due diligence to remedy it; or 
 c) If Sublessee shall desert or abandon the Premises and such desertion or abandonment shall continue for a period of ten (10) days; or

 d) The making by Sublessee of any general assignment or general arrangement for the benefit of creditors; or the filing by or
against Sublessee of a petition to have Sublessee adjudged a bankrupt, or a petition of reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against Sublessee, the same is dismissed within sixty
(60) days; or the appointment of a trustee or a receiver to take possession of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease where possession is not restored to Sublessee
within thirty (30) days; or the attachment, execution, or judicial seizure of substantially all of Sublessee’s assets located at the Premises or of Sublessee’s interest in this Sublease, where such seizure is not discharged within
thirty (30) days after the levy thereof. 
 Remedies. In the event of any default or breach of Sublessee, Sublessor
may at any time thereafter, with or without notice or demand and without limiting Sublessor in the exercise of a right which Sublessor may have by reason of such default or breach, proceed as follows: 
 a) Without terminating this Sublease, re-enter and take possession of the Premises or any part thereof and repossess same as Sublessor’s
former estate and expel Sublessee and those claiming through or under Sublessee, and remove the effects of both or either with force, if necessary, without being deemed guilty in trespass or of a forcible entry or detainer and without prejudice to
any remedies

  

 6 








 
for arrears of rent or preceding breach of covenants. In such event, Sublessor shall be entitled to recover from Sublessee all damages incurred by Sublessor by reason of Sublessee’s default,
including but not limited to the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys’ fees, any real estate commission actually paid, the
worth at the time of the unpaid rent for the balance of the Term, and that portion of the leasing sums payable. Such damages shall bear interest from the date due at the highest legal interest rate. 
 b) Terminate this Sublease by express notice to that effect. 
 c) Pursue any other remedy now or hereafter available to Sublessor under the laws or judicial decisions of the state where the Premises is located. 
 d) Should Sublessor elect to re-enter as above provided, or should Sublessor take possession pursuant to legal proceedings or pursuant to
any notice provided by law or otherwise, Sublessor may from time to time, without terminating this Sublease or Sublessee’s obligations to pay rent hereunder, relet the Premises or any part thereof for such terms, at such rentals, and upon such
other terms and conditions as Sublessor in its sole discretion may deem advisable, with the right to make alterations and repairs to the Premises, all at Sublessee’s expense. No such re-entry or taking of possession shall be construed as an
election on Sublessor’s part to terminate this Sublease unless a written notice of such express intention is given to Sublessee. 
 If this Sublease shall be terminated as provided in this Section, Sublessor may: 
 a) Re-enter and resume possession of
the Premises and remove all persons and property therefrom, either by summary dispossess proceedings or by a suitable action or proceeding, at law or in equity, or otherwise, without being liable for any damages therefor; and 
 b) Relet the whole or any part of the Premises for a period equal to, greater, or less than the remainder of the then-Term of this Sublease,
at such rental and upon such terms and conditions as are acceptable to Sublessor, to any sublessee it may deem suitable and for any use and purpose it may deem appropriate. Sublessor shall not be liable in any respect for failure to relet the
Premises, or in any event of such reletting, for failure to collect the rent thereunder, and any sums received by Sublessor on a reletting in excess of the Rent reserved in this Sublease shall belong to Sublessor. 
 Sublessee shall pay to Sublessor, upon default of this Sublease, in accordance with the provisions hereof, or upon the abandonment of said
Premises by Sublessee, a sum of money equal to the entire amount of Rent by this Sublease provided to be paid and at that time remaining unpaid, whether or not presently due, and upon making such payment, Sublessee shall be entitled to receive from
Sublessor all rents received by Sublessor from other tenants on account of said Premises during the Term originally demised by this Sublease, less the expenses which Sublessor may have incurred in connection with said resumption of possession and
reletting, including (without limitation) attorneys’ fees, brokerage, cleaning, repairs, and decoration, provided, however, that the moneys to which Sublessee shall so become entitled shall in no event exceed the amount so paid by Sublessee to
Sublessor. 
 Sublessee agrees to pay the costs and expenses, including reasonable attorneys’ fees, incurred by Sublessor
in the enforcement of any of the terms of this Sublease as a result of default by Sublessee. 
 The words “re-enter”
and “re-entry,” as used in this Section are not restricted to their technical legal meaning. 
 Sublessee hereby
waives the service of any notice in writing by Sublessor of its intention to re-enter. 
  

 7 








 If this Sublease shall be terminated as provided in this Section or by summary proceedings
or otherwise, Sublessor, in addition to any other rights under this Section, shall be entitled to recover as damages (a) the cost of performing any work required to be done by Sublessee under this Sublease, and all damages resulting from
Sublessee’s default in performing such work; and (b) the cost of placing the Premises in the same condition as that in which Sublessee is required to surrender them to Sublessor under this Sublease. 
 21. Counterparts. 
 This Sublease may be executed in counterparts, each of which shall be deemed to be an original hereof. 
 22. Brokers and Commissions. 
 The parties acknowledge that no broker
or agent was involved in the negotiations related to, or consummation of, this Sublease. If Sublessee has dealt with any other person or real estate broker with respect to subleasing or renting space in the Building of which the Premises may be a
part, Sublessee shall be solely responsible for the payment of any fee due said person or firm and Sublessee shall hold Sublessor free and harmless against any liability in respect thereto, including attorneys’ fees and costs. 
 23. Choice of Law. 
 This Sublease and the transaction contemplated hereunder shall be governed by and construed in accordance with the laws of the state where the property is located. 
 24. Observance of Law. 
 Sublessee shall not use the Premises or permit anything to be done in or about the Premises which will in any way conflict with any law, statute, ordinance or governmental or environmental rule or
regulation now in force or which may hereafter be enacted or promulgated. Sublessee shall, as its sole cost and expense, promptly comply with all laws, statutes, ordinances and governmental or environmental rules, regulations or requirements now in
force or which may hereafter be in force, and with the requirements of any board of fire insurance underwriters or other similar bodies now or hereafter constituted, relating to, or affecting the condition, use or occupancy of the Premises. The
judgment of any tribunal of competent jurisdiction or the admission of Sublessee in any action against Sublessee, whether Sublessor is a party thereto or not, that Sublessee has violated any law, ordinance or governmental rule, regulation or
requirement, shall be conclusive of that fact as between Sublessor and Sublessee. 
 25. Attorney’s Fees. 

 If either party brings an action to enforce the terms hereof, the prevailing party shall be entitled to receive reasonable
attorney’s fees and court costs from the other party. 
 26. Consents. 
 Notwithstanding anything contained in this Sublease to the contrary, Sublessee shall have no claim, and hereby waives the right to any claim
against Sublessor for money damages by reason of any refusal, withholding or delaying by Sublessor of any consent, approval or statement of satisfaction, and in such event, Sublessee’s only remedies therefor shall be an action for specific
performance, injunction or declaratory judgment to enforce any right to such consent, etc. 
 27. Force Majeure. 

 Sublessor shall have no liability whatsoever to Sublessee on account of (a) the inability or delay of Sublessor in
fulfilling any of Sublessor’s obligations under this Sublease by reason of war, strike, other labor trouble, riots, civil unrest, governmental controls in connection with a national or other public emergency, or shortages of fuel, supplies or
labor resulting therefrom or any other cause, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control; or (b) any failure or defect in the

  

 8 








 
supply, quantity or character of electricity or water furnished to the Premises, by reason of any requirement, act or omission of the public utility or others furnishing the Premises with
electricity or water, or for any reason, whether similar or dissimilar to the above, beyond Sublessor’s reasonable control. If this Sublease specifies a time period for performance of an obligation of Sublessor, that time period shall be
extended by the period of any delay in Sublessor’s performance caused by any of the events of force majeure described above. 
 28. Severability. 
 If any clause or provision of this Sublease is or becomes illegal, invalid, or
unenforceable because of present or future laws or any rule or regulation or any governmental body or entity, effective during its Term, the intention of the parties hereto is that the remaining parts of this Sublease shall not be affected thereby
unless such invalidity is, in the sole determination of Sublessor, essential to the rights of both parties in which event Sublessor has the right to terminate this Sublease on written notice to Sublessee. 
 29. Titles and Headings. 
 The titles and headings of sections of this Sublease are intended for convenience only and shall not in any way affect the meaning or construction of any provision of this Sublease. 
 30. Changes, Waivers, Discharge and Modifications in Writing. 
 No provision of this Sublease may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against
whom enforcement of the change, waiver, discharge or termination is sought. 
 31. Contingencies. 
 Sublessee hereby acknowledges that this Sublease is contingent upon receipt by Sublessor and Sublessee of all necessary consents or
approvals, including, without limitation, Landlord’s Consent to this Sublease. 
 IN WITNESS WHEREOF, the Sublessor
and Sublessee have executed, and Sublessor has consented to, this Sublease as of the day and year first above written. 
  

			
	SUBLESSOR:
	
	Cendant Mortgage Corporation
		
	By:	 	  

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer
	
	SUBLESSEE:
	
	PHH Home Loans, LLC
		
	By:	 	  

	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer


  

 9 








 CONSENT TO SUBLEASE 
 The undersigned is the Landlord in the Master Lease described in the Sublease to which this Consent is appended, and Landlord consents to
the said Sublease without waiver of restrictions, if any, against further assignments and subletting. 
  

			
	iStar Bishops Gate LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  



  

 10 








 Exhibit B 
 MANAGEMENT SERVICES AGREEMENT 
 THIS MANAGEMENT
SERVICES AGREEMENT (“Services Agreement”) effective as of             , 2005 (“Effective Date”), is entered into by and between PHH HOME LOANS, LLC, a limited
liability company formed under Delaware law (the “Company”), and PHH MORTGAGE CORPORATION (“PMC”), a corporation organized under the laws of the State of New Jersey (collectively, the “Parties”). 
 The Parties hereto agree as follows: 
 1. Capitalized Terms. Capitalized terms not otherwise defined in this Services Agreement shall have the meaning described in the Strategic Relationship Agreement, dated as of January 31, 2005
(the “SRA”). 
 2. Representations and Warranties of Company. The Company represents and warrants to PMC that:

 (a) It is duly organized and existing, and in good standing, pursuant to the laws of the State of Delaware; 
 (b) It has the requisite limited liability company authority to enter into this Services Agreement and to perform its obligations hereunder;
and 







 (c) The terms and conditions of this Services Agreement do not violate any provision of its
Certificate of Formation, Operating Agreement or any other agreement to which it is a party. 
 3. Representations and
Warranties of PMC. PMC represents and warrants to the Company that: 
 (a) It is duly organized and existing, and in good
standing, pursuant to the laws of the State of New Jersey; 
 (b) It has the requisite corporate authority to enter into this
Services Agreement and to perform its obligations hereunder; and 
 (c) The terms and conditions of this Services Agreement do
not violate any provision of its Articles of Incorporation, Bylaws or any other agreement to which it is a party. 
 4.
Seasonal Staffing Services. PMC shall provide to the Company the seasonal staffing services described in Exhibit 4.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services
described in Exhibit 4.1 hereto, the Company shall pay to PMC a cash fee calculated and payable in the manner set forth in Exhibit 4.1. 
 5. Product Support Services. PMC shall provide to the Company the product support services described in Exhibit 5.1 attached hereto, on and pursuant to the terms set forth therein. In
consideration for performing the services described in Exhibit 5.1 hereto, the Company shall pay to PMC monthly, in advance, a cash fee calculated as set forth in Exhibit 5.1. 
  

 2 








 6. General Administrative Services. PMC shall provide to the Company the general
administrative services described in Exhibit 6.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 6.1 hereto, the Company shall pay to PMC the cash fee
or cash fees calculated and payable in the manner set forth in Exhibit 6.1. 
 7. IT Administrative Services. PMC
shall provide to the Company the IT administrative services described in Exhibit 7.1 attached hereto, on and pursuant to the terms set forth therein. In consideration for performing the services described in Exhibit 7.1 hereto, the
Company shall pay to PMC monthly, in advance, a cash fee calculated as set forth in Exhibit 7.1. 
 8. Required
Disclosures. The amount, payor and payee of the fees incurred in connection with the product support services pursuant to Exhibit 5.1 shall be described in the Mortgage Loan Disclosures, to the extent required by law. 
 9. Standard of Care. PMC shall perform the services provided pursuant to this Services Agreement with no less degree of care than PMC
or any of its Affiliates exercises in providing such services for its own account or the account of any third party with a similar regulatory profile, provided, that in no event shall PMC exercise a lesser degree of care than that exercised
by PMC prior to the date of the SRA. 
 10. Compliance with Laws. Actions taken or not taken by PMC and its Affiliates,
and all communications made when performing its obligations under this Services Agreement shall comply in all material respects with the requirements of all applicable laws. PMC shall

  

 3 








 
promptly inform the Company in writing of any notices, inquiries or other communications, written or oral, received by PMC or any Affiliate thereof with respect to any material legal,
administrative, arbitral or other proceedings, claims, actions or governmental or regulatory investigations or findings with respect to any of the services provided pursuant to this Services Agreement. 
 11. Records Preservation and Retention. 
 (a) PMC acknowledges that all Mortgage Loan Documents are the property of the Company. PMC shall use its reasonable best efforts to safeguard the Mortgage Loan Documents that it may hold or retain. PMC
may enter into an arrangement with a third party agent to maintain the Mortgage Loan Documents with the reasonable consent of the Company. 
 (b) PMC agrees that it or its agent will hold and be responsible for such Mortgage Loan Documents within a secure and controlled environment to include, but not be limited to, fireproof vaults. PMC agrees
that it or its agent will use its reasonable best efforts to protect such Mortgage Loan Documents from destruction or loss and from the unauthorized divulgence of confidential information. PMC shall, if such Mortgage Loan Documents are lost or
destroyed, replace such Mortgage Loan Documents in all necessary respects. Further, such Mortgage Loan Documents will be maintained under such conditions as to have them readily available for use and examination by the Company, upon its reasonable
request therefor. 
  

 4 








 (c) Upon request by the Company, PMC will forward any and all of the Company’s records
and the Company Mortgage Loan Documents in its possession that the Company reasonably may seek. 
 (d) PMC shall maintain all
such Mortgage Loan Documents and other records relating to the services provided by it hereunder in accordance with all applicable federal, state and local laws and regulations, as well as Mortgage Loan investor and insurer requirements and
reasonable Company requirements, as provided to PMC. 
 12. Right to Audit. The Company and its officers, employees and
agents, including third party attorneys and accountants and auditors shall have full and complete access to PMC’s records and operations at reasonable times to monitor PMC’s performance on behalf of the Company pursuant to this Services
Agreement, and all audit, inspection and review rights that the Cendant Member has with respect to the Company as provided in the Operating Agreement. 
 13. Termination. This Services Agreement shall terminate automatically upon the effective date of any termination of the SRA in accordance with its terms; provided that such termination
shall have no effect on the Parties’ obligations with respect to Mortgage Loans in the process of origination at the time of such termination; and further provided that the representations, warranties and covenants of the Parties
contained herein and the respective obligations of each Party hereunder to indemnify and hold harmless the other Party set forth in Section 14 below shall survive the termination of this Services Agreement (i) for a period of one
(1) year thereafter, in the event of a Cendant Put, a Two Year Put, a Purchase Right transaction, a

  

 5 








 
Special Termination Put or a Non-Renewal Put, or (ii) for a period of five (5) years thereafter, in the event of a PHH Sale, a Two Year PHH Sale or a Non-Renewal PHH Sale. In connection
with any termination contemplated by clause (ii) above, PMC shall deliver to the Company, at the effective time of such termination, any records in its possession as contemplated by Section 11 hereof. 
 14. Indemnification. 
 (a) PMC shall indemnify, hold harmless and defend the Company, its members, directors, officers and employees and its successors and assigns and their members, directors, officers and employees, with
counsel approved by the Company, from and against any and all Losses which the Company or any such parties may incur or be subject to arising out of, relating to, or in connection with (i) any representation of PMC that was not true when made,
(ii) any breach by PMC of its warranties or covenants or the terms and conditions of this Services Agreement, or (iii) any actions or failures to act by PMC or any of its Affiliates in connection with the services provided pursuant to this
Services Agreement that constitute negligence, bad faith or willful misconduct. PMC’s obligation to so indemnify, hold harmless and defend the Company and any such parties shall survive termination of this Services Agreement in accordance with
Section 14. The Company’s right to indemnification, as provided herein, shall be in addition to, and not in lieu of all other rights and remedies it may have under law. 
 (b) The Company shall indemnify, hold harmless and defend PMC, its directors, officers and employees and its successors and assigns and
their directors, officers and

  

 6 








 
employees, with counsel approved by PMC, from and against any and all Losses which PMC or any such parties may incur or be subject to arising out of, relating to or in connection with any
representation made by the Company that was not true when made or any breach by the Company of its warranties or covenants or the terms and conditions of this Services Agreement. The Company’s obligation to so indemnify, hold harmless and
defend PMC and any such parties shall survive termination of this Services Agreement in accordance with Section 14. PMC’s right to indemnification, as provided herein, shall be in addition to, and not in lieu of, all other rights and
remedies it may have under law. 
 15. Cooperation. The Parties acknowledge that the success of their efforts under this
Services Agreement depends on the cooperation of each of them. Accordingly, each of the Parties shall use its best efforts and confer in good faith in an attempt to agree upon any matter hereunder which requires such agreement. 
 16. No Partnership. This Services Agreement is not intended to be, nor shall it be construed to be, the formation of a partnership or
joint venture between the Parties. 
  

 7 








 17. Notices. All notices and statements to be given under this Services Agreement are
to be in writing, delivered by hand, facsimile, overnight mail or similar service, or first class United States mail, postage prepaid and registered or certified with return receipt requested, to the following addresses or facsimile numbers, as
applicable (which addresses and facsimile numbers may be revised by written notice): 
 The Company: 
  

					
		  	PHH Home Loans, LLC
		  	3000 Leadenhall Road
		  	Mt. Laurel, NJ 08054
			
		  	Attention:	 	President
		  	Facsimile:	 	
		
		  	With a copy to:
		
		  	Cendant Real Estate Services Venture Partner, Inc.
		  	1 Campus Drive
		  	Parsippany, NJ 07054
		  	Attention:	 	Eric Bock
		  	Facsimile:	 	
			
	PMC:	  		 	
		
		  	PHH Mortgage Corporation
		  	3000 Leadenhall Road
		  	Mt. Laurel, NJ 08054
			
		  	Attention:	 	President
		  	Facsimile:	 	856-917-6016

 All written notices and statements shall be deemed given, delivered, received and
effective upon personal delivery or receipt of facsimile or telegram, one (1) calendar day after sending by overnight mail or any similar service or five (5) calendar days after mailing by first class United States mail in the manner set
forth above. 
 18. Expenses. PMC shall receive no compensation under the terms of this Services Agreement except as
expressly provided herein. The Company shall, at its sole cost and expense, employ all persons necessary for it to carry out its duties and responsibilities hereunder. All costs and expenses incurred by either Party in connection herewith (including
salaries for their respective personnel and their respective legal fees and expenses) shall be solely the expenses of the Party incurring them. Neither Party shall be obligated to contribute any amount as capital or otherwise to the other.

  

 8 








 19. Amendment. This Services Agreement may be amended and any provision hereof
waived, but only in writing signed by the Party against whom such amendment or waiver is sought to be enforced; provided, however, that any action taken by the Company pursuant to this Section 19 shall be valid only if taken
following receipt of the prior approval of the Company’s Board of Advisors (as defined in the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement. 
 20. Governing Law. THIS SERVICES AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CHOICE OF LAWS RULES THEREOF, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. Any legal suit, action or proceeding against any of the Parties hereto arising out of or
relating to this Services Agreement shall only be instituted in any federal or state court in New York, New York, pursuant to Section 5-1402 of the New York General Obligations Law, and each Party hereby irrevocably submits to the exclusive
jurisdiction of any such court in any such suit, action or proceeding. The Parties hereby agree to venue in such courts and hereby waive, to the fullest extent permitted by law, any claim that any such action or proceeding was brought in an
inconvenient forum. Each of the Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Services Agreement. 
  

 9 








 21. Dispute Resolution. In the event of any disputes under this Services Agreement,
resolution shall occur pursuant to the dispute resolution procedures contained in Section 13.11 of the SRA as if such provision applied to the Parties hereto. 
 22. Severability; Release. The Parties hereto shall not perform, or be expected to perform, any act hereunder that is, or is reasonably believed to be, in violation of any applicable state or
federal rule or regulation. If any provision of this Services Agreement is now or later in violation of any local, state or federal law, then such provision shall be considered null and void for purposes of this Services Agreement with all other
provisions remaining in full force and effect. Each Party expressly releases the other from any liability in the event either of said Parties cannot fulfill any obligation hereunder due to any prohibition under local, state or federal laws
pertaining to such obligation; provided, that the Parties agree to work together to structure an alternative solution for addressing the provisions so found to be in violation. 
 23. Further Assurances. The Parties agree that each will, from time to time, execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered, such amendments and supplements hereto and such further instruments as may be reasonably required or appropriate to further express the intention of the Parties, or to facilitate the performance of this Services
Agreement. 
 24. Section Headings. The headings of the various sections of this Services Agreement have been inserted
for convenience of reference only and shall not be deemed to be a part of this Services Agreement. 
  

 10 








 25. Assignment. PMC may not assign this Services Agreement or any of its rights or
obligations hereunder without the prior express written consent of the Company. The Company may not assign this Services Agreement or any of its rights or obligations hereunder without the prior approval of the Company’s Board of Advisors (as
defined in the Operating Agreement) in accordance with Section 6.3 of the Operating Agreement. 
  

 11 








 IN WITNESS WHEREOF, each of the undersigned Parties has caused this Services Agreement to be
duly executed and delivered by one of its duly authorized officers, all as of the Effective Date. 
  

							
	PHH HOME LOANS, LLC	 	PHH MORTGAGE CORPORATION
				
	By:	 	  
	 	By:	 	  

	Name:	 	Terence W. Edwards	 	Name:	 	Terence W. Edwards
	Title:	 	President and Chief Executive Officer	 	Title:	 	President and Chief Executive Officer

  

 12 








 EXHIBIT 4.1 
 Seasonal Staffing 
 Services: 
 Seasonal Staffing services includes the following services provided by PMC to the Company: 
  

	 	•	 	 Seasonal Staffing for Net One Tele-services – includes phone consultants and additional staff for Loan Processing Center and Document
Review Center – additional staffing will be through PMC employees. 


  

	 	•	 	 As needed and staffing availability permitting, the Company will provide reverse staffing to PMC. 


 Fees: 
  

	 	•	 	 The Company shall pay all *CONFIDENTIAL; plus 


  

	 	•	 	 A fixed fee per week for actual compensation, plus *CONFIDENTIAL. 


  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 13 








 EXHIBIT 5.1 
 Product Support Services 
 Services: 
 Product Support consists of the following services provided by PMC to the Company (whether or not the Company incurs these costs or similar costs directly):

  

	 	•	 	 Loan control and completion (LCC) – post-closing functions here include reconciling the HUD1 received from closing agents to the cash
dispersed on the loan reconciling the tax and insurance escrows if appropriate, the submissions for insurance with HUD for GNMA insured loans and loan pools, certain compliance monitoring activities, verification of recorded deeds and title
insurance policies etc. 


  

	 	•	 	 Pricing – functions here include establishing the rate and fees for the borrowers established at the time of the rate lock commitment based
on then current market conditions and profit expectations, performance of competitive surveys and market data gathering efforts to verify the competitiveness of pricing, determination of price concessions and implementation of concession policies
etc. 


  

	 	•	 	 Loan sales – functions here include the aggregation of loans into pools based on appropriate characteristics, determination of best
execution decisions, gathering loans files, performance of due diligences, and shipping of files, management of GSE agency and mortgage loan investor relationships etc. 


  

	 	•	 	 Product development – functions include development of loan program parameters, program design to comply with investor requirements, design
integration of new programs to company processes, communication of new programs and related requirements etc. 


  

	 	•	 	 Credit risk management – includes providing access to PMC’s automated underwriting systems, monitoring of loan quality, monitoring of
compliance with documentation standards, monitoring performance of loans to assess underwriting and pricing effectiveness etc. 


  

	 	•	 	 Mail print center – includes collection and copying of documents in connection with processing of the Company’s loan applications and
loan closing packages. 


  

	 	•	 	 Operational strategy department – includes development, processing and reporting on client survey results, office of the president for
customer satisfaction and recovery, etc. 


  

	 	•	 	 Mail away program – includes the cost of program to allow borrowers to sign loan documents in the presence of a notary rather than a
closing agent etc. 


  

 14 








 Fees: 
 Fees will be based on the fair value of services provided, based on actual costs incurred by PMC plus a profit margin of *CONFIDENTIAL. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 15 








 EXHIBIT 6.1 
 General Administrative Services 
 Services: 
 General Administrative (non-IT) services includes the following services provided by PMC to the Company (whether or not the Company incurs these costs or
similar costs directly): 
  

	 	•	 	 Accounting and Finance – includes maintenance of the general ledger and related sub ledgers, preparation of financial reports and
management reports, preparation of financial forecasts, staffing models, profitability models, payment of bills, funding of loans, establishment of controls, controls monitoring, determination of sales proceeds, etc. 


  

	 	•	 	 Telecom – includes the cost of telephone systems, staffing for maintenance and call prioritization systems, etc (including the PIMI
systems) 


  

	 	•	 	 Business intelligence – includes development and scheduling of management reporting and client reporting systems, reporting data management
etc. 


  

	 	•	 	 Legal – includes consulting on legal matters etc. 


  

	 	•	 	 Human resources – includes payroll processing or related management, benefits management and participation in benefit plans, hiring-related
matters, training-related matters, etc 


  

	 	•	 	 Public relations – includes event management services, press related matters, etc. 


  

	 	•	 	 Administration – Vendor management, etc 


  

	 	•	 	 Facilities – includes building management, landscaping management, heating, air conditioning, power, growth management, etc.



  

	 	•	 	 Training – development and delivery of training materials etc. 


  

	 	•	 	 Executive – includes an allocation of PHH Corporation executive management and corporate structure, PHH Mortgage executive management and
structure, a portion of Management incentive programs to the extent not allocated to specific functions, etc 


 Fees:

 Fees will be charged based on either (a) a per loan basis or (b) subject to a fixed minimum with a variable component, in
the Cendant Member’s sole discretion. The fees will index annually at a maximum of 3%. 
  

 16 








 EXHIBIT 7.1 
 IT Administrative Services 
 Services: 
  

	 	•	 	 IT Administrative Services include the following: 


  

	 	•	 	 systems operations 


  

	 	•	 	 maintenance of production systems 


  

	 	•	 	 help desk support 


  

	 	•	 	 network support 


  

	 	•	 	 development of enhancements 


  

	 	•	 	 systems interoperability 


  

	 	•	 	 maintenance of websites 


  

	 	•	 	 systems security 


  

	 	•	 	 systems management reporting 


  

	 	•	 	 data management 


  

	 	•	 	 IT vendor management 


  

	 	•	 	 project evaluation and management 


  

	 	•	 	 resource allocations 


  

	 	•	 	 telecom systems and support 


  

	 	•	 	 new systems integration 


  

	 	•	 	 major systems development 


  

	 	•	 	 systems controls 


 Fees: 
 Fees will be a per loan charge based on the fair value of services provided, based on actual costs incurred by
PMC plus a profit margin of *CONFIDENTIAL. The annual growth factor will be the lesser of (i) 3% or (ii) the Consumer Price Index rate at the time of reset. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 17 








 Exhibit C 
 Master Shared Office Space Agreement 
 This
Master Shared Office Space Agreement (“Agreement”) is made as of this      day of             , 2005, by and between NRT Inc., on behalf of its subsidiary
listed on the attached Exhibit “A” (such subsidiary is herein referred to as “NRT”), and PHH Home Loans, LLC (“PHH”). 
 NRT currently occupies numerous locations identified as the “Master Premises” on Exhibit A pursuant to the certain master leases (“Master Leases”) identified on Exhibit A. 

NRT has agreed to lease a portion (the “Premises”) of the Master Premises to PHH, and PHH has agreed to hire and take said
Premises from NRT, pursuant to the terms and conditions set forth on Exhibit A and further pursuant to the following terms and conditions: 
  

	1.	Commencement Date: As set forth on Exhibit A. 

  

	2.	Expiration Date: As set forth on Exhibit A. 

  

	3.	Proportionate Share: As set forth on Exhibit A. 

  

	4.	Base Rent and Additional Rent: As set forth on Exhibit A. 

  

	5.	Utilities: The costs associated with utilities are included in the base rent. PHH shall pay all costs associated with PHH’s telephone usage and information
technology services within thirty (30) days after receipt of invoices for such services. 

  

	6.	Common Areas: During the term of this Agreement, PHH shall have the right to use the Common Areas, which shall be deemed to include, but not be limited to, the
conference room(s), kitchen, bathroom(s), reception area, receptionist’s services and other similar facilities at the Premises. 

  

	7.	Parking: PHH shall have the right to purchase parking spaces at prevailing rates in the parking area available to the Premises, on an as needed basis and as
agreed upon with NRT’s branch manager; provided, however that if NRT has a right to park free of charge, NRT shall provide PHH with 1 parking space free of charge or such greater number of parking spaces as the parties reasonably determine that
PHH would have if PHH leased similar space in the same market from a third party landlord. 

  

	8.	Maintenance, Repairs and Alterations: NRT shall, or shall cause NRT’s landlord to, clean and maintain the Premises and Common Areas in good order and
condition. PHH will be responsible for any and all alterations and for repairs to the Premises resulting from PHH’s negligent or intentional act. All alterations shall be subject to the consent of NRT (which consent shall not be unreasonably
withheld, conditioned or delayed) and to the conditions of the Master Lease. 

  

	9.	Signage: PHH shall have the right to display signs bearing its name and/or the name of its division provided said signs do not conflict with NRT’s signage.
PHH also shall have the right to display a sign within the interior of the Premises that can be seen prominently by persons entering the Premises. All signage must be approved by NRT’s landlord as required by the Master Lease.










	10.	Personal Property and Equipment: PHH may supply any and all of its own personal property reasonably necessary to its business. Further, PHH will install
telephone lines for its telephones, computers and facsimile machines and be responsible for the payment thereof. 

  

	11.	Master Lease Obligations: PHH shall be bound to all covenants, terms and conditions contained in the Master Lease as the same relates to PHH’s occupancy of
the Premises. 

  

	12.	Termination of Master Lease: In the event that during the Term of this Agreement the Master Lease is terminated or comes to an end for any reason, then this
Agreement and any assignments of this Agreement shall terminate on the effective date of such termination of the Master Lease. Notwithstanding the foregoing provisions of this section, if the reason for such termination of the Master Lease shall be
a default on the part of PHH with respect to any of the terms or conditions of this Agreement or of the Master Lease, NRT shall be entitled to recover from PHH as liquidated damages at least an amount equal to the damages which Landlord shall be
entitled to recover from NRT in connection with such termination of the Master Lease. 

  

	13.	Indemnification: Except for the negligent acts, omissions or willful misconduct of NRT (for which NRT shall defend and indemnify PHH), PHH shall defend,
indemnify and hold NRT harmless from and against all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of PHH in the observance or performance of any of its agreements or
obligations under this Agreement, and (b) any injury or damage to any person or property occurring in or on the Premises caused by the acts or omissions of PHH, its agents, employees or contractors. NRT shall defend, indemnify and hold PHH
harmless from and against all costs, expenses, attorneys’ fees, liabilities and damages arising out of (a) any breach or default on the part of NRT in the observance or performance of any of its agreements or obligations under this
Agreement, and (b) any injury or damage to any person or property occurring in the Premises which are caused by the negligent acts, omissions or willful misconduct of NRT. 

  

	14.	Entire Agreement: This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements. No modification of this Agreement shall be binding unless executed in writing by the party to be bound thereby. 

  

	15.	Counterparts: This Agreement may be executed in counterparts and, as so executed, shall constitute one agreement binding upon all parties. This Agreement shall
inure to the benefit of and shall be binding upon the respective successors and assigns of each of the parties. 

  

	16.	Mutual Termination Option: Either PHH or NRT may terminate this Agreement at anytime by providing the other party with ninety (90) days’ advanced
written notice of its intent to so terminate. 








 IN WITNESS WHEREOF, NRT and PHH have executed this Agreement as of the dates set forth
below. 
  

					
	NRT:
	
	NRT, Inc., on behalf of its subsidiary
		
	By:	 	  

	Name:	 	Eric J. Bock	 	Date
	Title:	 	Executive Vice President and Secretary
	
	PHH:
	
	PHH Home Loans, LLC
		
	By:	 	  

	Name:	 	Terence W. Edwards	 	Date
	Title:	 	President and Chief Executive Officer


  







 Exhibit D 
 Small Corps 
 1. Axiom Financial, Inc., a Utah corporation 

2. Hamera Corp. d/b/a First Capital, a California corporation 
 3. LongIsland Mortgage Group, Inc., a New York corporation 
 4. NE Moves Mortgage Corporation, a
Massachusetts corporation 
 5. Preferred Mortgage Group, Inc., a Virginia corporation 
 6. RMR Financial, a California corporation 
 7.
Sunbelt Lending Services, Inc., a Florida corporation 
 8. Burnet Home Loans (a division of PHH Mortgage) 







 Schedule I 
 Initial Capital Contributions 
  

							
	 Member
	  	Initial Capital Contribution	  	Common Interest Percentage	 
	 PHH Broker Partner Corporation
	  	$	250,500	  	50.1	% 
			
	 Cendant Real Estate Services Venture Partner, Inc.
	  	$	249,500	  	49.9	% 








 Schedule II 
 Subsequent Capital Contributions 
  

							
	 Member
	  	 	  	Estimated Value	 
	 PHH Broker Partner Corporation
	  	 1) Businesses of Small Corps (Exhibit D)
	  	$	*CONFIDENTIAL	(a) 
			
		  	 2) Direct assets of Phone-In Move-In channel
	  	 	TBA	  
		  		  	 	 	 
		  	 Total
	  	$	*CONFIDENTIAL	  
			
	 Cendant Real Estate Services Venture Partner Inc.
	  	 1) Exclusive royalty-free license for Coldwell Banker Home Loans and ERA Home Loans
	  	$	*CONFIDENTIAL	(a) 
			
		  	 2) Cash
	  	$	*CONFIDENTIAL	(b) 
		  		  	 	 	 
		  	 Total
	  	$	*CONFIDENTIAL	  

  

	(a)	Based upon preliminary valuations prepared by external valuation firm. These valuations will be updated at the time of the Subsequent Capital Contributions.



	(b)	Actual amount of cash contribution by Cendant Member will be determined based upon the final valuations referenced in (a) above. Common Interest Percentage will be
consistent with Schedule I. 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 








 Schedule 2.2 
 Other Company Names 
 1. ERA Home Loans 
 2. Coldwell Banker Home Loans 
 3. Burnet Home
Loans 







 Schedule 2.10(a) 
 D/B/A, Fictitious Name and Similar Filings 
 to be
made by the Company and its Subsidiaries 
  

							
	 	  	 Coldwell Banker
 Home Loans
	  	 ERA Home Loans
	  	 Burnet Home Loans

	 Alabama
	  		  		  	
	 Alaska
	  		  		  	
	 Arizona
	  	X	  		  	
	 Arkansas
	  		  		  	
	 California- Sacramento County
	  	X	  		  	
	 Colorado
	  	X	  		  	
	 Connecticut
	  	X	  		  	
	 Delaware-New Castle County
	  	X	  	X	  	
	 DC
	  	X	  		  	
	 Florida
	  	X	  		  	
	 Georgia-Gwinnet County
	  	X	  		  	
	 Hawaii
	  		  		  	
	 Idaho
	  		  		  	
	 Illinois
	  	X	  		  	
	 Indiana
	  	X	  		  	X
	 Iowa
	  		  		  	
	 Kansas
	  		  		  	
	 Kentucky
	  	X	  		  	
	 Louisiana
	  	X	  		  	
	 Maine
	  	X	  		  	
	 Maryland
	  	X	  	X	  	
	 Massachusetts-Boston City Clerk
	  	X	  		  	
	 Michigan
	  	X	  		  	
	 Minnesota
	  	X	  		  	X
	 Mississippi
	  		  		  	
	 Missouri
	  	X	  		  	
	 Montana
	  	X	  		  	
	 Nebraska
	  		  		  	
	 Nevada-Carson City Clerk
	  	X	  		  	
	 New Hampshire
	  	X	  		  	
	 New Jersey
	  	X	  	X	  	
	 New Mexico
	  	X	  		  	
	 New York
	  	X	  	X	  	
	 North Carolina
	  		  		  	
	 North Dakota
	  		  		  	
	 Ohio
	  	X	  		  	
	 Oklahoma
	  		  		  	
	 Oregon
	  		  		  	









							
	 Pennsylvania
	  	X	  	X	  	
	 Rhode Island
	  	X	  		  	
	 South Carolina
	  		  		  	
	 South Dakota
	  		  		  	
	 Tennessee
	  		  		  	
	 Texas
	  	X	  		  	
	 Utah
	  	X	  		  	
	 Vermont
	  		  		  	
	 Virginia-Alexandria City
	  	X	  	X	  	
	 Virginia
	  	X	  	X	  	
	 Washington
	  		  		  	
	 West Virginia
	  	X	  		  	
	 Wisconsin
	  		  		  	X
	 Wyoming
	  	X	  		  	








 Schedule 2.11(a) 
 NRT Operating States 
 Georgia 
 Maryland 
 California 
 Illinois 
 Ohio 
 Colorado 
 Connecticut 
 Texas 
 Florida 
 Minnesota 
 Wisconsin 
 New Jersey 
 Pennsylvania 
 Missouri 
 Utah 
 Virginia 
 Maine 
 New Hampshire 
 Massachusetts 
 Rhode Island 
 Delaware 







 Schedule 6.7 
 Initial Officers 
 1. President – Terry Edwards 
 2. Secretary – William F. Brown 







 Schedule 6.10(a)(i) 
 Sample Pricing Survey 
 PHH Analysis - PHH vs. National Lenders

 Assume: *CONFIDENTIAL 
 *CONFIDENTIAL 
 PHH is Better/Lower than the Competition when > *CONFIDENTIAL (+) 
 PHH is Worse/Higher than the Competition when < *CONFIDENTIAL (-) 
  

																							
	 	  	Program L30 – 30-Year Conforming
Fixed	 	 	  	Program L15 – 15-Year Conforming
Fixed	 	 	  	 Combined
Running Win

	Date	  	Wins	  	Out of	  	Weekly Win %	  	Running Win %	 	 	  	Wins	  	Out of	  	Weekly Win %	  	Running Win %	 	 	  	%
	 12/08/04

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 12/15/04

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 12/22/04

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 12/29/04

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 01/05/05

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 01/12/05

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 01/19/05

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  
	 01/26/05

	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	  	*CONFIDENTIAL  	 		  	*CONFIDENTIAL  

  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 








 Schedule 6.10(a)(ii) 
 Reports 
  
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 








 The following is a representative sample. Only portions applicable to JV should be prepared. 







 Senior Leadership Team 
 Monthly Management Report 
 December 2004

 

 
 Entire Document For Internal Use Only 







 

 
 Monthly Management Report 
 Index 
  

			
	 Section
	  	Page
		
	 EXECUTIVE SUMMARY
	  	4
	 TOTAL MORTGAGE
	  	28
	 BRANDS
	  	77
	 CORPORATE CLIENT
	  	98
	 LOGOS
	  	113
	 DOCUMENT REVIEW CENTER
	  	127
	 TRAINEES
	  	135
	 JACKSONVILLE
	  	137
	 CORPORATE SALES
	  	150
	 REAL ESTATE FIELD SALES
	  	155
	 WHOLESALE SALES
	  	172
	 E. PROVIDENCE
	  	177
	 SERVICING
	  	179
	 LOAN CONTROL AND COMPLETION
	  	199
	 SECONDARY MARKETING
	  	204
	 CREDIT RISK MANAGEMENT
	  	214
	 CORRESPONDENT LENDING
	  	219
	 ACCOUNTING/FINANCE
	  	224
	 INFORMATION TECHNOLOGY
	  	227
	 TELECOM
	  	233
	 BUSINESS INTELLIGENCE
	  	235
	 LEGAL
	  	237
	 HUMAN RESOURCES
	  	240
	 TRAINING
	  	254
	 PUBLIC RELATIONS
	  	257
	 ADMINISTRATION
	  	260
	 MAIL/RRC/Print
	  	263
	 FACILITIES
	  	275
	 MARKETING
	  	278
	 E-COMMERCE
	  	281
	 OPERATIONAL STRATEGY
	  	283
	 MAIL AWAY (CSSG)
	  	285
	 SUBSIDIARIES
	  	287

 Entire Document For Internal Use Only 







 Glossary of Terms: 
 Actuals are the results booked in the General Ledgers and statistical databases for the reported period. 
 Budget equals the estimates for the reporting period; In this report, budgeted numbers are equal to those which were submitted in the 2&10 Forecast. The difference between Actual results
and Budgeted results can be divided into two components as described below: Volume Variance and Productivity Variance. 
 Budget Volume
Actuals are generated by replacing budgeted volumes in the original budget model with actual volumes. The resulting numbers represent a “volume actual Budget” for the period, which assumes that actual volumes were known at the time
of Budget creation. 
 Forecast Volume Actuals are generated by replacing forecast volumes in the previous forecast model with
actual volumes. The resulting numbers represent a “volume actual Forecast” for the period, which assumes that actual volumes were known at the time of Forecast creation during the prior month. 
 Productivity Variance is the difference between Volume Actual results and Actual results. It represents that portion of the difference between
Actual results and Budgeted or Forecast results that is attributable solely to changes in drivers and methodology since the Budget or Forecast was developed. 
 Entire Document For Internal Use Only 








 Confidential Treatment 
  

 

 
 EXECUTIVE SUMMARY 
 Commentary – DECEMBER 2004 
 First mortgage leads for the month were under
forecast by 12%. Application dollars were below forecast for prime product by 2%, HELOCs were below forecast by 3%. First mortgage closing dollars were above forecast by 9% and HELOCS were higher by 15%. 
 EBITDA for December was $*CONFIDENTIAL million below forecast. Production revenue was over by $.9MM due to better than forecast loan sales
(10%) and note margins (24%), partially offset by MSR additions which were capitalized at a rate 14% lower than forecast. Loan sales are forecast to decrease 28% in January accompanied by a 25% decrease in realized note margins. Net Servicing
revenue was off forecast by $21 million due to net MSR valuation. 
 EBITDA for the full year is below budget by $*CONFIDENTIAL MM. The current
shortfall is the result of lower Production EBITDA (-$*CONFIDENTIAL MM) due to lower closing volume (-9%) and lower Servicing EBITDA (-$*CONFIDENTIAL MM) resulting from a higher than anticipated net decline in MSR Valuation, lower closing volume and
higher payoff volume; offset by improved capture and retention in mortgage insurance, and lower foreclosure expense. Several unplanned sales of investment securities, HELOCs, and servicing rights on delinquent GNMA loans helped narrow the shortfall
to budget. 
 Headcount for December is 6,016. 
 Net delinquencies for December are *CONFIDENTIAL% of the servicing portfolio, which is down from *CONFIDENTIAL% in December 2003 and *CONFIDENTIAL% in January 2004. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 4 








 Overall Market Statistics – December 2004 
 Treasury rates were lower. The three-month Treasury bill rate fell 1 basis point from prior month end. The 10-year note fell 13 basis points. Through
mid-January, Treasury rates have risen an average of 5 bps. 
  

							
	Treasury Rates	  	Current Month	  	Prior Month	  	Prior Year
				
	 3 Mo T-Bill
	  	2.212	  	2.223	  	0.917
	 10 Yr T-Note
	  	4.218	  	4.349	  	4.246

 Mortgage rates are essentially flat to prior month, but above last year. Through mid-January,
mortgage rates have experienced little change. 
  

							
	Mortgage Rates	  	Current Month	  	Prior Month	  	Prior Year
				
	 30 Yr FRM
	  	5.682	  	5.703	  	5.705
	 15 Yr FRM
	  	5.096	  	5.103	  	5.028
	 1 Yr ARM
	  	4.110	  	4.043	  	3.445

  

 5 








 Application levels for the industry are below prior month, but above prior year. Through mid-January,
refinance is increasing, but purchase activity is decreasing. June 2003 was the highest refinance application month on record with a refinance index reading of 8,100. 
  

							
	Application Index	  	Current Month	  	Prior Month	  	Prior Year
				
	 Total
	  	671.52	  	718.48	  	621.03
	 Purchase
	  	470.40	  	471.73	  	409.68
	 Refi
	  	1841.28	  	2153.93	  	1850.25

 Refinance applications for the industry as a percent of total applications are above prior
month and prior year. 
  

							
	Purch/Refi App Mix	  	Current Month	  	Prior Month	  	Prior Year
				
	 Purchase %
	  	46.62	  	53.02	  	50.44
	 Refi %
	  	53.38	  	46.98	  	49.56
				
	 Cendant Refi Closing %
	  	37.00	  	37.00	  	41.00

  

 6 








 Annual closing forecast from FNMA (prime mortgages) is above the prior month’s forecast for the
full year, but below prior year actual. Cendant’s full year projection increased slightly from the prior forecast. 
  

							
	FY 2004 Closing Dollar Forecast ($B)	  	Current Month	  	Prior Month	  	2003 Actual
				
	 FNMA
	  	2,799	  	2,736	  	3,832
	 Cendant
	  	48.60	  	48.30	  	80.61

 Pipeline – December 2004 
 Leads (prime mortgage) are below prior month, forecast, budget and prior year. 
  

											
	Lead Units	  	 Current
 Month
	  	 Prior
 Month
	  	 Prior Year
 Month
	  	 Forecast
 Month
	  	 Budget
 Month

						
	 1st Mtg
	  	32,308	  	40,595	  	43,512	  	36,584	  	43,980
	 HELOCs
	  	3,975	  	5,236	  	3,774	  	4,900	  	3,437

  

 7 









 Confidential Treatment 
  

 Applications are below prior month, forecast, prior year and budget. 
  

											
	App Units	  	 Current
 Month
	  	 Prior
 Month
	  	 Prior Year
 Month
	  	 Forecast
 Month
	  	 Budget
 Month

						
	 1st Mtg
	  	15,757	  	19,903	  	20,032	  	17,092	  	19,642
	 HELOCs
	  	2,830	  	3,443	  	2,495	  	3,226	  	1,967

 Closings are below prior month, prior year and budget, but above forecast. 
  

											
	Closing Units	  	 Current
 Month
	  	 Prior
 Month
	  	 Prior Year
 Month
	  	 Forecast
 Month
	  	 Budget
 Month

						
	 1st Mtg
	  	15,529	  	16,296	  	20,906	  	14,229	  	18,656
	 HELOCs
	  	3,094	  	3,168	  	2,586	  	2,831	  	2,228

 *CONFIDENTIAL are above prior month, prior year, forecast and budget. 
  

											
	*CONFIDENTIAL	  	 Current
 Month
	  	 Prior
 Month
	  	 Prior Year
 Month
	  	 Forecast
 Month
	  	 Budget
 Month

						
	 Brands
	  	18.1	  	16.2	  	15.8	  	16.2	  	17.6
	 LOGOS
	  	15.6	  	15.1	  	16.2	  	19.0	  	18.3

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 8 









 Confidential Treatment 
  

 Brands penetration rates are as follow (one month lag): 
  

							
	Brands % Penetration	  	 November
 Month
	  	 October
 Month
	  	 Prior Year
 November

				
	 NRT
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL
	 Brands
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL
	 Total
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL

 Service levels (“I would recommend”) are flat to last month at a four-year
high! 
  

							
	IWR %	  	 Current
 Month
	  	 Prior
 Month
	  	 Prior Year
 Month

				
	 Company
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL
	 HELOCS
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 9 








 

 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 10 








 

 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 11 









 Confidential Treatment 
  

 KEY STATISTICS 
 FORECAST 2003/2004 
  

																																														
	 	  	Dec-04
Actual	 	 	Dec-04
Forecast	 	 	Variance
$	 	 	Variance
%	 	 	Full Year
2004	 	 	Full Year
2003	 	 	Full Year
2002	 	 	Variance
$	 	 	Variance
%	 	 	FY Budget
2004	 	 	Variance
$	 	 	Variance
%	 
	 Leads (units):
	  				 				 				 			 				 				 				 				 			 				 				 		
	 *CONFIDENTIAL
	  	 	16,235	  	 	 	18,632	  	 	 	(2,397	) 	 	-12.9	% 	 	 	324,947	  	 	 	381,586	  	 	 	405,284	  	 	 	(23,698	) 	 	-5.8	% 	 	 	382,129	  	 	 	(57,182	) 	 	-17.6	% 
	 *CONFIDENTIAL
	  	 	12,867	  	 	 	14,227	  	 	 	(1,360	) 	 	-9.6	% 	 	 	288,964	  	 	 	541,787	  	 	 	492,573	  	 	 	49,214	  	 	10.0	% 	 	 	366,308	  	 	 	(77,344	) 	 	-26.8	% 
	 *CONFIDENTIAL
	  	 	3,206	  	 	 	3,725	  	 	 	(519	) 	 	-13.9	% 	 	 	70,032	  	 	 	125,267	  	 	 	119,307	  	 	 	5,960	  	 	5.0	% 	 	 	106,787	  	 	 	(36,755	) 	 	-52.5	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	32,308	  	 	 	36,584	  	 	 	(4,276	) 	 	-11.7	% 	 	 	683,943	  	 	 	1,048,640	  	 	 	1,017,164	  	 	 	31,476	  	 	3.1	% 	 	 	855,224	  	 	 	(171,281	) 	 	-25.0	% 
	 *CONFIDENTIAL
	  	 	3,975	  	 	 	4,900	  	 	 	(925	) 	 	-18.9	% 	 	 	78,444	  	 	 	49,034	  	 	 	—  	  	 	 	—  	  	 	0.0	% 	 	 	89,394	  	 	 	(10,950	) 	 	-14.0	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Leads
	  	 	36,283	  	 	 	41,484	  	 	 	(5,201	) 	 	-12.5	% 	 	 	762,387	  	 	 	1,097,674	  	 	 	1,017,164	  	 	 	31,476	  	 	3.1	% 	 	 	944,618	  	 	 	(182,231	) 	 	-23.9	% 
	 Applications (units):
	  				 				 				 			 				 				 				 				 			 				 				 		
	 *CONFIDENTIAL
	  	 	7,942	  	 	 	8,567	  	 	 	(625	) 	 	-7.3	% 	 	 	176,188	  	 	 	288,997	  	 	 	271,033	  	 	 	17,964	  	 	6.6	% 	 	 	221,124	  	 	 	(44,936	) 	 	-25.5	% 
	 *CONFIDENTIAL
	  	 	637	  	 	 	742	  	 	 	(105	) 	 	-14.2	% 	 	 	28,150	  	 	 	54,678	  	 	 	22,336	  	 	 	32,342	  	 	144.8	% 	 	 	30,012	  	 	 	(1,862	) 	 	-6.6	% 
	 *CONFIDENTIAL
	  	 	2,971	  	 	 	3,139	  	 	 	(168	) 	 	-5.4	% 	 	 	55,030	  	 	 	74,896	  	 	 	65,818	  	 	 	9,078	  	 	13.8	% 	 	 	42,778	  	 	 	12,252	  	 	22.3	% 
	 *CONFIDENTIAL
	  	 	2,411	  	 	 	2,677	  	 	 	(266	) 	 	-9.9	% 	 	 	43,624	  	 	 	47,254	  	 	 	39,621	  	 	 	7,633	  	 	19.3	% 	 	 	46,384	  	 	 	(2,760	) 	 	-6.3	% 
	 *CONFIDENTIAL
	  	 	1,796	  	 	 	1,967	  	 	 	(171	) 	 	-8 7	% 	 	 	40,021	  	 	 	73,413	  	 	 	73,388	  	 	 	25	  	 	0.0	% 	 	 	60,492	  	 	 	(20,471	) 	 	-51.1	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,757	  	 	 	17,092	  	 	 	(1,335	) 	 	-7.8	% 	 	 	343,013	  	 	 	539,238	  	 	 	472,196	  	 	 	67,042	  	 	14.2	% 	 	 	400,790	  	 	 	(57,777	) 	 	-16.8	% 
	 *CONFIDENTIAL
	  	 	2,830	  	 	 	3,226	  	 	 	(396	) 	 	-12.3	% 	 	 	53,413	  	 	 	41,241	  	 	 	—  	  	 	 	—  	  	 	0.0	% 	 	 	53,760	  	 	 	(347	) 	 	-0.6	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Apps (units)
	  	 	18,587	  	 	 	20,318	  	 	 	(1,731	) 	 	-8.5	% 	 	 	396,426	  	 	 	580,479	  	 	 	472,196	  	 	 	67,042	  	 	14.2	% 	 	 	454,550	  	 	 	(58,124	) 	 	-14.7	% 
	 Applications ($):
	  				 				 				 			 				 				 				 				 			 				 				 		
	 *CONFIDENTIAL
	  	 	1,347,556	  	 	 	1,373,007	  	 	$	(25,451	) 	 	-1.9	% 	 	$	29,092,405	  	 	 	44,652,399	  	 	 	40,857,344	  	 	$	3,795,055	  	 	9.3	% 	 	 	33,514,395	  	 	 	(4,421,990	) 	 	-15.2	% 
	 *CONFIDENTIAL
	  	 	125,840	  	 	 	152,341	  	 	 	(26,501	) 	 	-17.4	% 	 	 	5,457,929	  	 	 	9,725,976	  	 	 	3,221,124	  	 	 	6,504,852	  	 	201.9	% 	 	 	5,577,187	  	 	 	(119,258	) 	 	-2.2	% 
	 *CONFIDENTIAL
	  	 	575,736	  	 	 	541,227	  	 	 	34,509	  	 	6.4	% 	 	 	9,309,344	  	 	 	11,064,599	  	 	 	9,424,510	  	 	 	1,640,089	  	 	17.4	% 	 	 	6,310,510	  	 	 	2,998,834	  	 	32.2	% 
	 *CONFIDENTIAL
	  	 	669,912	  	 	 	720,789	  	 	 	(50,877	) 	 	-7.1	% 	 	 	11,467,264	  	 	 	11,377,930	  	 	 	9,440,445	  	 	 	1,937,486	  	 	20.5	% 	 	 	10,928,862	  	 	 	538,402	  	 	4.7	% 
	 *CONFIDENTIAL
	  	 	675,555	  	 	 	688,380	  	 	 	(12,826	) 	 	-1.9	% 	 	 	14,698,781	  	 	 	22,952,098	  	 	 	24,968,856	  	 	 	(2,016,758	) 	 	-8.1	% 	 	 	20,469,578	  	 	 	(5,772,797	) 	 	-39.3	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	3,394,599	  	 	$	3,475,745	  	 	$	(81,146	) 	 	-2.3	% 	 	$	70,023,723	  	 	$	99,773,002	  	 	$	87,912,279	  	 	$	11,860,723	  	 	13.5	% 	 	$	76,800,532	  	 	$	(6,776,809	) 	 	-9.7	% 
	 *CONFIDENTIAL
	  	 	334,504	  	 	 	345,583	  	 	$	(11,078	) 	 	-3.2	% 	 	 	5,480,346	  	 	 	4,356,141	  	 	$	0	  	 	$	0	  	 	0.0	% 	 	$	5,271,039	  	 	$	 209,307	  	 	3.8	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Apps
	  	$	3,729,103	  	 	$	3,821,328	  	 	$	(92,225	) 	 	-2.4	% 	 	$	75,504,069	  	 	$	104,129,143	  	 	$	87,912,279	  	 	$	11,860,723	  	 	13.5	% 	 	$	82,071,571	  	 	$	(6,567,502	) 	 	-8.7	% 
	 Closings (units):
	  				 				 				 			 				 				 				 				 			 				 				 		
	 *CONFIDENTIAL
	  	 	7,603	  	 	 	7,037	  	 	 	566	  	 	8.0	% 	 	 	116,755	  	 	 	227,024	  	 	 	173,347	  	 	 	53,677	  	 	31.0	% 	 	 	145,554	  	 	 	(28,799	) 	 	-24.7	% 
	 *CONFIDENTIAL
	  	 	610	  	 	 	603	  	 	 	7	  	 	1.1	% 	 	 	16,847	  	 	 	35,324	  	 	 	10,368	  	 	 	24,956	  	 	240.7	% 	 	 	21,475	  	 	 	(4,628	) 	 	-27.5	% 
	 *CONFIDENTIAL
	  	 	2,755	  	 	 	2,518	  	 	 	237	  	 	9.4	% 	 	 	38,118	  	 	 	60,405	  	 	 	42,043	  	 	 	18,362	  	 	43.7	% 	 	 	28,096	  	 	 	10,022	  	 	26.3	% 
	 *CONFIDENTIAL
	  	 	2,553	  	 	 	2,435	  	 	 	118	  	 	4.8	% 	 	 	35,073	  	 	 	42,001	  	 	 	32,199	  	 	 	9,802	  	 	30.4	% 	 	 	34,982	  	 	 	91	  	 	0.3	% 
	 *CONFIDENTIAL
	  	 	2,008	  	 	 	1,635	  	 	 	373	  	 	22.8	% 	 	 	31,734	  	 	 	71,141	  	 	 	55,044	  	 	 	16,097	  	 	29.2	% 	 	 	46,339	  	 	 	(14,605	) 	 	-46.0	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,529	  	 	 	14,229	  	 	 	1,300	  	 	9.1	% 	 	 	238,527	  	 	 	435,895	  	 	 	313,001	  	 	 	122,894	  	 	39.3	% 	 	 	276,447	  	 	 	(37,920	) 	 	-15.9	% 
	 *CONFIDENTIAL
	  	 	3,094	  	 	 	2,831	  	 	 	263	  	 	9.3	% 	 	 	39,375	  	 	 	31,692	  	 	 	—  	  	 	 	—  	  	 	0.0	% 	 	 	43,202	  	 	 	(3,827	) 	 	-9.7	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closings (units)
	  	 	18,623	  	 	 	17,060	  	 	 	1,563	  	 	9.2	% 	 	 	277,902	  	 	 	467,587	  	 	 	313,001	  	 	 	122,894	  	 	39.3	% 	 	 	319,649	  	 	 	(41,747	) 	 	-15.0	% 
	 Closings ($):
	  				 				 				 			 				 				 				 				 			 				 				 		
	 *CONFIDENTIAL
	  	 	1,277,465	  	 	 	1,152,048	  	 	$	125,417	  	 	10.9	% 	 	$	18,937,331	  	 	 	35,125,673	  	 	 	25,738,538	  	 	$	9,387,134	  	 	36.5	% 	 	 	21,934,612	  	 	 	(2,997,281	) 	 	-15.8	% 
	 *CONFIDENTIAL
	  	 	130,953	  	 	 	117,977	  	 	 	12,976	  	 	11.0	% 	 	 	3,341,295	  	 	 	6,120,948	  	 	 	1,449,329	  	 	 	4,671,620	  	 	322.3	% 	 	 	4,040,864	  	 	 	(699,570	) 	 	-20.9	% 
	 *CONFIDENTIAL
	  	 	494,501	  	 	 	498,967	  	 	 	(4,466	) 	 	-0.9	% 	 	 	6,253,287	  	 	 	8,700,730	  	 	 	5,935,380	  	 	 	2,765,349	  	 	46.6	% 	 	 	4,183,061	  	 	 	2,070,226	  	 	33.1	% 
	 *CONFIDENTIAL
	  	 	663,775	  	 	 	640,968	  	 	 	22,807	  	 	3.6	% 	 	 	8,942,545	  	 	 	9,799,654	  	 	 	7,425,673	  	 	 	2,373,981	  	 	32.0	% 	 	 	8,181,141	  	 	 	761,404	  	 	8.5	% 
	 *CONFIDENTIAL
	  	 	743,713	  	 	 	622,669	  	 	 	121,044	  	 	19.4	% 	 	 	11,100,459	  	 	 	20,861,549	  	 	 	18,731,395	  	 	 	2,130,154	  	 	11.4	% 	 	 	15,556,595	  	 	 	(4,456,136	) 	 	-40.1	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	3,310,407	  	 	$	3,032,629	  	 	$	277,779	  	 	9.2	% 	 	$	48,574,917	  	 	 	80,608,554	  	 	$	59,280,315	  	 	$	21,328,239	  	 	36.0	% 	 	 	53,896,273	  	 	$	(5,321,357	) 	 	-11.0	% 
	 *CONFIDENTIAL
	  	 	346,054	  	 	 	301,017	  	 	$	45,036	  	 	15.0	% 	 	 	3,977,526	  	 	 	3,092,747	  	 	$	0	  	 	$	0	  	 	0.0	% 	 	$	4,126,391	  	 	$	(148,865	) 	 	-3.7	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closings
	  	$	3,656,461	  	 	$	3,333,646	  	 	$	322,815	  	 	9.7	% 	 	$	52,552,443	  	 	 	83,701,301	  	 	$	59,280,315	  	 	$	21,328,239	  	 	36.0	% 	 	$	58,022,664	  	 	$	 (5,470,222	) 	 	-10.4	% 
													
	 Saleable
	  	$	2,247,168	  	 	 	2,058,402	  	 	$	188,766	  	 	9.2	% 	 	$	32,247,680	  	 	$	60,191,252	  	 	$	38,457,537	  	 	$	21,733,715	  	 	56.5	% 	 	$	34,199,285	  	 	$	(1,951,604	) 	 	-6.1	% 
	 Non-Saleable
	  	 	1,409,293	  	 	 	1,275,244	  	 	 	134,049	  	 	10.5	% 	 	 	20,304,762	  	 	 	23,510,049	  	 	 	20,822,778	  	 	 	2,687,271	  	 	12.9	% 	 	 	23,823,380	  	 	 	(3,518,617	) 	 	-17.3	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		  	$	3,656,461	  	 	$	3,333,646	  	 	$	322,815	  	 	9.7	% 	 	$	52,552,443	  	 	$	83,701,301	  	 	$	59,280,315	  	 	$	24,420,986	  	 	41.2	% 	 	$	58,022,664	  	 	$	(5,470,222	) 	 	-10.4	% 
													
	 Closings Refi %
	  	 	37	% 	 	 	19	% 	 	 	17	% 	 	89.5	% 	 	 	37	% 	 	 	60	% 	 	 	52	% 	 	 	9	% 	 	17.0	% 	 	 	24	% 	 	 	13	% 	 	35.1	% 
	 *CONFIDENTIAL
	  	 	18.10	% 	 	 	18.98	% 	 	 	0.88	% 	 	-4.64	% 	 	 	15.45	% 	 	 	16.19	% 	 	 	18.10	% 	 	 	-1.92	% 	 	-10.59	% 	 	 	17.94	% 	 	 	-2.49	% 	 	-16.13	% 
	 *CONFIDENTIAL
	  	 	15.63	% 	 	 	16.21	% 	 	 	-0.58	% 	 	-3.55	% 	 	 	14.75	% 	 	 	15.18	% 	 	 	15.22	% 	 	 	-0.04	% 	 	-0.26	% 	 	 	16.51	% 	 	 	-1.76	% 	 	-11.95	% 
	 Servicing Portfolio
	  				 				 				 			 				 				 				 				 			 				 				 		
													
	 *CONFIDENTIAL
	  	$	142,888,284	  	 	$	142,530,435	  	 	$	357,849	  	 	0.3	% 	 	$	142,888,284	  	 	$	131,965,265	  	 	$	114,073,931	  	 	$	17,891,334	  	 	15.7	% 	 	$	153,922,171	  	 	$	(11,033,887	) 	 	-7.7	% 
	 *CONFIDENTIAL
	  	 	142,755,821	  	 	 	141,585,314	  	 	 	1,170,507	  	 	0.8	% 	 	 	137,880,566	  	 	 	122,828,284	  	 	 	105,781,000	  	 	 	17,047,284	  	 	16.1	% 	 	 	141,092,316	  	 	 	(3,211,749	) 	 	-2.3	% 
	 *CONFIDENTIAL
	  	 	1,607,838	  	 	 	1,713,731	  	 	 	(105,894	) 	 	-6.2	% 	 	 	1,607,838	  	 	 	1,640,589	  	 	 	1,380,004	  	 	 	260,585	  	 	18.9	% 	 	 	1,730,326	  	 	 	(122,487	) 	 	-7.6	% 
	 *CONFIDENTIAL
	  	 	113	  	 	 	120	  	 	 	(8	) 	 	-6.4	% 	 	 	113	  	 	 	124	  	 	 	121	  	 	 	3	  	 	2.8	% 	 	 	112	  	 	 	0	  	 	0.1	% 
	 *CONFIDENTIAL
	  	 	(14,042	) 	 	 	(14,500	) 	 	 	458	  	 	-3.2	% 	 	 	(182,781	) 	 	 	(342,300	) 	 	 	(215,769	) 	 	 	(126,531	) 	 	58.6	% 	 	 	(147,021	) 	 	 	(35,760	) 	 	19.6	% 
	 EBITDA:
	  				 				 				 			 				 				 				 				 			 				 				 		
													
	 *CONFIDENTIAL
	  	$	5,701,480	  	 	$	4,032,657	  	 	$	1,668,824	  	 	41.4	% 	 	$	83,730,405	  	 	$	687,354,619	  	 	$	430,576,491	  	 	$	258,778,128	  	 	59.6	% 	 	$	145,980,402	  	 	$	(62,249,997	) 	 	-74.3	% 
													
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 			 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 			 	 	—  	  	 	 	—  	  	 		
	 *CONFIDENTIAL
	  	 	(11,294,216	) 	 	 	9,901,499	  	 	 	(21,195,714	) 	 	-214.1	% 	 	 	16,148,434	  	 	 	(385,458,049	) 	 	 	(463,167,106	) 	 	 	77,709,057	  	 	16.8	% 	 	 	54,077,801	  	 	 	(37,929,367	) 	 	-234.9	% 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 			 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 			 	 	—  	  	 	 	—  	  	 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total
	  	$	(5,592,735	) 	 	$	13,934,155	  	 	$	(19,526,891	) 	 	-140.1	% 	 	$	99,878,839	  	 	$	301,896,570	  	 	$	(32,590,615	) 	 	$	334,487,185	  	 	1026.3	% 	 	$	200,058,203	  	 	$	(100,179,364	) 	 	-100.3	% 
													
	 *CONFIDENTIAL
	  	$	2,204,779	  	 	$	2,119,977	  	 	$	84,802	  	 	4.0	% 	 	$	29,404,353	  	 	$	51,860,853	  	 	$	34,231,032	  	 	$	17,629,821	  	 	51.5	% 	 	$	31,421,834	  	 	$	(2,017,481	) 	 	-6.9	% 
	 *CONFIDENTIAL
	  	 	227,256	  	 	 	185,695	  	 	 	41,561	  	 	22.4	% 	 	 	2,838,757	  	 	 	7,554,277	  	 	 	3,823,737	  	 	 	3,730,539	  	 	97.6	% 	 	 	3,009,510	  	 	 	(170,753	) 	 	-8.0	% 
	 *CONFIDENTIAL
	  	 	100,757	  	 	 	—  	  	 	 	100,757	  	 			 	 	222,315	  	 	 	105,968	  	 	 	—  	  	 	 	105,968	  	 			 	 	—  	  	 	 	222,315	  	 	100.0	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loans Sold (UPB) - Total
	  	$	2,532,791	  	 	$	2,305,672	  	 	$	227,120	  	 	9.9	% 	 	$	32,465,425	  	 	$	59,521,099	  	 	$	38,054,770	  	 	$	21,466,329	  	 	56.4	% 	 	$	34,431,344	  	 	$	(1,965,919	) 	 	-6.1	% 
													
	 *CONFIDENTIAL
	  	 	114	  	 	 	132	  	 	 	(18	) 	 	-13.4	% 	 	 	125	  	 	 	140	  	 	 	182	  	 	 	(42	) 	 	-23.2	% 	 	 	143	  	 	 	(19	) 	 	-14.8	% 
	 *CONFIDENTIAL
	  	 	11	  	 	 	19	  	 	 	(8	) 	 	-40.0	% 	 	 	13	  	 	 	21	  	 	 	39	  	 	 	(18	) 	 	-45.1	% 	 	 	26	  	 	 	(13	) 	 	-102.7	% 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	126	  	 	 	151	  	 	 	(25	) 	 	-16.8	% 	 	 	138	  	 	 	161	  	 	 	221	  	 	 	(60	) 	 	-27.0	% 	 	 	170	  	 	 	(32	) 	 	-23.1	% 
													
	 Margin (BP)
	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
	 Fee Income (BP)
	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
	 Capitalized Servicing (BP)
	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
	 Gross Prod. Rev. (BP)
	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 15 









 Confidential Treatment 
  

 CENDANT MORTGAGE 
 KEY STATISTICS 
 FORECAST 2004 
  

																																																					
	 	 	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	Total 2004	 
	 Leads (units):
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	26,957	  	 	 	29,031	  	 	 	36,054	  	 	 	33,470	  	 	 	29,107	  	 	 	29,707	  	 	 	27,745	  	 	 	27,543	  	 	 	24,446	  	 	 	24,060	  	 	 	20,592	  	 	 	16,235	  	 	 	324,947	  
	 *CONFIDENTIAL
	 	 	30,501	  	 	 	30,567	  	 	 	40,992	  	 	 	32,180	  	 	 	26,284	  	 	 	24,340	  	 	 	20,449	  	 	 	19,958	  	 	 	18,121	  	 	 	16,781	  	 	 	15,924	  	 	 	12,867	  	 	 	288,964	  
	 *CONFIDENTIAL
	 	 	6,492	  	 	 	7,022	  	 	 	10,753	  	 	 	7,609	  	 	 	6,113	  	 	 	5,925	  	 	 	5,192	  	 	 	4,955	  	 	 	4,512	  	 	 	4,174	  	 	 	4,079	  	 	 	3,206	  	 	 	70,032	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	63,950	  	 	 	66,620	  	 	 	87,799	  	 	 	73,259	  	 	 	61,504	  	 	 	59,972	  	 	 	53,386	  	 	 	52,456	  	 	 	47,079	  	 	 	45,015	  	 	 	40,595	  	 	 	32,308	  	 	 	683,943	  
	 *CONFIDENTIAL
	 	 	7,649	  	 	 	7,127	  	 	 	7,200	  	 	 	6,123	  	 	 	6,610	  	 	 	8,253	  	 	 	6,648	  	 	 	7,515	  	 	 	6,372	  	 	 	5,736	  	 	 	5,236	  	 	 	3,975	  	 	 	78,444	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Leads
	 	 	71,599	  	 	 	73,747	  	 	 	94,999	  	 	 	79,382	  	 	 	68,114	  	 	 	68,225	  	 	 	60,034	  	 	 	59,971	  	 	 	53,451	  	 	 	50,751	  	 	 	45,831	  	 	 	36,283	  	 	 	762,387	  
														
	 Applications (units):
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	15,856	  	 	 	16,586	  	 	 	23,293	  	 	 	18,358	  	 	 	16,336	  	 	 	16,425	  	 	 	13,956	  	 	 	13,758	  	 	 	11,941	  	 	 	11,613	  	 	 	10,124	  	 	 	7,942	  	 	 	176,188	  
	 *CONFIDENTIAL
	 	 	3,031	  	 	 	3,271	  	 	 	4,708	  	 	 	3,570	  	 	 	3,024	  	 	 	3,016	  	 	 	2,257	  	 	 	1,674	  	 	 	1,076	  	 	 	1,040	  	 	 	846	  	 	 	637	  	 	 	28,150	  
	 *CONFIDENTIAL
	 	 	3,657	  	 	 	3,849	  	 	 	7,743	  	 	 	6,258	  	 	 	4,601	  	 	 	5,347	  	 	 	5,389	  	 	 	4,369	  	 	 	3,773	  	 	 	3,472	  	 	 	3,601	  	 	 	2,971	  	 	 	55,030	  
	 *CONFIDENTIAL
	 	 	3,024	  	 	 	3,752	  	 	 	5,523	  	 	 	4,570	  	 	 	3,898	  	 	 	3,985	  	 	 	3,417	  	 	 	3,508	  	 	 	3,315	  	 	 	3,200	  	 	 	3,021	  	 	 	2,411	  	 	 	43,624	  
	 *CONFIDENTIAL
	 	 	3,409	  	 	 	4,131	  	 	 	6,181	  	 	 	4,434	  	 	 	3,460	  	 	 	3,437	  	 	 	3,034	  	 	 	2,879	  	 	 	2,639	  	 	 	2,310	  	 	 	2,311	  	 	 	1,796	  	 	 	40,021	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	28,977	  	 	 	31,589	  	 	 	47,448	  	 	 	37,190	  	 	 	31,319	  	 	 	32,210	  	 	 	28,053	  	 	 	26,188	  	 	 	22,744	  	 	 	21,635	  	 	 	19,903	  	 	 	15,757	  	 	 	343,013	  
	 *CONFIDENTIAL
	 	 	4,095	  	 	 	4,939	  	 	 	5,227	  	 	 	4,745	  	 	 	4,989	  	 	 	5,414	  	 	 	4,480	  	 	 	4,852	  	 	 	4,378	  	 	 	4,021	  	 	 	3,443	  	 	 	2,830	  	 	 	53,413	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Total Apps (units)
	 	 	33,072	  	 	 	36,528	  	 	 	52,675	  	 	 	41,935	  	 	 	36,308	  	 	 	37,624	  	 	 	32,533	  	 	 	31,040	  	 	 	27,122	  	 	 	25,656	  	 	 	23,346	  	 	 	18,587	  	 	 	396,426	  
														
	 Applications ($):
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	$	2,513,232	  	 	$	2,696,357	  	 	$	3,888,425	  	 	$	3,100,199	  	 	$	2,730,458	  	 	$	2,713,001	  	 	$	2,257,460	  	 	$	2,227,559	  	 	$	1,996,974	  	 	$	1,923,738	  	 	$	1,697,444	  	 	$	1,347,556	  	 	$	29,092,405	  
	 *CONFIDENTIAL
	 	 	576,231	  	 	 	625,646	  	 	 	970,261	  	 	 	686,156	  	 	 	597,664	  	 	 	598,259	  	 	 	437,837	  	 	 	300,727	  	 	 	190,318	  	 	 	187,077	  	 	 	161,912	  	 	 	125,840	  	 	 	5,457,829	  
	 *CONFIDENTIAL
	 	 	574,287	  	 	 	598,744	  	 	 	1,273,859	  	 	 	1,029,244	  	 	 	794,111	  	 	 	892,138	  	 	 	890,787	  	 	 	722,107	  	 	 	667,573	  	 	 	622,945	  	 	 	667,814	  	 	 	575,736	  	 	 	9,309,344	  
	 *CONFIDENTIAL
	 	 	755,559	  	 	 	978,821	  	 	 	1,448,245	  	 	 	1,252,443	  	 	 	1,027,633	  	 	 	1,021,889	  	 	 	873,188	  	 	 	879,087	  	 	 	865,281	  	 	 	890,676	  	 	 	604,530	  	 	 	669,912	  	 	 	11,467,264	  
	 *CONFIDENTIAL
	 	 	1,213,846	  	 	 	1,497,261	  	 	 	2,187,111	  	 	 	1,642,244	  	 	 	1,280,772	  	 	 	1,275,365	  	 	 	1,160,398	  	 	 	1,046,605	  	 	 	967,094	  	 	 	866,442	  	 	 	884,088	  	 	 	675,555	  	 	 	14,696,781	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	5,633,154	  	 	$	6,396,830	  	 	$	9,767,901	  	 	$	7,710,287	  	 	$	6,430,639	  	 	$	6,500,652	  	 	$	5,619,670	  	 	$	5,176,084	  	 	$	4,687,241	  	 	$	4,490,878	  	 	$	4,215,788	  	 	$	3,394,599	  	 	$	70,023,723	  
	 *CONFIDENTIAL
	 	 	414,734	  	 	 	497,638	  	 	 	528,825	  	 	 	493,324	  	 	 	487,475	  	 	 	524,815	  	 	 	460,171	  	 	 	495,708	  	 	 	445,035	  	 	 	425,154	  	 	 	371,965	  	 	 	334,504	  	 	 	5,480,346	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Total Apps
	 	$	6,047,888	  	 	$	6,894,467	  	 	$	10,296,726	  	 	$	8,203,611	  	 	$	6,918,114	  	 	$	7,025,466	  	 	$	6,079,841	  	 	$	5,671,792	  	 	$	5,133,276	  	 	$	4,916,032	  	 	$	4,587,752	  	 	$	3,729,103	  	 	$	75,504,069	  
														
	 Closings (units):
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	7,647	  	 	 	8,280	  	 	 	11,759	  	 	 	12,955	  	 	 	13,180	  	 	 	12,322	  	 	 	9,456	  	 	 	9,488	  	 	 	8,075	  	 	 	7,815	  	 	 	8,275	  	 	 	7,603	  	 	 	116,755	  
	 *CONFIDENTIAL
	 	 	1,316	  	 	 	1,329	  	 	 	1,844	  	 	 	2,140	  	 	 	2,099	  	 	 	1,962	  	 	 	1,550	  	 	 	1,424	  	 	 	1,065	  	 	 	826	  	 	 	682	  	 	 	610	  	 	 	16,847	  
	 *CONFIDENTIAL
	 	 	1,872	  	 	 	1,881	  	 	 	2,813	  	 	 	4,165	  	 	 	4,411	  	 	 	4,268	  	 	 	3,306	  	 	 	4,006	  	 	 	3,285	  	 	 	2,711	  	 	 	2,645	  	 	 	2,755	  	 	 	38,118	  
	 *CONFIDENTIAL
	 	 	1,726	  	 	 	2,105	  	 	 	3,268	  	 	 	3,628	  	 	 	3,531	  	 	 	3,741	  	 	 	3,197	  	 	 	3,202	  	 	 	2,710	  	 	 	2,692	  	 	 	2,720	  	 	 	2,553	  	 	 	35,073	  
	 *CONFIDENTIAL
	 	 	2,400	  	 	 	2,225	  	 	 	2,917	  	 	 	3,260	  	 	 	3,862	  	 	 	4,080	  	 	 	2,781	  	 	 	2,358	  	 	 	2,016	  	 	 	1,853	  	 	 	1,974	  	 	 	2,008	  	 	 	31,734	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	14,861	  	 	 	15,820	  	 	 	22,601	  	 	 	26,148	  	 	 	27,083	  	 	 	26,373	  	 	 	20,290	  	 	 	20,478	  	 	 	17,151	  	 	 	15,897	  	 	 	15,296	  	 	 	15,529	  	 	 	238,527	  
	 *CONFIDENTIAL
	 	 	2,307	  	 	 	2,702	  	 	 	3,740	  	 	 	3,795	  	 	 	3,517	  	 	 	3,627	  	 	 	3,271	  	 	 	3,484	  	 	 	3,253	  	 	 	3,417	  	 	 	3,168	  	 	 	3,094	  	 	 	39,375	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Total Closings (units)
	 	 	17,168	  	 	 	18,522	  	 	 	26,341	  	 	 	29,943	  	 	 	30,600	  	 	 	30,000	  	 	 	23,561	  	 	 	23,962	  	 	 	20,404	  	 	 	19,314	  	 	 	19,464	  	 	 	18,623	  	 	 	277,902	  
														
	 Closings ($):
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	$	1,145,529	  	 	$	1,263,906	  	 	$	1,847,786	  	 	$	2,092,266	  	 	$	2,167,817	  	 	$	2,085,130	  	 	$	1,567,916	  	 	$	1,536,210	  	 	$	1,284,162	  	 	$	1,290,720	  	 	$	1,378,424	  	 	$	1,277,465	  	 	$	18,937,331	  
	 *CONFIDENTIAL
	 	 	248,363	  	 	 	255,100	  	 	 	355,143	  	 	 	426,737	  	 	 	440,345	  	 	 	388,872	  	 	 	312,390	  	 	 	285,372	  	 	 	204,575	  	 	 	157,792	  	 	 	135,651	  	 	 	130,953	  	 	 	3,341,295	  
	 *CONFIDENTIAL
	 	 	267,903	  	 	 	291,490	  	 	 	428,771	  	 	 	675,233	  	 	 	727,055	  	 	 	713,896	  	 	 	536,286	  	 	 	648,501	  	 	 	538,661	  	 	 	458,137	  	 	 	472,853	  	 	 	494,501	  	 	 	6,253,287	  
	 *CONFIDENTIAL
	 	 	418,485	  	 	 	532,187	  	 	 	833,997	  	 	 	936,288	  	 	 	944,535	  	 	 	941,972	  	 	 	810,532	  	 	 	805,584	  	 	 	655,919	  	 	 	686,535	  	 	 	712,738	  	 	 	663,775	  	 	 	8,942,545	  
	 *CONFIDENTIAL
	 	 	775,597	  	 	 	756,798	  	 	 	978,149	  	 	 	1,116,640	  	 	 	1,360,834	  	 	 	1,508,915	  	 	 	960,279	  	 	 	832,660	  	 	 	710,309	  	 	 	647,382	  	 	 	689,182	  	 	 	743,713	  	 	 	11,100,459	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	2,855,877	  	 	$	3,099,481	  	 	$	4,443,846	  	 	$	5,247,165	  	 	$	5,660,587	  	 	$	5,638,785	  	 	$	4,187,403	  	 	$	4,108,328	  	 	$	3,393,627	  	 	$	3,240,665	  	 	$	3,388,847	  	 	$	3,310,407	  	 	$	48,574,917	  
	 *CONFIDENTIAL
	 	 	247,992	  	 	 	252,317	  	 	 	351,455	  	 	 	372,979	  	 	 	354,398	  	 	 	358,501	  	 	 	314,542	  	 	 	345,596	  	 	 	336,160	  	 	 	357,224	  	 	 	340,307	  	 	 	346,054	  	 	 	3,977,526	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Total Closings
	 	$	3,103,869	  	 	$	3,351,797	  	 	$	4,795,301	  	 	$	5,620,144	  	 	$	6,014,985	  	 	$	5,997,286	  	 	$	4,501,945	  	 	$	4,453,924	  	 	$	3,729,787	  	 	$	3,597,790	  	 	$	3,729,154	  	 	$	3,656,461	  	 	$	52,552,443	  
														
	 Saleable
	 	$	1,822,185	  	 	$	1,962,448	  	 	$	2,694,822	  	 	$	3,612,684	  	 	$	3,916,923	  	 	$	3,678,130	  	 	$	2,707,005	  	 	$	2,706,407	  	 	$	2,257,758	  	 	$	2,155,495	  	 	$	2,286,655	  	 	$	2,247,168	  	 	$	32,247,680	  
	 Non-Saleable
	 	 	1,281,684	  	 	 	1,389,349	  	 	 	1,900,479	  	 	 	2,007,460	  	 	 	2,098,061	  	 	 	2,319,156	  	 	 	1,794,940	  	 	 	1,747,517	  	 	 	1,472,028	  	 	 	1,442,295	  	 	 	1,442,499	  	 	 	1,409,293	  	 	 	20,304,762	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	3,103,869	  	 	$	3,351,797	  	 	$	4,795,301	  	 	$	5,620,144	  	 	$	6,014,985	  	 	$	5,997,286	  	 	$	4,501,945	  	 	$	4,453,924	  	 	$	3,729,787	  	 	$	3,597,790	  	 	$	3,729,154	  	 	$	3,656,461	  	 	$	52,552,443	  
														
	 Closings Refi %
	 	 	40	% 	 	 	43	% 	 	 	45	% 	 	 	46	% 	 	 	46	% 	 	 	33	% 	 	 	23	% 	 	 	25	% 	 	 	29	% 	 	 	32	% 	 	 	37	% 	 	 	37	% 	 	 	37	% 
	 *CONFIDENTIAL
	 	 	13.0	% 	 	 	13.4	% 	 	 	15.2	% 	 	 	14.1	% 	 	 	14.2	% 	 	 	17.4	% 	 	 	16.8	% 	 	 	17.2	% 	 	 	15.2	% 	 	 	14.5	% 	 	 	16.2	% 	 	 	18.1	% 	 	 	15.4	% 
	 *CONFIDENTIAL
	 	 	12.7	% 	 	 	11.6	% 	 	 	15.2	% 	 	 	15.1	% 	 	 	14.7	% 	 	 	17.1	% 	 	 	16.1	% 	 	 	15.9	% 	 	 	13.9	% 	 	 	14.0	% 	 	 	15.1	% 	 	 	15.6	% 	 	 	14.8	% 
														
	 Servicing Portfolio
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	132,675,074	  	 	 	133,060,048	  	 	 	134,490,134	  	 	 	135,237,386	  	 	 	136,659,314	  	 	 	138,590,408	  	 	 	139,659,275	  	 	 	140,922,899	  	 	 	141,658,302	  	 	 	142,117,616	  	 	 	142,623,357	  	 	 	142,888,284	  	 	 	142,888,284	  
	 *CONFIDENTIAL
	 	 	132,270,169	  	 	 	132,533,462	  	 	 	133,022,630	  	 	 	133,465,581	  	 	 	133,997,870	  	 	 	134,653,947	  	 	 	135,279,613	  	 	 	135,906,645	  	 	 	136,481,810	  	 	 	136,994,156	  	 	 	137,463,257	  	 	 	137,880,566	  	 	 	137,880,566	  
	 *CONFIDENTIAL
	 	 	1,607,838	  	 	 	1,557,559	  	 	 	1,478,046	  	 	 	1,798,200	  	 	 	1,856,159	  	 	 	1,854,661	  	 	 	1,617,563	  	 	 	1,648,925	  	 	 	1,652,726	  	 	 	1,585,586	  	 	 	1,704,476	  	 	 	1,607,838	  	 	 	1,607,838	  
	 *CONFIDENTIAL
	 	 	121	  	 	 	117	  	 	 	110	  	 	 	133	  	 	 	136	  	 	 	134	  	 	 	130	  	 	 	117	  	 	 	117	  	 	 	112	  	 	 	120	  	 	 	113	  	 	 	113	  
	 *CONFIDENTIAL
	 	 	(10,950	) 	 	 	(12,695	) 	 	 	(17,738	) 	 	 	(21,818	) 	 	 	(19,784	) 	 	 	(17,043	) 	 	 	(14,202	) 	 	 	(13,611	) 	 	 	(12,665	) 	 	 	(13,070	) 	 	 	(13,282	) 	 	 	(14,042	) 	 	 	(180,910	) 
														
	 EBITDA:
	 				 				 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	$	(17,245,309	) 	 	$	1,501,980	  	 	$	1,647,784	  	 	$	35,819,692	  	 	$	23,243,035	  	 	$	36,985,442	  	 	$	(13,202,436	) 	 	$	(819,355	) 	 	$	13,478,624	  	 	$	(12,609,751	) 	 	$	9,229,218	  	 	$	5,701,480	  	 	$	83,730,405	  
	 *CONFIDENTIAL
	 	 	12,255,335	  	 	 	8,776,151	  	 	 	(5,846,210	) 	 	 	4,923,212	  	 	 	(12,240,391	) 	 	 	(30,351,142	) 	 	 	7,593,828	  	 	 	8,761,757	  	 	 	12,797,339	  	 	 	9,739,112	  	 	 	11,033,659	  	 	 	(11,294,216	) 	 	 	16,148,434	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	   Total
	 	$	(4,989,974	) 	 	$	10,278,131	  	 	$	(4,198,426	) 	 	$	40,742,904	  	 	$	11,002,644	  	 	$	6,634,300	  	 	$	(5,608,608	) 	 	$	7,942,402	  	 	$	26,275,962	  	 	$	(2,870,638	) 	 	$	20,262,877	  	 	$	(5,592,735	) 	 	$	99,878,839	  
														
	 *CONFIDENTIAL
	 	$	1,900,557	  	 	$	1,816,856	  	 	$	2,360,398	  	 	$	2,756,771	  	 	$	3,176,753	  	 	$	3,371,314	  	 	$	2,743,918	  	 	$	2,690,582	  	 	$	2,522,444	  	 	$	1,833,430	  	 	$	2,026,552	  	 	$	2,204,779	  	 	$	29,404,353	  
	 *CONFIDENTIAL
	 	 	260,080	  	 	 	131,891	  	 	 	132,640	  	 	 	257,463	  	 	 	359,611	  	 	 	450,487	  	 	 	316,782	  	 	 	194,800	  	 	 	162,730	  	 	 	152,342	  	 	 	172,676	  	 	 	227,256	  	 	 	2,838,757	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	35,133	  	 	 	—  	  	 	 	—  	  	 	 	22,733	  	 	 	—  	  	 	 	—  	  	 	 	34,513	  	 	 	29,179	  	 	 	—  	  	 	 	100,757	  	 	 	222,315	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Loans Sold (UPB) - Total
	 	$	2,160,637	  	 	$	1,948,746	  	 	$	2,528,170	  	 	$	3,014,234	  	 	$	3,536,364	  	 	$	3,844,634	  	 	$	3,060,700	  	 	$	2,885,381	  	 	$	2,739,687	  	 	$	2,014,951	  	 	$	2,199,229	  	 	$	2,532,791	  	 	$	32,465,425	  
	 *CONFIDENTIAL
	 	 	124	  	 	 	116	  	 	 	119	  	 	 	146	  	 	 	148	  	 	 	135	  	 	 	124	  	 	 	108	  	 	 	113	  	 	 	109	  	 	 	122	  	 	 	114	  	 	 	125	  
	 *CONFIDENTIAL
	 	 	16	  	 	 	14	  	 	 	18	  	 	 	19	  	 	 	16	  	 	 	10	  	 	 	8	  	 	 	10	  	 	 	9	  	 	 	12	  	 	 	13	  	 	 	11	  	 	 	13	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	140	  	 	 	131	  	 	 	137	  	 	 	165	  	 	 	164	  	 	 	145	  	 	 	132	  	 	 	118	  	 	 	122	  	 	 	121	  	 	 	135	  	 	 	126	  	 	 	138	  
														
	 Margin (BP)
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 
	*CONFIDENTIAL
	  
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  
	 Fee Income (BP)
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  
	 Capitalized Servicing (BP)
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  
	 Gross Prod. Rev. (BP)
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 
	*CONFIDENTIAL
	  
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 16 









 Confidential Treatment 
  

 

 
 December 2004 Volume Analysis 
  

																											
	 	  	2004	  	2003	  	Budget	  	Forecast	  	2004 YTD	  	2003 YTD	  	Variance vs.
2003	 	 	Variance vs.
Budget	 	 	Variance vs.
Forecast	 	 	Variance vs.
2003 YTD	 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	9,663	  	10,725	  	11,061	  	11,034	  	194,669	  	210,512	  	-9.90	% 	 	-12.64	% 	 	-12.43	% 	 	-7.53	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	17	  	44	  	24	  	21	  	454	  	653	  	-61.36	% 	 	-30.05	% 	 	-17.58	% 	 	-30.47	% 	 	
	 *CONFIDENTIAL
	  	621	  	829	  	915	  	710	  	13,806	  	17,340	  	-25.09	% 	 	-32.10	% 	 	-12.49	% 	 	-20.38	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	4,839	  	5,365	  	6,189	  	5,966	  	99,097	  	112,304	  	-9.80	% 	 	-21.81	% 	 	-18.89	% 	 	-11.76	% 	 	
	 *CONFIDENTIAL
	  	323	  	1,930	  	1	  	401	  	17,769	  	62,812	  	-83,26	% 	 	40275.00	% 	 	-19.41	% 	 	-71.71	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	2,043	  	2,362	  	2,492	  	2,277	  	31,912	  	34,839	  	-13.51	% 	 	-18.02	% 	 	-10.28	% 	 	-8.40	% 	 	
	 *CONFIDENTIAL
	  	1	  	1	  	—  	  	—  	  	14	  	17	  	0.00	% 	 			 			 	-17.65	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	704	  	661	  	1,198	  	972	  	13,570	  	11,775	  	6.51	% 	 	-41.22	% 	 	-27.54	% 	 	15.24	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	1,673	  	2,151	  	3,373	  	2,295	  	37,773	  	38,740	  	-22.22	% 	 	-50.40	% 	 	-27.11	% 	 	-2.50	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	143	  	1,338	  	—  	  	195	  	17,646	  	26,253	  	-89.31	% 	 			 	-26.67	% 	 	-32.78	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	2,437	  	2,514	  	8,469	  	2,864	  	47,352	  	47,381	  	-3.06	% 	 	-71.23	% 	 	-14.91	% 	 	-0.06	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	967	  	1,030	  	1,044	  	1,436	  	17,724	  	17,161	  	-6.12	% 	 	-7.36	% 	 	-32.66	% 	 	3.28	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	358	  	490	  	1,386	  	456	  	10,545	  	12,601	  	-26.94	% 	 	-74.17	% 	 	-21.41	% 	 	-16.32	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	526	  	—  	  	—  	  	540	  	2,088	  	11	  			 			 	-2.59	% 	 	18881.82	% 	 	
	 *CONFIDENTIAL
	  	84	  	860	  	617	  	440	  	10,535	  	15,577	  	-90.23	% 	 	-86.39	% 	 	-80.91	% 	 	-32.37	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	124	  	377	  	354	  	124	  	4,281	  	6,728	  	-67.11	% 	 	-64.95	% 	 	0.00	% 	 	-36.37	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	11	  	—  	  	—  	  	35	  	796	  	—  	  			 			 	-68.21	% 	 			 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Purchase Leads
	  	24,534	  	30,677	  	37,122	  	29,764	  	520,031	  	614,704	  	-20.02	% 	 	-33.91	% 	 	-17.57	% 	 	-15.40	% 	 	
	 Refi Leads
	  	7,774	  	12,835	  	9,904	  	6,820	  	163,912	  	433,936	  	-39.43	% 	 	-21.51	% 	 	13.99	% 	 	-62.23	% 	 	
	 HELOC Leads
	  	3,975	  	3,774	  	4,687	  	4,900	  	78,444	  	49,034	  	5.33	% 	 	-15.20	% 	 	-18.88	% 	 	59.98	% 	 	*CONFIDENTIAL
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Leads
	  	36,283	  	47,286	  	51,713	  	41,484	  	762,387	  	1,097,674	  	-23.27	% 	 	-29.84	% 	 	-12.54	% 	 	-30.55	% 	 	*CONFIDENTIAL
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 CLOSINGS $ - Total
	  	2004	  	2003	  	Budget	  	Forecast	  	2004 YTD	  	2003 YTD	  	Variance vs.
2003	 	 	Variance vs.
Budget	 	 	Variance vs.
Forecast	 	 	Variance vs.
2003 YTD	 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	238,602	  	245,935	  	316,833	  	266,713	  	3,343,452	  	3,678,910	  	-2.98	% 	 	-24.69	% 	 	-10.54	% 	 	-9.12	% 	 	
	 *CONFIDENTIAL
	  	365	  	1,036	  	861	  	453	  	3,044	  	6,018	  	-64.76	% 	 	-57.61	% 	 	-19.45	% 	 	-49.41	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	21,033	  	19,877	  	25,815	  	19,335	  	299,085	  	281,326	  	5.82	% 	 	-18.52	% 	 	8.78	% 	 	6.31	% 	 	
	 *CONFIDENTIAL
	  	224,217	  	230,984	  	302,927	  	240,990	  	3,115,137	  	3,602,155	  	-2.93	% 	 	-25.98	% 	 	-6.96	% 	 	-13.52	% 	 	
	 *CONFIDENTIAL
	  	12,226	  	105,106	  	7,234	  	14,299	  	681,882	  	2,281,501	  	-88.37	% 	 	69.00	% 	 	-14.49	% 	 	-70.11	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	181,411	  	175,981	  	187,310	  	191,817	  	2,221,408	  	2,203,684	  	3.09	% 	 	-3.15	% 	 	-5.42	% 	 	0.80	% 	 	
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  			 			 			 			 	
	 *CONFIDENTIAL
	  	32,309	  	39,909	  	88,858	  	34,564	  	512,849	  	348,838	  	-19.04	% 	 	-63.64	% 	 	-6.52	% 	 	47.02	% 	 	
	 *CONFIDENTIAL
	  	350,648	  	391,594	  	790,873	  	498,072	  	5,117,721	  	4,875,131	  	-10.46	% 	 	-55.66	% 	 	-29.60	% 	 	4.98	% 	 	
	 *CONFIDENTIAL
	  	9,858	  	42,088	  	—  	  	12,261	  	395,660	  	514,974	  	-76.58	% 	 			 	-19.60	% 	 	-23.17	% 	 	
	 *CONFIDENTIAL
	  	48,079	  	56,635	  	338,411	  	63,128	  	655,852	  	666,291	  	-15.11	% 	 	-85.79	% 	 	-23.84	% 	 	-1.57	% 	 	
	 *CONFIDENTIAL
	  	50,125	  	50,018	  	54,577	  	60,745	  	669,508	  	623,994	  	0.21	% 	 	-8.16	% 	 	-17.48	% 	 	7.29	% 	 	
	 *CONFIDENTIAL
	  	32,118	  	25,722	  	80,822	  	31,913	  	377,094	  	360,903	  	24.87	% 	 	-60.26	% 	 	0.64	% 	 	4.49	% 	 	
	 *CONFIDENTIAL
	  	13,682	  	—  	  	—  	  	9,613	  	35,406	  	920	  			 			 	42.32	% 	 	3748.12	% 	 	
	 *CONFIDENTIAL
	  	3,159	  	4,814	  	7,409	  	2,394	  	73,700	  	81,107	  	-34.39	% 	 	-57.37	% 	 	31.95	% 	 	-9.13	% 	 	
	 *CONFIDENTIAL
	  	258	  	—  	  	—  	  	880	  	7,814	  	—  	  			 			 	-70.69	% 	 			 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	1,218,091	  	1,389,697	  	2,201,929	  	1,447,176	  	17,509,612	  	19,525,753	  	-12.35	% 	 	-44.68	% 	 	-15.83	% 	 	-10.33	% 	 	
	 *CONFIDENTIAL
	  	—  	  		  	—  	  	—  	  	—  	  	—  	  			 			 			 			 	
	 *CONFIDENTIAL
	  	770,305	  	1,130,680	  	302,737	  	304,462	  	11,706,000	  	34,312,750	  	-31.87	% 	 	154.45	% 	 	153.01	% 	 	-65.88	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	1,988,396	  	2,520,377	  	2,504,666	  	1,751,638	  	29,215,613	  	53,838,503	  	-21.11	% 	 	-20.61	% 	 	13.52	% 	 	-45.73	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 *CONFIDENTIAL
	  	515,970	  	518,740	  	607,764	  	554,920	  	7,233,393	  	6,722,001	  	-0.53	% 	 	-15.10	% 	 	-7.02	% 	 	7.61	% 	 	
	 *CONFIDENTIAL
	  	8,275	  	109,927	  	—  	  	10,457	  	987,975	  	1,471,700	  	-92.47	% 	 			 	-20.87	% 	 	-32.87	% 	 	
	 *CONFIDENTIAL
	  	26,145	  	21,295	  	46,281	  	31,171	  	280,413	  	100,265	  	22.77	% 	 	-43.51	% 	 	-16.12	% 	 	179.67	% 	 	
	 *CONFIDENTIAL
	  	21,946	  	44,340	  	45,368	  	20,639	  	408,457	  	302,785	  	-50.51	% 	 	-51.63	% 	 	6.33	% 	 	34.90	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	572,335	  	694,302	  	699,413	  	617,188	  	8,910,238	  	8,596,752	  	-17.57	% 	 	-18.17	% 	 	-7.27	% 	 	3.65	% 	 	
	 *CONFIDENTIAL
	  	222,393	  	278,590	  	106,496	  	118,537	  	3,373,602	  	7,323,851	  	-20.17	% 	 	108.83	% 	 	87.61	% 	 	-53.94	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	794,727	  	972,892	  	805,909	  	735,724	  	12,283,839	  	15,920,603	  	-18.31	% 	 	-1.39	% 	 	8.02	% 	 	-22.84	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 *CONFIDENTIAL
	  	196,699	  	110,920	  	98,575	  	176,915	  	2,035,733	  	1,699,074	  	77.33	% 	 	99.54	% 	 	11.18	% 	 	19.81	% 	 	
	 *CONFIDENTIAL
	  	82,909	  	116,759	  	95,128	  	162,810	  	1,794,134	  	1,196,866	  	-28.99	% 	 	-12.85	% 	 	-49.08	% 	 	49.90	% 	 	
	 *CONFIDENTIAL
	  	18,358	  	95,592	  	255,681	  	17,356	  	481,422	  	925,898	  	-80.79	% 	 	-92.82	% 	 	5.78	% 	 	-48.00	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	297,967	  	323,271	  	449,385	  	357,081	  	4,311,289	  	3,821,838	  	-7.83	% 	 	-33.69	% 	 	-16.55	% 	 	12.81	% 	 	
	 *CONFIDENTIAL
	  	229,317	  	240,642	  	112,346	  	164,965	  	2,764,175	  	7,027,610	  	-4.71	% 	 	104.12	% 	 	39.01	% 	 	-60.67	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	527,284	  	563,913	  	561,731	  	522,047	  	7,075,464	  	10,849,448	  	-6.50	% 	 	-6.13	% 	 	1.00	% 	 	-34.79	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Purchase Closings
	  	2,088,392	  	2,407,270	  	3,350,727	  	2,421,445	  	30,731,139	  	31,944,343	  	-13.25	% 	 	-37.67	% 	 	-13.75	% 	 	-3.80	% 	 	
	 Total Refi Closings
	  	1,222,015	  	1,649,912	  	521,580	  	587,964	  	17,843,777	  	48,664,211	  	-25.93	% 	 	134.29	% 	 	107.84	% 	 	-63.33	% 	 	
	 Total HELOC Closings
	  	346,054	  	278,893	  	336,679	  	301,017	  	3,977,526	  	3,092,747	  	24.08	% 	 	2.78	% 	 	14.96	% 	 	28.61	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Grand Total ($)
	  	3,656,461	  	4,336,075	  	4,208,985	  	3,310,426	  	52,552,443	  	83,701,301	  	-15.67	% 	 	-13.13	% 	 	10.45	% 	 	-37.21	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 17 









 Confidential Treatment 
  

 

 
 December 2004 Volume Analysis 
  

																											
	 Refl Leads:
	  	2004	  	2003	  	Budget	  	Forecast	  	2004 YTD	  	2003 YTD	  	Variance vs.
2003	 	 	Variance vs.
Budget	 	 	Variance vs.
Forecast	 	 	Variance vs.
2003 YTD	 	 	 
	 *CONFIDENTIAL
	  	570	  	593	  	582	  	581	  	9,168	  	19,993	  	-3.88	% 	 	-2.09	% 	 	-1.85	% 	 	-54.14	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	2	  	4	  	8	  	7	  	53	  	41	  	-50.00	% 	 	-75.31	% 	 	-70.91	% 	 	29.27	% 	 	
	 *CONFIDENTIAL
	  	90	  	112	  	48	  	37	  	1,503	  	3,377	  	-19.64	% 	 	86.98	% 	 	140.96	% 	 	-55.49	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	463	  	463	  	331	  	317	  	7,059	  	18,607	  	0.00	% 	 	39.76	% 	 	46.23	% 	 	-62.06	% 	 	
	 *CONFIDENTIAL
	  	159	  	1,396	  	0	  	100	  	13,270	  	51,875	  	-88.61	% 	 	79400.00	% 	 	58.68	% 	 	-74.42	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	47	  	45	  	—  	  	23	  	884	  	3,395	  	4.44	% 	 			 	104.35	% 	 	-73.96	% 	 	
	 *CONFIDENTIAL
	  	1	  	—  	  	—  	  	—  	  	3	  	14	  			 			 			 	-78.57	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	690	  	547	  	798	  	595	  	10,628	  	25,514	  	26.14	% 	 	-13.58	% 	 	15.88	% 	 	-58.34	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	1,533	  	2,087	  	3,288	  	1,430	  	32,259	  	86,527	  	-26.55	% 	 	-53.38	% 	 	7.23	% 	 	-62.72	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	86	  	791	  	—  	  	105	  	10,589	  	40,917	  	-89.13	% 	 			 	-18.10	% 	 	-74.12	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	1,284	  	1,589	  	2,498	  	1,243	  	24,538	  	62,152	  	-19.19	% 	 	-48.60	% 	 	3.30	% 	 	-60.52	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	1,926	  	4,247	  	1,044	  	1,934	  	35,817	  	78,513	  	-54.65	% 	 	84.51	% 	 	-0.41	% 	 	-54.38	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	350	  	618	  	890	  	295	  	14,113	  	35,455	  	-43.37	% 	 	-60.66	% 	 	18.85	% 	 	-60.19	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  			 			 			 			 	
	 *CONFIDENTIAL
	  	516	  	164	  	265	  	110	  	2,398	  	3,184	  	214.63	% 	 	95.03	% 	 	369.09	% 	 	-24.69	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	40	  	179	  	152	  	31	  	1,210	  	4,372	  	-77.65	% 	 	-73.62	% 	 	29.03	% 	 	-72.32	% 	 	
	 *CONFIDENTIAL
	  	17	  	—  	  		  	12	  	420	  		  			 			 	37.10	% 	 			 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Refi Leads
	  	7,774	  	12,835	  	9,904	  	6,820	  	163,912	  	433,936	  	-39.43	% 	 	-21.51	% 	 	13.99	% 	 	-62.23	% 	 	*CONFIDENTIAL
	 Purchase Leads
	  	24,534	  	30,677	  	37,122	  	29,764	  	520,031	  	614,704	  	-20.02	% 	 	-33.91	% 	 	-17.57	% 	 	-15.40	% 	 	
	 HELOC Leads
	  	3,975	  	3,774	  	4,687	  	4,900	  	78,444	  	49,034	  	5.33	% 	 	-15.20	% 	 	-18.88	% 	 	59.98	% 	 	*CONFIDENTIAL
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Leads
	  	36,283	  	47,286	  	51,713	  	41,484	  	762,387	  	1,097,674	  	-23.27	% 	 	-29.84	% 	 	-12.54	% 	 	-30.55	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 CLOSING $ - Total
	  	2004	  	2003	  	Budget	  	Forecast	  	2004 YTD	  	2003 YTD	  	Variance vs.
2003	 	 	Variance vs.
Budget	 	 	Variance vs.
Forecast	 	 	Variance vs.
2003 YTD	 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	32,385	  	23,240	  	8,124	  	7,343	  	368,989	  	856,556	  	39.35	% 	 	298.64	% 	 	341.07	% 	 	-56.92	% 	 	
	 *CONFIDENTIAL
	  	—  	  	—  	  	96	  	50	  	1,613	  	271	  			 	-100.00	% 	 	-100.00	% 	 	495.01	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	2,739	  	3,638	  	720	  	515	  	55,064	  	123,361	  	-24.69	% 	 	280.74	% 	 	432.37	% 	 	-55.36	% 	 	
	 *CONFIDENTIAL
	  	33,262	  	31,074	  	7,830	  	6,208	  	416,826	  	1,361,426	  	7.04	% 	 	324.82	% 	 	435.78	% 	 	-69.38	% 	 	
	 *CONFIDENTIAL
	  	7,468	  	106,272	  	185	  	3,575	  	853,357	  	4,448,615	  	-92.97	% 	 	3926.07	% 	 	108.92	% 	 	-80.82	% 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	3,830	  	6,547	  	941	  	1,938	  	38,562	  	215,302	  	-41.49	% 	 	306.94	% 	 	97.69	% 	 	-82.09	% 	 	
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  			 			 			 			 	
	 *CONFIDENTIAL
	  	43,999	  	57,874	  	9,873	  	23,043	  	556,928	  	1,328,747	  	-23.97	% 	 	345.65	% 	 	90.95	% 	 	-58.09	% 	 	
	 *CONFIDENTIAL
	  	360,282	  	545,079	  	197,718	  	101,517	  	5,160,560	  	13,837,699	  	-33.90	% 	 	82.22	% 	 	254.90	% 	 	-62.71	% 	 	
	 *CONFIDENTIAL
	  	13,628	  	44,933	  	—  	  	6,602	  	503,993	  	2,249,074	  	-69.67	% 	 			 	106.42	% 	 	-77.59	% 	 	
	 *CONFIDENTIAL
	  	63,795	  	83,178	  	44,057	  	30,119	  	799,935	  	2,359,909	  	-23.30	% 	 	44.80	% 	 	111.81	% 	 	-66.10	% 	 	
	 *CONFIDENTIAL
	  	153,931	  	157,601	  	23,390	  	101,860	  	2,092,078	  	5,140,866	  	-2.33	% 	 	558.11	% 	 	51.12	% 	 	-59.30	% 	 	
	 *CONFIDENTIAL
	  	50,863	  	64,861	  	8,980	  	20,906	  	798,880	  	2,280,089	  	-21.58	% 	 	466.38	% 	 	143.29	% 	 	-64.96	% 	 	
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  			 			 			 			 	
	 *CONFIDENTIAL
	  	3,601	  	6,382	  	823	  	494	  	41,962	  	110,834	  	-43.58	% 	 	337.45	% 	 	628.93	% 	 	-62.14	% 	 	
	 *CONFIDENTIAL
	  	520	  	—  	  	—  	  	292	  	17,253	  	—  	  			 			 	77.83	% 	 			 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	770,305	  	1,130,680	  	302,737	  	304,462	  	11,706,000	  	34,312,750	  	-31.87	% 	 	154.45	% 	 	153.01	% 	 	-65.88	% 	 	
	 *CONFIDENTIAL
	  	1,218,091	  	1,389,697	  	2,201,929	  	1,447,176	  	17,509,612	  	19,525,753	  	-12.35	% 	 	-44.68	% 	 	-15.83	% 	 	-10.33	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	1,988,396	  	2,520,377	  	2,504,666	  	1,751,638	  	29,215,613	  	53,838,503	  	-21.11	% 	 	-20.61	% 	 	13.52	% 	 	-45.73	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 *CONFIDENTIAL
	  	193,085	  	160,777	  	96,359	  	106,648	  	2,343,862	  	4,103,132	  	20.09	% 	 	100.38	% 	 	81.05	% 	 	-42.88	% 	 	
	 *CONFIDENTIAL
	  	1,328	  	73,865	  		  	3,486	  	630,633	  	2,418,603	  	-98.20	% 	 			 	-61.89	% 	 	-73.93	% 	 	
	 *CONFIDENTIAL
	  	18,632	  	15,045	  	5,142	  	3,955	  	211,219	  	210,854	  	23.84	% 	 	262.32	% 	 	371.07	% 	 	0.17	% 	 	
	 *CONFIDENTIAL
	  	9,348	  	28,903	  	4,995	  	4,448	  	187,888	  	591,262	  	-67.66	% 	 	87.13	% 	 	110.17	% 	 	-68.22	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	222,393	  	278,590	  	106,496	  	118,537	  	3,373,602	  	7,323,851	  	-20.17	% 	 	108.83	% 	 	87.61	% 	 	-53.94	% 	 	
	 *CONFIDENTIAL
	  	572,335	  	694,302	  	699,413	  	617,188	  	8,910,238	  	8,596,752	  	-17.57	% 	 	-18.17	% 	 	-7.27	% 	 	3.65	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	794,727	  	972,892	  	805,909	  	735,724	  	12,283,839	  	15,920,603	  	-18.31	% 	 	-1.39	% 	 	8.02	% 	 	-22.84	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
												
	 *CONFIDENTIAL
	  	91,529	  	46,652	  	24,644	  	44,229	  	904,735	  	1,857,201	  	96.20	% 	 	271.41	% 	 	106.94	% 	 	-51.29	% 	 	
	 *CONFIDENTIAL
	  	123,364	  	126,434	  	23,782	  	115,013	  	1,518,685	  	3,947,588	  	-2.43	% 	 	418.72	% 	 	7.26	% 	 	-61.53	% 	 	
	 *CONFIDENTIAL
	  	14,425	  	67,555	  	63,920	  	5,724	  	340,755	  	1,222,821	  	-78.65	% 	 	-77.43	% 	 	152.01	% 	 	-72.13	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	229,317	  	240,642	  	112,346	  	164,965	  	2,764,175	  	7,027,610	  	-4.71	% 	 	104.12	% 	 	39.01	% 	 	-60.67	% 	 	
	 *CONFIDENTIAL
	  	297,967	  	323,271	  	449,385	  	357,081	  	4,311,289	  	3,821,838	  	-7.83	% 	 	-33.69	% 	 	-16.55	% 	 	12.81	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	527,284	  	563,913	  	561,731	  	522,047	  	7,075,464	  	10,849,448	  	-6.50	% 	 	-6.13	% 	 	1.00	% 	 	-34.79	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Refi Closings
	  	1,222,015	  	1,649,912	  	521,580	  	587,964	  	17,843,777	  	48,664,211	  	-25.93	% 	 	134.29	% 	 	107.84	% 	 	-63.33	% 	 	
	 Total Purchase Closings
	  	2,088,392	  	2,407,270	  	3,350,727	  	2,421,445	  	30,731,139	  	31,944,343	  	-13.25	% 	 	-37.67	% 	 	-13.75	% 	 	-3.80	% 	 	
	 Total HELOC Closings
	  	346,054	  	278,893	  	336,679	  	301,017	  	3,977,526	  	3,092,747	  	24.08	% 	 	2.78	% 	 	14.96	% 	 	28.61	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	
	 Grand Total ($)
	  	3,656,461	  	4,336,075	  	4,208,985	  	3,310,426	  	52,552,443	  	83,701,301	  	-15.67	% 	 	-13.13	% 	 	10.45	% 	 	-37.21	% 	 	
		  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 18 









 Confidential Treatment 
  

 Performance Curve - Purchase & Refinance 
  

																																								
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	24.38	% 	 	23.44	% 	 	25.61	% 	 	25.27	% 	 	25.55	% 	 	25.59	% 	 	28.67	% 	 	26.03	% 	 	24.58	% 	 	23.88	% 	 	23.51	% 	 	22.25	% 	 	24.90	% 
	*CONFIDENTIAL	  	27.18	% 	 	26.25	% 	 	28.37	% 	 	28.07	% 	 	28.36	% 	 	28.43	% 	 	31.52	% 	 	28.94	% 	 	27.48	% 	 	26.82	% 	 	26.44	% 	 	25.18	% 	 	27.75	% 
	*CONFIDENTIAL	  	22.44	% 	 	25.40	% 	 	28.00	% 	 	26.54	% 	 	28.78	% 	 	29.75	% 	 	25.02	% 	 	25.40	% 	 	23.85	% 	 	24.46	% 	 	23.06	% 	 	22.60	% 	 	25.44	% 
	*CONFIDENTIAL	  	22.44	% 	 	25.40	% 	 	28.00	% 	 	26.54	% 	 	28.78	% 	 	29.75	% 	 	25.02	% 	 	25.40	% 	 	23.85	% 	 	24.46	% 	 	23.06	% 	 	22.79	% 	 	25.46	% 
	*CONFIDENTIAL	  	40.73	% 	 	37.98	% 	 	42.92	% 	 	33.69	% 	 	32.13	% 	 	34.05	% 	 	33.91	% 	 	36.70	% 	 	36.01	% 	 	38.58	% 	 	39.44	% 	 	36.28	% 	 	36.87	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	22.40	% 	 	20.47	% 	 	26.07	% 	 	25.29	% 	 	25.88	% 	 	24.68	% 	 	28.30	% 	 	27.99	% 	 	27.77	% 	 	26.75	% 	 	24.30	% 	 	22.97	% 	 	25.24	% 
	*CONFIDENTIAL	  	27.83	% 	 	25.84	% 	 	29.14	% 	 	25.97	% 	 	25.67	% 	 	25.82	% 	 	29.39	% 	 	29.78	% 	 	30.01	% 	 	30.10	% 	 	28.57	% 	 	25.19	% 	 	27.78	% 
	*CONFIDENTIAL	  	22.97	% 	 	22.07	% 	 	26.84	% 	 	26.16	% 	 	27.24	% 	 	28.91	% 	 	28.99	% 	 	29.18	% 	 	27.35	% 	 	27.14	% 	 	26.95	% 	 	26.11	% 	 	26.66	% 
	*CONFIDENTIAL	  	22.97	% 	 	22.07	% 	 	26.84	% 	 	26.16	% 	 	27.24	% 	 	28.91	% 	 	28.99	% 	 	29.18	% 	 	27.35	% 	 	27.14	% 	 	26.95	% 	 	24.50	% 	 	26.53	% 
	*CONFIDENTIAL	  	40.03	% 	 	38.73	% 	 	40.63	% 	 	31.06	% 	 	28.54	% 	 	31.82	% 	 	37.21	% 	 	36.76	% 	 	36.51	% 	 	37.97	% 	 	33.96	% 	 	32.04	% 	 	35.44	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	44.23	% 	 	40.12	% 	 	45.34	% 	 	42.88	% 	 	43.02	% 	 	42.59	% 	 	47.68	% 	 	41.56	% 	 	44.14	% 	 	44.07	% 	 	38.38	% 	 	39.29	% 	 	42.77	% 
	*CONFIDENTIAL	  	47.23	% 	 	43.12	% 	 	48.34	% 	 	45.88	% 	 	46.02	% 	 	45.59	% 	 	50.68	% 	 	44.56	% 	 	47.14	% 	 	47.07	% 	 	41.38	% 	 	42.29	% 	 	45.77	% 
	*CONFIDENTIAL	  	41.54	% 	 	41.07	% 	 	48.34	% 	 	49.62	% 	 	40.22	% 	 	45.80	% 	 	41.38	% 	 	45.03	% 	 	41.47	% 	 	41.03	% 	 	39.33	% 	 	35.63	% 	 	42.54	% 
	*CONFIDENTIAL	  	41.54	% 	 	41.07	% 	 	48.34	% 	 	49.62	% 	 	40.22	% 	 	45.80	% 	 	41.38	% 	 	45.03	% 	 	41.47	% 	 	41.03	% 	 	39.33	% 	 	41.29	% 	 	43.01	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	18.57	% 	 	16.85	% 	 	26.42	% 	 	27.73	% 	 	29.24	% 	 	32.57	% 	 	33.36	% 	 	33.53	% 	 	30.46	% 	 	27.23	% 	 	19.64	% 	 	20.06	% 	 	26.31	% 
	*CONFIDENTIAL	  	32.98	% 	 	28.98	% 	 	36.35	% 	 	33.26	% 	 	33.96	% 	 	36.57	% 	 	36.83	% 	 	36.85	% 	 	33.84	% 	 	30.42	% 	 	22.69	% 	 	23.08	% 	 	32.15	% 
	*CONFIDENTIAL	  	20.91	% 	 	20.59	% 	 	27.33	% 	 	25.93	% 	 	28.37	% 	 	28.48	% 	 	25.14	% 	 	26.11	% 	 	26.21	% 	 	23.85	% 	 	27.11	% 	 	25.50	% 	 	25.46	% 
	*CONFIDENTIAL	  	20.91	% 	 	20.59	% 	 	27.33	% 	 	25.93	% 	 	28.37	% 	 	28.48	% 	 	25.14	% 	 	26.11	% 	 	26.21	% 	 	23.85	% 	 	27.11	% 	 	17.08	% 	 	24.76	% 
	*CONFIDENTIAL	  	44.03	% 	 	45.72	% 	 	45.14	% 	 	31.49	% 	 	28.43	% 	 	33.78	% 	 	37.43	% 	 	38.70	% 	 	31.24	% 	 	31.64	% 	 	34.60	% 	 	28.67	% 	 	35.91	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	55.69	% 	 	50.59	% 	 	57.98	% 	 	53.84	% 	 	64.27	% 	 	64.87	% 	 	66.03	% 	 	66.73	% 	 	61.61	% 	 	60.92	% 	 	53.96	% 	 	66.78	% 	 	60.27	% 
	*CONFIDENTIAL	  	55.64	% 	 	50.27	% 	 	57.49	% 	 	54.62	% 	 	65.97	% 	 	65.50	% 	 	66.80	% 	 	67.28	% 	 	62.54	% 	 	62.02	% 	 	54.79	% 	 	67.69	% 	 	60.88	% 
	*CONFIDENTIAL	  	54.27	% 	 	50.09	% 	 	58.78	% 	 	55.93	% 	 	54.55	% 	 	61.19	% 	 	56.87	% 	 	59.93	% 	 	54.28	% 	 	56.79	% 	 	62.47	% 	 	67.13	% 	 	57.69	% 
	*CONFIDENTIAL	  	54.27	% 	 	50.09	% 	 	58.78	% 	 	55.93	% 	 	54.55	% 	 	61.19	% 	 	56.87	% 	 	59.93	% 	 	54.28	% 	 	56.79	% 	 	62.47	% 	 	65.74	% 	 	57.57	% 
	*CONFIDENTIAL	  	77.26	% 	 	75.22	% 	 	81.68	% 	 	77.83	% 	 	85.26	% 	 	86.13	% 	 	63.63	% 	 	84.92	% 	 	68.91	% 	 	88.57	% 	 	87.30	% 	 	84.76	% 	 	80.11	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	50.56	% 	 	49.43	% 	 	59.33	% 	 	60.52	% 	 	66.53	% 	 	70.13	% 	 	69.00	% 	 	67.19	% 	 	64.33	% 	 	62.93	% 	 	54.36	% 	 	63.54	% 	 	61.49	% 
	*CONFIDENTIAL	  	52.64	% 	 	50.40	% 	 	59.57	% 	 	61.00	% 	 	62.91	% 	 	71.07	% 	 	68.04	% 	 	68.36	% 	 	68.05	% 	 	61.98	% 	 	57.97	% 	 	63.99	% 	 	62.16	% 
	*CONFIDENTIAL	  	53.45	% 	 	55.07	% 	 	64.07	% 	 	56.48	% 	 	54.38	% 	 	64.53	% 	 	59.62	% 	 	59.99	% 	 	52.59	% 	 	51.50	% 	 	58.46	% 	 	66.00	% 	 	58.01	% 
	*CONFIDENTIAL	  	53.45	% 	 	55.07	% 	 	64.07	% 	 	56.48	% 	 	54.38	% 	 	64.53	% 	 	59.62	% 	 	59.99	% 	 	52.59	% 	 	51.50	% 	 	58.46	% 	 	62.43	% 	 	57.71	% 
	*CONFIDENTIAL	  	74.34	% 	 	71.28	% 	 	84.21	% 	 	75.06	% 	 	80.96	% 	 	84.56	% 	 	64.85	% 	 	76.91	% 	 	71.07	% 	 	71.62	% 	 	89.01	% 	 	83.93	% 	 	77.32	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	59.92	% 	 	56.37	% 	 	62.39	% 	 	57.61	% 	 	67.58	% 	 	75.84	% 	 	72.88	% 	 	79.02	% 	 	63.58	% 	 	60.77	% 	 	58.17	% 	 	69.28	% 	 	65.28	% 
	*CONFIDENTIAL	  	59.92	% 	 	56.37	% 	 	62.39	% 	 	58.61	% 	 	68.58	% 	 	76.84	% 	 	73.88	% 	 	80.02	% 	 	64.58	% 	 	61.77	% 	 	59.17	% 	 	70.28	% 	 	66.03	% 
	*CONFIDENTIAL	  	58.10	% 	 	63.11	% 	 	70.29	% 	 	56.13	% 	 	62.57	% 	 	81.29	% 	 	77.42	% 	 	76.33	% 	 	64.44	% 	 	62.73	% 	 	67.88	% 	 	80.11	% 	 	68.37	% 
	*CONFIDENTIAL	  	58.10	% 	 	63.11	% 	 	70.29	% 	 	56.13	% 	 	62.57	% 	 	81.29	% 	 	77.42	% 	 	76.33	% 	 	64.44	% 	 	62.73	% 	 	67.88	% 	 	69.28	% 	 	67.47	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	48.51	% 	 	56.10	% 	 	65.87	% 	 	66.66	% 	 	70.17	% 	 	72.89	% 	 	77.11	% 	 	62.36	% 	 	65.67	% 	 	70.98	% 	 	54.25	% 	 	69.39	% 	 	65.00	% 
	*CONFIDENTIAL	  	48.79	% 	 	56.64	% 	 	65.83	% 	 	65.17	% 	 	67.92	% 	 	69.81	% 	 	75.72	% 	 	61.17	% 	 	64.89	% 	 	69.97	% 	 	53.86	% 	 	69.14	% 	 	64.08	% 
	*CONFIDENTIAL	  	54.36	% 	 	59.46	% 	 	65.00	% 	 	52.37	% 	 	46.91	% 	 	53.44	% 	 	49.49	% 	 	52.55	% 	 	40.52	% 	 	37.03	% 	 	42.62	% 	 	34.03	% 	 	48.98	% 
	*CONFIDENTIAL	  	54.36	% 	 	59.46	% 	 	65.00	% 	 	52.37	% 	 	46.91	% 	 	53.44	% 	 	49.49	% 	 	52.55	% 	 	40.52	% 	 	37.03	% 	 	42.62	% 	 	44.14	% 	 	49.82	% 
	*CONFIDENTIAL	  	74.88	% 	 	76.51	% 	 	85.26	% 	 	82.33	% 	 	80.93	% 	 	82.62	% 	 	65.85	% 	 	72.69	% 	 	73.27	% 	 	54.76	% 	 	68.47	% 	 	42.34	% 	 	71.66	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	13.12	% 	 	12.16	% 	 	13.89	% 	 	13.40	% 	 	16.51	% 	 	16.83	% 	 	17.31	% 	 	18.26	% 	 	16.34	% 	 	15.40	% 	 	13.15	% 	 	15.76	% 	 	15.18	% 
	*CONFIDENTIAL	  	14.82	% 	 	13.83	% 	 	15.51	% 	 	15.04	% 	 	18.15	% 	 	18.43	% 	 	18.97	% 	 	19.94	% 	 	18.10	% 	 	17.20	% 	 	14.95	% 	 	17.57	% 	 	16.88	% 
	*CONFIDENTIAL	  	12.67	% 	 	11.63	% 	 	15.18	% 	 	15.09	% 	 	14.71	% 	 	17.05	% 	 	16.13	% 	 	15.89	% 	 	13.89	% 	 	13.99	% 	 	15.13	% 	 	15.63	% 	 	14.75	% 
	*CONFIDENTIAL	  	12.67	% 	 	11.63	% 	 	15.18	% 	 	15.09	% 	 	14.71	% 	 	17.05	% 	 	16.13	% 	 	15.89	% 	 	13.89	% 	 	13.99	% 	 	15.13	% 	 	16.21	% 	 	14.80	% 
	*CONFIDENTIAL	  	25.56	% 	 	28.33	% 	 	32.11	% 	 	31.60	% 	 	32.41	% 	 	29.44	% 	 	21.43	% 	 	29.22	% 	 	24.65	% 	 	32.37	% 	 	33.05	% 	 	32.93	% 	 	29.43	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	14.70	% 	 	12.96	% 	 	14.22	% 	 	14.82	% 	 	17.39	% 	 	18.29	% 	 	17.64	% 	 	18.14	% 	 	17.81	% 	 	17.34	% 	 	14.69	% 	 	16.24	% 	 	16.19	% 
	*CONFIDENTIAL	  	14.72	% 	 	13.67	% 	 	15.38	% 	 	16.03	% 	 	17.08	% 	 	18.36	% 	 	17.64	% 	 	18.73	% 	 	18.92	% 	 	17.87	% 	 	17.14	% 	 	18.32	% 	 	16.99	% 
	*CONFIDENTIAL	  	13.02	% 	 	13.40	% 	 	15.24	% 	 	14.11	% 	 	14.20	% 	 	17.36	% 	 	16.78	% 	 	17.25	% 	 	15.24	% 	 	14.50	% 	 	16.19	% 	 	18.10	% 	 	15.45	% 
	*CONFIDENTIAL	  	13.02	% 	 	13.40	% 	 	15.24	% 	 	14.11	% 	 	14.20	% 	 	17.36	% 	 	16.78	% 	 	17.25	% 	 	15.24	% 	 	14.50	% 	 	16.19	% 	 	18.98	% 	 	15.52	% 
	*CONFIDENTIAL	  	25.38	% 	 	25.75	% 	 	32.49	% 	 	29.70	% 	 	30.00	% 	 	26.70	% 	 	19.70	% 	 	26.13	% 	 	25.81	% 	 	26.28	% 	 	32.98	% 	 	29.95	% 	 	27.57	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	24.53	% 	 	24.60	% 	 	27.41	% 	 	26.09	% 	 	32.05	% 	 	35.00	% 	 	33.45	% 	 	37.88	% 	 	29.66	% 	 	27.99	% 	 	26.41	% 	 	29.74	% 	 	29.57	% 
	*CONFIDENTIAL	  	26.48	% 	 	26.53	% 	 	29.34	% 	 	28.02	% 	 	34.00	% 	 	36.97	% 	 	35.44	% 	 	39.89	% 	 	31.67	% 	 	30.00	% 	 	28.41	% 	 	31.73	% 	 	31.54	% 
	*CONFIDENTIAL	  	24.34	% 	 	27.37	% 	 	31.96	% 	 	27.20	% 	 	32.13	% 	 	42.23	% 	 	39.73	% 	 	36.79	% 	 	30.29	% 	 	28.56	% 	 	30.06	% 	 	34.56	% 	 	32.10	% 
	*CONFIDENTIAL	  	24.34	% 	 	27.37	% 	 	31.96	% 	 	27.20	% 	 	32.13	% 	 	42.23	% 	 	39.73	% 	 	36.79	% 	 	30.29	% 	 	28.56	% 	 	30.06	% 	 	31.09	% 	 	31.81	% 
														
	 	  	Jan	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	AVG	 
	*CONFIDENTIAL	  	17.33	% 	 	14.94	% 	 	14.93	% 	 	16.39	% 	 	19.64	% 	 	21.24	% 	 	23.62	% 	 	20.17	% 	 	21.81	% 	 	21.92	% 	 	15.22	% 	 	15.93	% 	 	18.60	% 
	*CONFIDENTIAL	  	19.24	% 	 	16.82	% 	 	16.81	% 	 	18.27	% 	 	21.54	% 	 	23.14	% 	 	25.55	% 	 	22.13	% 	 	23.77	% 	 	23.88	% 	 	17.17	% 	 	17.87	% 	 	20.52	% 
	*CONFIDENTIAL	  	11.69	% 	 	13.22	% 	 	14.27	% 	 	12.97	% 	 	12.05	% 	 	14.46	% 	 	14.06	% 	 	13.85	% 	 	10.54	% 	 	9.72	% 	 	10.86	% 	 	8.90	% 	 	12.22	% 
	*CONFIDENTIAL	  	11.69	% 	 	13.22	% 	 	14.27	% 	 	12.97	% 	 	12.05	% 	 	14.46	% 	 	14.06	% 	 	13.85	% 	 	10.54	% 	 	9.72	% 	 	10.86	% 	 	17.30	% 	 	12.92	% 
	 *CONFIDENTIAL
	  	28.60	% 	 	32.36	% 	 	37.82	% 	 	37.67	% 	 	32.46	% 	 	26.47	% 	 	21.07	% 	 	26.86	% 	 	28.48	% 	 	20.09	% 	 	23.36	% 	 	14.30	% 	 	27.46	% 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 125 









 Confidential Treatment 
  

 Monthly Income Statement 
  

																												
	 	  	Actuals	 	 	12&0 Forecast	 	 	December	 	 	Month Actual vs.	 
	 	  	October	 	 	November	 	 	December	 	 	January ‘05	 	 	February ‘05	 	 	Forecast	 	 	Budget	 	 	Forecast	 	 	Budget	 
	 Servicing
	  			 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	  	39,796,556	  	 	41,889,256	  	 	43,006,752	  	 	40,888,720	  	 	40,980,093	  	 	42,337,389	  	 	44,857,939	  	 	669,363	  	 	(1,851,187	) 
	 *CONFIDENTIAL
	  	3,248,528	  	 	3,547,278	  	 	522,938	  	 	2,828,887	  	 	2,956,306	  	 	3,321,713	  	 	2,178,301	  	 	(2,798,775	) 	 	(1,655,363	) 
	 *CONFIDENTIAL
	  	(1,569,092	) 	 	(1,929,397	) 	 	(4,746,755	) 	 	(649,104	) 	 	(1,720,107	) 	 	(2,571,144	) 	 	(1,475,307	) 	 	(2,175,611	) 	 	(3,271,447	) 
	 *CONFIDENTIAL
	  	311,628	  	 	275,618	  	 	365,444	  	 	—  	  	 	—  	  	 	250,000	  	 	—  	  	 	115,444	  	 	365,444	  
	 *CONFIDENTIAL
	  	(25,799,692	) 	 	(25,515,938	) 	 	(42,346,464	) 	 	(27,000,000	) 	 	(27,000,000	) 	 	(25,514,370	) 	 	(21,064,818	) 	 	(16,832,094	) 	 	(21,281,646	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Servicing Revenues
	  	15,987,926	  	 	18,266,817	  	 	(3,198,086	) 	 	16,068,504	  	 	15,216,292	  	 	17,823,588	  	 	24,496,113	  	 	(21,021,674	) 	 	(27,694,199	) 
										
	 *CONFIDENTIAL
	  	6,455,403	  	 	7,002,363	  	 	8,025,670	  	 	6,766,806	  	 	6,592,252	  	 	7,922,089	  	 	7,214,738	  	 	103,581	  	 	810,932	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 *CONFIDENTIAL
	  	9,532,524	  	 	11,264,455	  	 	(11,223,756	) 	 	9,301,697	  	 	8,624,040	  	 	9,901,499	  	 	17,281,376	  	 	(21,125,255	) 	 	(28,505,132	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Average Servicing Portfolio
	  	141,887,959,147	  	 	142,370,456,936	  	 	142,755,820,667	  	 	142,981,736,931	  	 	142,972,122,834	  	 	142,576,895,692	  	 	153,086,499,688	  	 	178,924,975	  	 	(10,330,679,021	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Production
	  			 			 			 			 			 			 			 			 		
										
	 Gross Revenues
	  	57,237,279	  	 	76,185,315	  	 	70,305,494	  	 	50,055,995	  	 	46,819,146	  	 	68,468,836	  	 	66,720,472	  	 	1,836,658	  	 	3,585,023	  
										
	 Direct Expenses
	  	(28,780,866	) 	 	(26,162,229	) 	 	(24,879,709	) 	 	(24,194,227	) 	 	(21,250,726	) 	 	(23,915,137	) 	 	(25,698,172	) 	 	(964,572	) 	 	818,463	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Net Production Revenues
	  	28,456,413	  	 	50,023,086	  	 	45,425,785	  	 	25,861,768	  	 	25,568,420	  	 	44,553,699	  	 	41,022,299	  	 	872,086	  	 	4,403,486	  
	 *CONFIDENTIAL
	  	29,910,928	  	 	31,019,017	  	 	32,578,089	  	 	24,573,355	  	 	25,009,042	  	 	28,660,696	  	 	27,481,853	  	 	3,917,393	  	 	5,096,236	  
	 *CONFIDENTIAL
	  	11,172,293	  	 	9,781,486	  	 	7,161,629	  	 	13,652,705	  	 	12,412,862	  	 	11,865,208	  	 	12,390,151	  	 	(4,703,579	) 	 	(5,228,521	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 *CONFIDENTIAL
	  	(12,626,808	) 	 	9,222,583	  	 	5,686, 067	  	 	(12,364,292	) 	 	(11,853,484	) 	 	4,027,796	  	 	1,150,296	  	 	1,658,271	  	 	4,535,771	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Loans Closed
	  	3,597,789,525	  	 	3,729,154,116	  	 	3,656,461,926	  	 	2,823,081,950	  	 	2,512,905,187	  	 	3,333,646,040	  	 	3,990,171,035	  	 	322,814,988	  	 	(333,710,007	) 
										
	 Loans Sold
	  	2,014,951,149	  	 	2,199,228,935	  	 	2,532,791,433	  	 	1,817,408,024	  	 	1,701,051,213	  	 	2,305,671,610	  	 	2,281,856,336	  	 	227,119,823	  	 	250,935,097	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Other
	  			 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	  	206,589	  	 	(230,796	) 	 	(70,459	) 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(70,459	) 	 	(70,459	) 
	 *CONFIDENTIAL
	  	17,057	  	 	6,635	  	 	15,414	  	 	9,385	  	 	9,385	  	 	4,861	  	 	5,353	  	 	10,553	  	 	10,061	  
	 Summary
	  			 			 			 			 			 			 			 			 		
										
	 Net Revenues
	  	44,667,986	  	 	68,065,742	  	 	42,172,653	  	 	41,939,657	  	 	40,794,097	  	 	62,382,148	  	 	65,523,766	  	 	(20,209,495	) 	 	(23,351,113	) 
										
	 Operating Expenses
	  	47,538,624	  	 	47,802,865	  	 	47,765,389	  	 	44,992,866	  	 	44,014,156	  	 	48,447,993	  	 	47,086,742	  	 	(682,604	) 	 	678,647	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	(2,870,638	) 	 	20,262,877	  	 	(5,592,735	) 	 	(3,053,209	) 	 	(3,220,059	) 	 	13,934,155	  	 	18,437,024	  	 	(19,526,891	) 	 	(24,029,760	) 
	 Depreciation and Amortization
	  	2,833,795	  	 	2,831,889	  	 	2,542,737	  	 	2,434,353	  	 	2,415,238	  	 	2,562,463	  	 	2,412,320	  	 	(19,725	) 	 	130,417	  
	 Interest Expense
	  	48,839	  	 	41,355	  	 	41,464	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 			 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	(5,753,272	) 	 	17,389,633	  	 	(8,176,937	) 	 	(5,487,562	) 	 	(5,635,297	) 	 	11,371,693	  	 	16,024,704	  	 	(19,548,629	) 	 	(24,201,641	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

 126 









 Confidential Treatment 
  

 YTD & FY Income Statement 
  

																									
	 	 	DECEMBER YTD	 	 	FULL YEAR	 
	 	 	Actuals	 	 	Budget	 	 	Variance	 	 	2004 Forecast	 	 	2004 Budget	 	 	Variance	 	 	2003 Actuals	 	 	Variance 	 
	 Servicing
	 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	 	490,945,904	  	 	499,076,157	  	 	(8,130,252	) 	 	490,945,904	  	 	499,076,157	  	 	(8,130,252	) 	 	444,058,317	  	 	46,887,587	  
	 *CONFIDENTIAL
	 	37,495,629	  	 	29,933,441	  	 	7,562,189	  	 	37,495,629	  	 	29,933,441	  	 	7,562,189	  	 	45,922,908	  	 	(8,427,279	) 
	 *CONFIDENTIAL
	 	(36,906,038	) 	 	(35,388,761	) 	 	(516,277	) 	 	(35,905,038	) 	 	(35,388,761	) 	 	(516,277	) 	 	(71,410,836	) 	 	35,505,798	  
	 *CONFIDENTIAL
	 	5,649,586	  	 	2,388,967	  	 	3,260,619	  	 	5,649,586	  	 	2,388,967	  	 	3,260,619	  	 	26,253,017	  	 	(20,603,431	) 
	 *CONFIDENTIAL
	 	(409,518,970	) 	 	(361,210,536	) 	 	(48,308,434	) 	 	(409,518,970	) 	 	(361,210,536	) 	 	(48,308,434	) 	 	(730,960,767	) 	 	321,441,797	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 			 			 			 			 			 	—  	  	 			 		
	 Net Servicing Revenues
	 	88,667,112	  	 	134,799,267	  	 	(46,132,156	) 	 	88,667,112	  	 	134,799,267	  	 	(46,132,156	) 	 	(286,137,361	) 	 	374,804,473	  
	 *CONFIDENTIAL
	 			 			 			 			 			 	—  	  	 			 		
	 *CONFIDENTIAL
	 	76,163,080	  	 	80,721,333	  	 	(4,558,253	) 	 	76,163,080	  	 	80,721,333	  	 	(4,558,253	) 	 	98,817,641	  	 	(22,654,561	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 			 			 			 			 			 	—  	  	 			 		
	 *CONFIDENTIAL
	 	12,504,032	  	 	54,077,935	  	 	(41,573,903	) 	 	12,504,032	  	 	54,077,935	  	 	(41,573,903	) 	 	(384,955,002	) 	 	397,459,034	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 			 			 			 			 			 	—  	  	 			 		
									
	 Average Servicing Portfolio
	 	137,880,566,344	  	 	141,092,315,681	  	 	(3,211,749,337	) 	 	137,880,566,344	  	 	141,092,315,681	  	 	(3,211,749,337	) 	 	122,828,283,732	  	 	15,052,282,612	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Production
	 			 			 			 			 			 			 			 		
									
	 Gross Revenues
	 	981,729,764	  	 	1,044,429,861	  	 	(62,700,098	) 	 	981,729,764	  	 	1,044,429,861	  	 	(62,700,098	) 	 	1,918,058,090	  	 	(936,328,326	) 
									
	 Direct Expenses
	 	(376,381,721	) 	 	(366,108,492	) 	 	(10,273,229	) 	 	(376,381,721	) 	 	(366,108,492	) 	 	(10,273,229	) 	 	(606,798,102	) 	 	230,416,381	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Net Production Revenues
	 	605,348,043	  	 	678,321,369	  	 	(72,973,326	) 	 	605,348,043	  	 	678,321,369	  	 	(72,973,326	) 	 	1,311,259,988	  	 	(705,911,945	) 
	 *CONFIDENTIAL
	 	391,365,368	  	 	381,454,331	  	 	9,911,037	  	 	391,365,368	  	 	381,454,331	  	 	9,911,037	  	 	465,391,069	  	 	(74,025,701	) 
	 *CONFIDENTIAL
	 	132,262,209	  	 	150,948,720	  	 	(18,686,510	) 	 	132,262,209	  	 	150,948,720	  	 	(18,686,510	) 	 	158,631,414	  	 	(26,369,205	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	81,720,466	  	 	145,918,318	  	 	(64,197,853	) 	 	81,720,466	  	 	145,918,318	  	 	(64,197,853	) 	 	687,237,505	  	 	(605,517,039	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Loans Closed
	 	52,552,442,773	  	 	58,022,664,361	  	 	(5,470,221,588	) 	 	52,552,442,773	  	 	58,022,664,361	  	 	(5,470,221,588	) 	 	83,701,300,901	  	 	(31,148,858,128	) 
									
	 Loans Sold
	 	32,465,424,924	  	 	34,431,344,420	  	 	(1,965,919,497	) 	 	32,465,424,924	  	 	34,431,344,420	  	 	(1,965,919,497	) 	 	59,521,098,501	  	 	(27,055,673,577	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other
	 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	 	3,644,403	  	 	2,388,967	  	 	1,255,436	  	 	3,644,403	  	 	—  	  	 	3,644,403	  	 	(503,047	) 	 	4,147,450	  
	 *CONFIDENTIAL
	 	2,009,939	  	 	62,279	  	 	1,947,660	  	 	2,009,939	  	 	62,279	  	 	1,947,660	  	 	117,114	  	 	1,892,825	  
	 Summary
	 			 			 			 			 			 			 			 		
									
	 Net Revenues
	 	699,669,496	  	 	815,571,882	  	 	(115,902,386	) 	 	699,669,496	  	 	813,182,915	  	 	(113,513,419	) 	 	1,024,736,694	  	 	(325,067,198	) 
									
	 Operating Expenses
	 	599,790,657	  	 	613,124,383	  	 	(13,333,726	) 	 	599,790,657	  	 	613,124,383	  	 	(13,333,726	) 	 	722,840,124	  	 	(123,049,467	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	99,878,839	  	 	202,447,499	  	 	(102,568,660	) 	 	99,878,839	  	 	200,058,532	  	 	(100,179,693	) 	 	301,896,570	  	 	(202,017,731	) 
									
	 Depreciation, Amortization & Interest Expense
	 	31,770,851	  	 	30,828,606	  	 	942,245	  	 	31,770,851	  	 	30,828,606	  	 	942,245	  	 	26,613,105	  	 	5,157,746	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	68,107,988	  	 	171,618,893	  	 	(103,510,905	) 	 	68,107,988	  	 	169,229,926	  	 	(101,121,938	) 	 	275,283,465	  	 	(207,175,477	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 127 









 Confidential Treatment 
  

 Quarterly Income Statement 
  

																									
	 	 	2003	 	 	2004	 
	 	 	First Quarter	 	 	Second Quarter	 	 	Third Quarter	 	 	Fourth Quarter	 	 	First Quarter	 	 	Second Quarter	 	 	Third Quarter	 	 	Fourth Quarter	 
	 Servicing
	 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	 	108,613,539	  	 	109,725,263	  	 	112,016,257	  	 	113,703,258	  	 	120,289,682	  	 	123,925,085	  	 	122,038,574	  	 	124,692,563	  
	 *CONFIDENTIAL
	 	9,066,609	  	 	8,469,605	  	 	8,128,143	  	 	20,258,551	  	 	8,815,226	  	 	10,797,616	  	 	10,564,044	  	 	7,318,744	  
	 *CONFIDENTIAL
	 	(16,342,976	) 	 	(23,936,321	) 	 	(16,378,777	) 	 	(14,752,762	) 	 	(13,640,842	) 	 	(13,505,195	) 	 	(513,757	) 	 	(8,245,244	) 
	 *CONFIDENTIAL
	 	8,665,052	  	 	7,309,897	  	 	7,188,498	  	 	3,089,570	  	 	2,340,760	  	 	1,533,318	  	 	822,818	  	 	952,689	  
	 *CONFIDENTIAL
	 	(133,638,364	) 	 	(187,389,590	) 	 	(263,989,939	) 	 	(145,942,874	) 	 	(93,061,991	) 	 	(141,795,771	) 	 	(80,999,113	) 	 	(93,662,095	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Net Servicing Revenues
	 	(23,636,140	) 	 	(85,821,146	) 	 	(153,035,818	) 	 	(23,644,257	) 	 	24,742,835	  	 	(19,044,947	) 	 	51,912,566	  	 	31,056,658	  
									
	 *CONFIDENTIAL
	 	18,297,415	  	 	26,264,268	  	 	28,247,901	  	 	26,008,057	  	 	14,189,062	  	 	18,623,375	  	 	21,867,208	  	 	21,483,435	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 *CONFIDENTIAL
	 	(41,933,555	) 	 	(112,085,414	) 	 	(181,283,719	) 	 	(49,652,314	) 	 	10,553,773	  	 	(37,668,321	) 	 	30,045,358	  	 	9,573,222	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Average Servicing Portfolio
	 	115,779,517,827	  	 	119,758,106,549	  	 	125,243,682,183	  	 	130,637,845,235	  	 	133,022,630,183	  	 	136,244,310,379	  	 	140,207,721,159	  	 	142,321,889,907	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Production
	 			 			 			 			 			 			 			 		
	 Gross Revenues
	 	422,260,048	  	 	517,942,019	  	 	620,324,974	  	 	357,531,049	  	 	197,509,028	  	 	342,685,516	  	 	237,807,131	  	 	203,728,088	  
									
	 Direct Expenses
	 	(130,309,732	) 	 	(166,067,320	) 	 	(192,074,853	) 	 	(118,346,197	) 	 	(74,601,907	) 	 	(108,025,638	) 	 	(113,931,372	) 	 	(79,822,804	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Net Production Revenues
	 	291,950,316	  	 	351,874,699	  	 	428,250,121	  	 	239,184,852	  	 	122,907,121	  	 	234,659,878	  	 	123,875,759	  	 	123,905,284	  
									
	 *CONFIDENTIAL
	 	113,655,255	  	 	128,357,324	  	 	124,064,476	  	 	99,314,014	  	 	98,061,365	  	 	100,935,579	  	 	98,860,390	  	 	93,508,034	  
	 *CONFIDENTIAL
	 	39,430,295	  	 	41,156,075	  	 	39,678,828	  	 	38,366,216	  	 	39,061,403	  	 	39,215,643	  	 	25,869,755	  	 	28,115,408	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 *CONFIDENTIAL
	 	138,864,766	  	 	182,361,300	  	 	264,506,817	  	 	101,504,622	  	 	(14,215,647	) 	 	94,508,657	  	 	(854,386	) 	 	2,281,842	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Loans Closed
	 	17,845,231,646	  	 	23,319,995,254	  	 	27,594,019,970	  	 	14,942,054,031	  	 	11,250,967,623	  	 	17,632,414,731	  	 	12,685,655,750	  	 	10,983,404,669	  
									
	 Loans Sold
	 	12,672,682,912	  	 	16,298,151,671	  	 	19,227,617,252	  	 	11,322,646,666	  	 	6,637,553,042	  	 	10,395,132,250	  	 	8,685,768,115	  	 	6,746,971,517	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Other 
	 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	(503,047	) 	 	4,631,503	  	 	—  	  	 	(892,433	) 	 	(94,667	) 
	 *CONFIDENTIAL
	 	33,414	  	 	33,414	  	 	33,414	  	 	16,872	  	 	120,102	  	 	1,539,512	  	 	311,219	  	 	39,106	  
									
	 Summary 
	 			 			 			 			 			 			 			 		
									
	 Net Revenues
	 	268,347,590	  	 	266,086,967	  	 	275,247,717	  	 	215,054,420	  	 	152,401,561	  	 	217,154,444	  	 	175,207,110	  	 	154,906,381	  
									
	 Operating Expenses
	 	171,382,965	  	 	195,777,667	  	 	191,991,205	  	 	163,688,287	  	 	151,311,830	  	 	158,774,596	  	 	146,597,353	  	 	143,106,878	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 *CONFIDENTIAL
	 	96,964,625	  	 	70,309,300	  	 	83,256,512	  	 	51,366,133	  	 	1,089,731	  	 	58,379,848	  	 	28,609,757	  	 	11,799,504	  
									
	 Depreciation and Amortization
	 	6,364,671	  	 	6,779,536	  	 	6,822,761	  	 	6,433,352	  	 	6,792,132	  	 	7,933,660	  	 	8,363,807	  	 	8,208,421	  
	 Interest Expense
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	40,151	  	 	168,645	  	 	141,760	  	 	131,658	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 *CONFIDENTIAL
	 	90,599,954	  	 	63,529,764	  	 	76,433,751	  	 	44,932,781	  	 	(5,742,552	) 	 	50,277,543	  	 	20,104,190	  	 	3,459,425 	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 128 









 Confidential Treatment 
  

 Production Direct Expenses - Detail 
  

																											
	 December 2004
	 	December	 	 	12&0 Forecast	 	 	2004	 
	 	  	 Key
	 	Actuals	 	 	Forecast	 	 	Variance	 	 	January ‘05	 	 	February ‘05	 	 	YTD Actuals	 	 	YTD Budget	 	 	Variance	 
										
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(4,426,813	) 	 	(2,824,660	) 	 	1,602,153	  	 	(3,302,780	) 	 	(2,569,973	) 	 	(56,319,633	) 	 	(56,552,580	) 	 	(232,947	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(1,061,688	) 	 	(1,061,688	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(176,019	) 	 	(162,773	) 	 	13,246	  	 	(184,850	) 	 	(141,663	) 	 	(2,494,124	) 	 	(3,593,089	) 	 	(1,098,965	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(201,800	) 	 	(264,069	) 	 	(62,269	) 	 	(308,415	) 	 	(90,980	) 	 	(13,535,930	) 	 	(20,299,148	) 	 	(6,763,218	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(900	) 	 	—  	  	 	900	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(3,925,125	) 	 	(3,214,728	) 	 	710,397	  	 	(3,009,935	) 	 	(2,091,976	) 	 	(51,569,696	) 	 	(64,316,492	) 	 	(12,746,796	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(15,950	) 	 	—  	  	 	15,950	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(257,296	) 	 	(180,384	) 	 	76,911	  	 	(191,106	) 	 	(147,108	) 	 	(3,604,023	) 	 	(4,031,647	) 	 	(427,625	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	398,245	  	 	425,000	  	 	26,755	  	 	425,000	  	 	425,000	  	 	1,959,121	  	 	5,623,896	  	 	3,664,775	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	7,437,757	  	 	5,948,904	  	 	(1,488,853	) 	 	5,908,047	  	 	4,139,081	  	 	94,659,005	  	 	112,716,723	  	 	18,057,718	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	665,087	  	 	508,333	  	 	(156,753	) 	 	629,764	  	 	312,932	  	 	33,557,300	  	 	48,716,288	  	 	15,158,988	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	3,005,134	  	 	3,766,890	  	 	761,756	  	 	2,620,400	  	 	2,939,348	  	 	34,406,803	  	 	27,708,302	  	 	(6,698,500	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	4,151,330	  	 	3,064,762	  	 	(1,086,567	) 	 	2,949,773	  	 	2,504,821	  	 	56,922,604	  	 	31,423,983	  	 	(25,498,621	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	3,695,017	  	 	1,295,000	  	 	(2,400,017	) 	 	1,295,000	  	 	1,295,000	  	 	17,809,940	  	 	15,115,482	  	 	(2,694,458	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	201,250	  	 	200,000	  	 	(1,250	) 	 	531,925	  	 	200,000	  	 	7,181,103	  	 	15,596,003	  	 	8,414,900	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	178,850	  	 	117,461	  	 	(61,389	) 	 	112,367	  	 	109,176	  	 	2,211,313	  	 	2,150,123	  	 	(61,191	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	85,410	  	 	—  	  	 	(85,410	) 	 	—  	  	 	—  	  	 	389,901	  	 	—  	  	 	(389,901	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	91,429	  	 	131,213	  	 	39,784	  	 	123,740	  	 	130,076	  	 	10,728,023	  	 	8,685,759	  	 	(2,042,264	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	1,747,463	  	 	1,072,411	  	 	(675,052	) 	 	972,502	  	 	864,859	  	 	21,938,552	  	 	2,558,998	  	 	(19,379,554	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(275	) 	 	—  	  	 	275	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	104,095	  	 	74,081	  	 	(30,014	) 	 	52,800	  	 	44,597	  	 	1,360,624	  	 	970,236	  	 	(390,389	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	3,410,925	  	 	2,208,343	  	 	(1,202,582	) 	 	2,593,395	  	 	3,390,105	  	 	53,351,923	  	 	62,147,282	  	 	8,795,359	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	257,156	  	 	267,191	  	 	10,035	  	 	247,157	  	 	345,624	  	 	5,001,343	  	 	6,671,463	  	 	1,670,120	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	54,121	  	 	34,776	  	 	(19,345	) 	 	35,034	  	 	53,121	  	 	884,557	  	 	764,622	  	 	(119,935	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	190	  	 	—  	  	 	(190	) 	 	—  	  	 	—  	  	 	7,407	  	 	1,355	  	 	(6,052	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	25,951	  	 	58,554	  	 	32,603	  	 	47,072	  	 	66,862	  	 	723,489	  	 	1,153,069	  	 	429,580	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	2,711	  	 	2,711	  	 	2,161	  	 	3,110	  	 	5,960	  	 	49,711	  	 	43,751	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	382,935	  	 	150,000	  	 	(232,935	) 	 	150,000	  	 	150,000	  	 	4,256,468	  	 	5,000,000	  	 	743,532	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	(293,005	) 	 	132,956	  	 	425,961	  	 	120,505	  	 	188,504	  	 	3,202,679	  	 	3,490,104	  	 	287,425	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	736,454	  	 	358,985	  	 	(377,469	) 	 	457,539	  	 	529,828	  	 	7,294,156	  	 	7,130,998	  	 	(163,158	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	18,002	  	 	9,871	  	 	(8,131	) 	 	10,964	  	 	17,214	  	 	228,397	  	 	336,552	  	 	108,155	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	50,950	  	 	52,350	  	 	1,400	  	 	51,850	  	 	51,850	  	 	638,850	  	 	589,051	  	 	(49,799	) 
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	23,153	  	 	23,153	  	 	276,469	  	 	284,012	  	 	7,543	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	328,216	  	 	310,738	  	 	(17,478	) 	 	271,791	  	 	222,166	  	 	4,783,392	  	 	5,629,746	  	 	846,354	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 *CONFIDENTIAL
	 	210,910	  	 	114,724	  	 	(96,187	) 	 	90,300	  	 	110,478	  	 	2,241,414	  	 	1,504,621	  	 	(736,792	) 
		  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 Total Production Direct Expense
	  		 	17,956,819	  	 	13,658,640	  	 	(4,298,179	) 	 	12,725,155	  	 	13,075,205	  	 	238,480,262	  	 	216,163,733	  	 	(22,316,529	) 
		  		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  
 *The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and
Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 
  

 129 









 Confidential Treatment 
  

 Production Direct Expenses - Summary 
 December 2004 
  

																																							
	 	 	 Key
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 
											
	 Production Expense Tier 1
	 	(1)	 	 	3,845,821	  	 	 	30,917	  	 	 	—  	  	 	 	—  	  	 	 	1,930,978	  	 	 	1,574,956	  	 	 	—  	  	 	 	221,088	  	 	 	—  	  
	 Closings Tier 1
	 		 	 	2,189	  	 	 	1,346	  	 	 	866	  	 	 	—  	  	 	 	2,527	  	 	 	902	  	 	 	—  	  	 	 	109	  	 	 	—  	  
	 *CONFIDENTIAL
	 		 	 	1,756.86	  	 	 	22.98	  	 	 	—  	  	 	 	—  	  	 	 	764.02	  	 	 	1,746.07	  	 	 	—  	  	 	 	2,022.43	  	 	 	—  	  
											
	 Production Expense Tier 2
	 	(2)	 	 	93,084	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	171,314	  	 	 	(1,900	) 	 	 	—  	  	 	 	109,642	  	 	 	—  	  
	 Closings Tier 2
	 		 	 	35	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	253	  	 	 	—  	  	 	 	—  	  	 	 	73	  	 	 	—  	  
	 *CONFIDENTIAL
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	677.34	  	 	 	—  	  	 	 	—  	  	 	 	1,510.22	  	 	 	—  	  
											
	 Production Expense Tier 3
	 	(3)	 	 	1,583	  	 	 	1,019	  	 	 	—  	  	 	 	(12,215	) 	 	 	(5,101	) 	 	 	17,586	  	 	 	3,217,117	  	 	 	—  	  	 	 	—  	  
	 Closings Tier 3
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,429	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,251.56	  	 	 	—  	  	 	 	—  	  
											
	 Production Expense Tier 4
	 	(4)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	50,950	  
	 Closings Tier 4
	 		 	 	133	  	 	 	109	  	 	 	1	  	 	 	369	  	 	 	0	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
											
	 Production Expense Tier 6&7
	 	(5)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,151,330	  	 	 	—  	  	 	 	—  	  
	 Closings Tier 6&7
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,197	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 		 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,467.53	  	 	 	—  	  	 	 	—  	  
		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
											
	 *CONFIDENTIAL Closings
	 		 	 	2,357	  	 	 	1,455	  	 	 	866	  	 	 	821	  	 	 	2,780	  	 	 	1,635	  	 	 	2,569	  	 	 	182	  	 	 	—  	  
											
	 Flood Certifications (all Tiers)
	 	(6)	 	 	2,761	  	 	 	13,208	  	 	 	985	  	 	 	938	  	 	 	(3,111	) 	 	 	(13,644	) 	 	 	516	  	 	 	(2,824	) 	 	 	1,031	  
	 *CONFIDENTIAL
	 		 	$	1.17	  	 	$	9.08	  	 	$	1.14	  	 	$	1.14	  	 	$	 (1.12	) 	 	$	(8.34	) 	 	$	0.20	  	 	$	(15.52	) 	 	$	—  	  
											
	 Misc Production Directs (all Tiers)
	 	(7)	 	 	243,968	  	 	 	20,264	  	 	 	10,489	  	 	 	785	  	 	 	510,608	  	 	 	52,031	  	 	 	84,302	  	 	 	30,130	  	 	 	1,258,435	  
	 *CONFIDENTIAL
	 		 	$	103.50	  	 	$	13.93	  	 	$	12.11	  	 	$	0.96	  	 	$	183.65	  	 	$	31.82	  	 	$	32.82	  	 	$	165.63	  	 	$	—  	  
		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL Applications
	 		 	 	3,071	  	 	 	1,611	  	 	 	895	  	 	 	465	  	 	 	3,733	  	 	 	1,967	  	 	 	3,179	  	 	 	100	  	 	 	—  	  
											
	 Scoring Fees (all Tiers)
	 	(8)	 	 	(54,604	) 	 	 	(28,638	) 	 	 	(15,907	) 	 	 	(8,268	) 	 	 	(66,365	) 	 	 	(34,969	) 	 	 	(56,526	) 	 	 	(1,778	) 	 	 	—  	  
	 *CONFIDENTIAL
	 		 	$	(17.78	) 	 	$	(17.78	) 	 	$	(17.78	) 	 	$	(17.78	) 	 	$	(17.78	) 	 	$	(17.78	) 	 	$	(17.78	) 	 	$	 —  	  	 	$	—  	  
											
	 Appraisal expense, Net (ALL)
	 	(9)	 	 	213,532	  	 	 	298,623	  	 	 	20,979	  	 	 	(21,069	) 	 	 	40,499	  	 	 	330,707	  	 	 	(6,999	) 	 	 	—  	  	 	 	(40,602	) 
	 *CONFIDENTIAL
	 		 	$	69.53	  	 	$	185.40	  	 	$	23.45	  	 	$	(45.31	) 	 	$	10.85	  	 	$	168.15	  	 	$	(2.20	) 	 	$	 —  	  	 	$	 —  	  
		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
											
	 Credit Reports
	 	(10)	 	 	257,731	  	 	 	(16,585	) 	 	 	25,805	  	 	 	13,549	  	 	 	329,201	  	 	 	(37,842	) 	 	 	(29	) 	 	 	(3,715	) 	 	 	10,322	  
	 95% of Leads & Net 2 Applications
	 		 	 	13,929	  	 	 	3,772	  	 	 	2,185	  	 	 	465	  	 	 	13,040	  	 	 	1,713	  	 	 	—  	  	 	 	100	  	 	 	—  	  
		 		 	$	18.50	  	 	$	(4.40	) 	 	$	11.81	  	 	$	29.14	  	 	$	25.25	  	 	$	(22.09	) 	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  
	 *CONFIDENTIAL
	 		 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  
											
	 Tier 1
	 		 	$	1,931.79	  	 	$	209.21	  	 	$	30.73	  	 	$	 —  	  	 	$	964.86	  	 	$	1,897.82	  	 	$	 —  	  	 	$	2,172.53	  	 	$	 —  	  
	 Tier 2 & 4
	 		 	$	174.93	  	 	$	186.23	  	 	$	 30.73	  	 	$	(31.85	) 	 	$	878.19	  	 	$	 —  	  	 	$	 —  	  	 	$	1,660.33	  	 	$	 —  	  
	 Tier 3
	 		 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	2,231.58	  	 	$	 —  	  	 	$	 —  	  
	 Tier 6 & 7
	 		 	$	 —  	  	 	$	—  	  	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	 —  	  	 	$	3,447.55	  	 	$	 —  	  	 	$	—  	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 130 









 Confidential Treatment 
  

 Fee Income - Detail (ex HELOC Revenue) 
  

																																
	 December 2004
	 	December	 	 	12&0 Forecast	 	 	2004	 
	 	 	Actuals	 	 	Forecast	 	 	Variance	 	 	January ‘05	 	 	February ‘05	 	 	YTD Actuals	 	 	YTD Budget	 	 	Variance	 
									
	 Application Fee Income Grouping
	 				 				 				 				 				 				 				 		
	 *CONFIDENTIAL
	 	 	4,396,727	  	 	 	—  	  	 	 	4,396,727	  	 	 	—  	  	 	 	—  	  	 	 	64,864,128	  	 	 	8,959,532	  	 	55,904,596	  
	 *CONFIDENTIAL
	 	 	1,008,217	  	 	 	4,438,282	  	 	 	(3,430,065	) 	 	 	3,364,619	  	 	 	2,877,376	  	 	 	3,366,744	  	 	 	58,538,914	  	 	(55,172,169	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	345,495	  	 	 	—  	  	 	 	345,495	  	 	 	—  	  	 	 	—  	  	 	 	6,073,113	  	 	 	541,597	  	 	5,531,517	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	18,000	  	 	 	—  	  	 	 	18,000	  	 	 	—  	  	 	 	—  	  	 	 	59,558	  	 	 	26,190	  	 	33,368	  
	 *CONFIDENTIAL
	 	 	199,154	  	 	 	312,229	  	 	 	(113,075	) 	 	 	265,723	  	 	 	267,572	  	 	 	712,414	  	 	 	2,827,864	  	 	(2,115,449	) 
	 *CONFIDENTIAL
	 	 	(9,643	) 	 	 	—  	  	 	 	(9,643	) 	 	 	—  	  	 	 	—  	  	 	 	(365,222	) 	 	 	(93,198	) 	 	(272,024	) 
	 TOTAL
	 	 	5,957,951	  	 	 	4,750,512	  	 	 	1,207,439	  	 	 	3,630,342	  	 	 	3,144,948	  	 	 	74,710,736	  	 	 	70,800,898	  	 	3,909,838	  
									
	 Misc Income Grouping
	 				 				 				 				 				 				 				 		
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	13,792	  	 	 	—  	  	 	 	13,792	  	 	 	—  	  	 	 	—  	  	 	 	52,321	  	 	 	—  	  	 	52,321	  
	 *CONFIDENTIAL
	 	 	197	  	 	 	—  	  	 	 	197	  	 	 	—  	  	 	 	—  	  	 	 	4,495	  	 	 	667	  	 	3,828	  
	 *CONFIDENTIAL
	 	 	614	  	 	 	—  	  	 	 	614	  	 	 	—  	  	 	 	—  	  	 	 	64,566	  	 	 	16,809	  	 	47,757	  
	 *CONFIDENTIAL
	 	 	370,654	  	 	 	187,275	  	 	 	183,379	  	 	 	197,117	  	 	 	209,632	  	 	 	2,466,981	  	 	 	1,019,726	  	 	1,447,254	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 TOTAL
	 	 	385,258	  	 	 	187,275	  	 	 	197,982	  	 	 	197,117	  	 	 	209,632	  	 	 	2,588,363	  	 	 	1,037,202	  	 	1,551,161	  
									
	 Sub Corporations Grouping
	 				 				 				 				 				 				 				 		
	 *CONFIDENTIAL
	 	 	3,046,807	  	 	 	2,819,693	  	 	 	227,114	  	 	 	2,356,696	  	 	 	2,548,778	  	 	 	38,416,419	  	 	 	32,135,381	  	 	6,281,038	  
	 *CONFIDENTIAL
	 	 	22,692	  	 	 	—  	  	 	 	22,692	  	 	 	—  	  	 	 	—  	  	 	 	387,942	  	 	 	52,071	  	 	335,871	  
	 *CONFIDENTIAL
	 	 	2,342,112	  	 	 	3,114,323	  	 	 	(772,211	) 	 	 	2,306,831	  	 	 	1,930,909	  	 	 	35,184,167	  	 	 	31,251,265	  	 	3,932,902	  
	 *CONFIDENTIAL
	 	 	224,781	  	 	 	602,235	  	 	 	(377,454	) 	 	 	675,240	  	 	 	632,606	  	 	 	8,919,338	  	 	 	12,069,114	  	 	(3,149,776	) 
	 *CONFIDENTIAL
	 	 	1,107,288	  	 	 	1,132,522	  	 	 	(25,235	) 	 	 	836,116	  	 	 	841,845	  	 	 	15,192,934	  	 	 	15,729,229	  	 	(536,295	) 
	 *CONFIDENTIAL
	 	 	734,689	  	 	 	585,389	  	 	 	149,300	  	 	 	489,239	  	 	 	558,319	  	 	 	9,135,418	  	 	 	7,721,504	  	 	1,413,914	  
	 *CONFIDENTIAL
	 	 	1,065,254	  	 	 	2,066,621	  	 	 	(1,001,367	) 	 	 	1,915,213	  	 	 	1,371,361	  	 	 	24,749,509	  	 	 	33,715,932	  	 	(8,966,424	) 
	 *CONFIDENTIAL
	 	 	197,306	  	 	 	270,740	  	 	 	(73,434	) 	 	 	194,381	  	 	 	279,637	  	 	 	3,409,196	  	 	 	5,594,377	  	 	(2,185,181	) 
	 *CONFIDENTIAL
	 	 	470,905	  	 	 	546,596	  	 	 	(75,691	) 	 	 	497,641	  	 	 	461,614	  	 	 	3,805,973	  	 	 	—  	  	 	3,805,973	  
	 TOTAL
	 	 	9,211,833	  	 	 	11,138,119	  	 	 	(1,926,286	) 	 	 	9,271,357	  	 	 	8,625,069	  	 	 	139,200,895	  	 	 	138,268,873	  	 	932,022	  
									
	 Joint Venture Grouping
	 	 	301,784	  	 	 	4,700,000	  	 	 	(4,398,216	) 	 	 	—  	  	 	 	—  	  	 	 	10,510,760	  	 	 	14,949,259	  	 	(4,438,499	) 
		 				 				 	 	—  	  	 				 				 				 				 		
									
	 Corporate Income Grouping
	 				 				 	 	—  	  	 				 				 				 				 		
	 *CONFIDENTIAL
	 	 	(37,038	) 	 	 	—  	  	 	 	(37,038	) 	 	 	—  	  	 	 	—  	  	 	 	(42,774	) 	 	 	9,228	  	 	(52,002	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	 	(1,234,229	) 	 	 	(2,713,137	) 	 	 	1,478,908	  	 	 	(2,371,835	) 	 	 	(2,214,688	) 	 	 	(14,212,551	) 	 	 	(24,067,971	) 	 	9,855,420	  
	 TOTAL
	 	 	(1,271,267	) 	 	 	(2,713,137	) 	 	 	1,441,870	  	 	 	(2,371,835	) 	 	 	(2,214,688	) 	 	 	(14,255,324	) 	 	 	(24,058,742	) 	 	9,803,418	  
	 *CONFIDENTIAL
	 	 	4,120,061	  	 	 	3,348,924	  	 	 	771,137	  	 	 	2,784,790	  	 	 	2,334,092	  	 	 	60,460,050	  	 	 	71,010,350	  	 	(10,550,301	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 Total Fee Income
	 	 	18,705,618	  	 	 	21,411,692	  	 	 	(2,706,074	) 	 	 	13,511,770	  	 	 	12,099,052	  	 	 	273,215,480	  	 	 	272,007,841	  	 	1,207,639	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  
 Fee Income - Summary (ex HELOC
Revenue)
  
	 
   
 

									
		 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
									
	 *CONFIDENTIAL
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
									
	 *CONFIDENTIAL
	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	 	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	$	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 131 









 Confidential Treatment 
  

 PRICING MARGIN SUMMARY BASED ON LOANS CLOSED 
 DECEMBER 2004 
  

																								
	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing
											
	 	316,343,386	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	280,001,045	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	298,527,686	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	$	7,464,210	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	5,246,537	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	6,669,098	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing
											
	 	245,176,821	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	180,754,664	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	5,372,993	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	$	5,670,083	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	2,700,212	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	68,898	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing	  	 	  	Loan Amount	  	Margin	  	Servicing
											
	 	21,947,000	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	252,041,593	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	 	92,977,517	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	$	498,077	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	4,748,424	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  	$	1,739,987	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	Total	  	Wtd Avg	  	Wtd Avg
	 Loan Amount
	  	Margin	  	Servicing	  	 	  	 	  	 	  	 	  	 	  	Loan Amount	  	Margin	  	Servicing
											
	 	499,414,161	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  			  		  		  		  	 	2,192,556,865	  	*CONFIDENTIAL	  	*CONFIDENTIAL
											
	$	11,929,826	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  		  			  		  		  		  	$	46,735,353	  	*CONFIDENTIAL	  	*CONFIDENTIAL

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 133 









 Confidential Treatment 
  

 BRANDS 
 December 2004 
 Donna Van Osten Monthly Highlights: 
  

	1)	Leads came in at 86% and volume to LPC was 88% of forecast. Volume to LPC improved to 15 per person in December 2004 vs. 13 prior year. *CONFIDENTIAL remained
stable at 68. Answer rates and average speed of answer continue to be *CONFIDENTIAL answer rate with an asa of *CONFIDENTIAL Seconds. IAB was phased out in December and Satellite (new quality pgm) was rolled out as a test month. Results are not
apples to apples to IAB platform. Quality program was changed in coordination with the rollout of the new sales consultant compensation plan, which is heavily weighted on *CONFIDENTIAL – as opposed to 2004 plan which was based solely on
*CONFIDENTIAL. Net results of the new comp plan will be improved *CONFIDENTIAL 

  

	2)	Pipeline through December averaged 41 per processor. *CONFIDENTIAL service levels continue-*CONFIDENTIAL Agent IWR and *CONFIDENTIAL % Customer IWR. Answer rates
were *CONFIDENTIAL and achieved *CONFIDENTIAL % of closing target. 

  

	3)	Positive variance in Bank Charges due to a reduction of the credit card fee accrual. Negative variance in Charges and Fees attributed to higher processing of lender
credits. 


	 	

  
 *The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted
material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 
  

 134 









 Confidential Treatment 
  

 BRANDS 
 Donna Van Osten 
  

																									
	 	  	Actuals 	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 
	 	  	October	  	November	  	December	  	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
												
	DRIVERS	  		  		  		  		  		  		  		  		  		  			 		
												
	 *CONFIDENTIAL
	  	24,060	  	20,592	  	16,235	  	25,850	  	29,196	  	18,632	  	19,099	  	18,235	  	16,235	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	6,158	  	5,203	  	4,027	  	4,369	  	7,192	  	4,564	  	5,329	  	4,027	  	4,027	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	3,903	  	3,975	  	3,697	  	3,175	  	2,372	  	3,665	  	4,920	  	3,697	  	3,697	  	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	  	6,650	  	5,604	  	4,508	  	4,784	  	7,891	  	4,834	  	8,853	  	4,308	  	4,308	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	4,179	  	4,258	  	3,978	  	3,356	  	2,567	  	3,942	  	8,262	  	3,978	  	3,978	  	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	  	265	  	248	  	239	  	245	  	311	  	257	  	354	  	249	  	305	  	(10	) 	 	(66	) 
	 *CONFIDENTIAL
	  	210	  	197	  	194	  	173	  	189	  	201	  	243	  	201	  	198	  	(7	) 	 	(4	) 
												
	 *CONFIDENTIAL
	  	91	  	83	  	68	  	106	  	94	  	72	  	54	  	55	  	53	  	3	  	 	15	  
	 *CONFIDENTIAL
	  	23	  	21	  	17	  	18	  	23	  	18	  	15	  	18	  	13	  	1	  	 	4	  
	 *CONFIDENTIAL
	  	32	  	28	  	22	  	28	  	42	  	24	  	28	  	21	  	22	  	1	  	 	0	  
	 *CONFIDENTIAL
	  	20	  	22	  	21	  	19	  	14	  	20	  	26	  	20	  	20	  	1	  	 	0	  

 BRANDS 
 Donna Van Osten 
  

																									
	 	  	Actuals 	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 
	 	  	October	  	November	  	December	  	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
												
	 SUMMARY HEADCOUNT
	  		  		  		  		  		  		  		  		  		  			 		
												
	 BRANDs
	  		  		  		  		  		  		  		  		  		  			 		
	*CONFIDENTIAL	  	3	  	3	  	3	  	3	  	3	  	3	  	3	  	3	  	3	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	43	  	38	  	38	  	28	  	35	  	29	  	43	  	28	  	37	  	10	  	 	1	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	245	  	311	  	257	  	354	  	249	  	305	  	(249	) 	 	(305	) 
	 *CONFIDENTIAL
	  	139	  	122	  	111	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	111	  	 	111	  
	 *CONFIDENTIAL
	  	126	  	126	  	128	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	128	  	 	128	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	78	  	76	  	72	  	63	  	63	  	72	  	65	  	72	  	57	  	—  	  	 	15	  
	 *CONFIDENTIAL
	  	2	  	1	  	1	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	1	  	 	1	  
	 *CONFIDENTIAL
	  	10	  	10	  	10	  	10	  	10	  	10	  	10	  	10	  	10	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	401	  	376	  	363	  	349	  	421	  	371	  	474	  	352	  	412	  	1	  	 	(49	) 
												
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	210	  	197	  	194	  	173	  	189	  	201	  	243	  	201	  	198	  	(7	) 	 	(4	) 
	 *CONFIDENTIAL
	  	7	  	8	  	7	  	4	  	4	  	4	  	4	  	4	  	4	  	3	  	 	3	  
	 *CONFIDENTIAL
	  	2	  	2	  	2	  	1	  	1	  	1	  	2	  	1	  	2	  	1	  	 	—  	  
	 *CONFIDENTIAL
	  	29	  	27	  	25	  	22	  	22	  	20	  	28	  	20	  	23	  	6	  	 	3	  
	 *CONFIDENTIAL
	  	20	  	32	  	30	  	30	  	30	  	37	  	42	  	38	  	35	  	(8	) 	 	(5	) 
	 *CONFIDENTIAL
	  	14	  	12	  	12	  	11	  	11	  	10	  	12	  	10	  	10	  	2	  	 	2	  
	 *CONFIDENTIAL
	  	282	  	279	  	271	  	241	  	258	  	273	  	331	  	273	  	272	  	(2	) 	 	(1	) 
	 BRANDs Headcount
	  	683	  	655	  	634	  	590	  	679	  	644	  	806	  	635	  	684	  	(1	) 	 	(50	) 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 135 









 Confidential Treatment 
  

 BRANDS 
 Donna Van Osten 
  

																													
	 	 	Actuals 	 	 	12&0 Forecast	 	December	 	Month Volume Actuals	 	Month Productivity
Variance	 	 	 Explanation of Budget
Productivity Variances


	 	 	October	 	November	 	 	December	 	 	January ‘05	 	February ‘05	 	Forecast	 	Budget	 	Forecast	 	Budget	 	Forecast	 	 	Budget	 	 
	 Indirect Costs
	 		 			 			 		 		 		 		 		 		 			 			 	
	 *CONFIDENTIAL
	 	1,922,203	 	1,908,082	  	 	1,972,049	  	 	1,600,365	 	1,709,047	 	1,891,410	 	2,271,182	 	1,570,997	 	1,934,869	 	101,051	  	 	37,179	  	 	
	 *CONFIDENTIAL
	 	41,258	 	31,117	  	 	60,086	  	 	54,904	 	63,239	 	31,729	 	—  	 	30,587	 	—  	 	29,199	  	 	50,088	  	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	828	 	—  	  	 	(563	) 	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	(563	) 	 	(563	) 	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	13,419	 	10,241	  	 	7,077	  	 	38,706	 	2,987	 	4,640	 	5,744	 	4,574	 	4,863	 	2,503	  	 	2,214	  	 	
	 *CONFIDENTIAL
	 	1,891,669	 	1,333,201	  	 	1,153,472	  	 	988,513	 	1,008,882	 	1,053,118	 	1,297,458	 	1,027,758	 	1,101,402	 	125,714	  	 	52,070	  	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	430,915	 	454,792	  	 	334,797	  	 	357,650	 	373,267	 	335,205	 	391,278	 	330,078	 	333,091	 	4,719	  	 	1,706	  	 	
	 *CONFIDENTIAL
	 	269,674	 	202,437	  	 	184,992	  	 	305,309	 	307,969	 	270,099	 	321,176	 	255,904	 	273,264	 	(80,911	) 	 	88,272	  	 	 *CONFIDENTIAL

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	 	4,569,966	 	3,939,843	  	 	3,711,910	  	 	3,345,447	 	3,465,392	 	3,586,200	 	4,286,839	 	3,530,198	 	3,647,489	 	181,712	  	 	64,420	  	 	 *CONFIDENTIAL

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	2,961	 	6,880	  	 	5,858	  	 	30,319	 	19,412	 	30,500	 	30,500	 	30,500	 	30,500	 	(24,642	) 	 	(24,642	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	3,124	 	9,442	  	 	4,457	  	 	5,733	 	3,733	 	7,833	 	6,733	 	7,833	 	6,733	 	(3,377	) 	 	(2,277	) 	 	
	 *CONFIDENTIAL
	 	108,881	 	(22,535	) 	 	40,260	  	 	8,000	 	29,000	 	24,553	 	31,405	 	24,553	 	24,957	 	15,707	  	 	15,303	  	 	 *CONFIDENTIAL

													
	 *CONFIDENTIAL
	 	5,923	 	11,719	  	 	4,285	  	 	8,530	 	9,755	 	8,875	 	12,875	 	8,700	 	11,200	 	(4,415	) 	 	(6,915	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	272	  	 	6,415	  	 	1,200	 	1,200	 	1,200	 	—  	 	1,200	 	—  	 	5,215	  	 	6,415	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	42	  	 	83	  	 	1,000	 	1,000	 	—  	 	—  	 	—  	 	—  	 	83	  	 	83	  	 	
	 *CONFIDENTIAL
	 	363,929	 	147,377	  	 	158,022	  	 	190,805	 	197,982	 	176,307	 	168,644	 	186,806	 	167,682	 	(10,783	) 	 	(11,660	) 	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	27,367	 	27,367	  	 	27,357	  	 	24,613	 	24,729	 	24,159	 	29,596	 	24,113	 	25,113	 	3,255	  	 	2,254	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	15,801	 	5,648	  	 	(24,729	) 	 	18,467	 	31,090	 	20,289	 	23,690	 	17,902	 	17,902	 	(42,631	) 	 	(42,631	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	—  	 	1,729	  	 	282	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	282	  	 	282	  	 	
	 *CONFIDENTIAL
	 	1,356	 	93,453	  	 	396	  	 	2,026	 	2,479	 	8,687	 	18,545	 	8,573	 	15,775	 	(8,177	) 	 	(15,379	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	202,275	 	246,742	  	 	108,271	  	 	94,069	 	147,790	 	110,139	 	181,083	 	98,437	 	136,788	 	9,634	  	 	(28,617	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	84,202	 	115,401	  	 	98,674	  	 	42,067	 	31,432	 	74,302	 	24,599	 	74,940	 	18,485	 	23,734	  	 	80,189	  	 	 *CONFIDENTIAL

													
	 *CONFIDENTIAL
	 	8,810	 	5,450	  	 	2,500	  	 	7,431	 	5,588	 	7,978	 	3,997	 	8,004	 	3,004	 	(5,504	) 	 	(504	) 	 	
	 *CONFIDENTIAL
	 	13,000	 	10,250	  	 	10,250	  	 	11,303	 	8,498	 	14,163	 	12,299	 	14,243	 	9,243	 	(3,993	) 	 	1,008	  	 	
	 *CONFIDENTIAL
	 	13,160	 	10,721	  	 	7,496	  	 	12,931	 	9,828	 	23,376	 	36,232	 	23,587	 	27,317	 	(16,091	) 	 	(19,821	) 	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	5,082	 	5,598	  	 	2,795	  	 	1,984	 	1,483	 	3,000	 	3,000	 	3,000	 	3,000	 	(205	) 	 	(205	) 	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	1,158	 	2,935	  	 	2,685	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	2,685	  	 	2,685	  	 	
	 *CONFIDENTIAL
	 	—  	 	25	  	 	135	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	135	  	 	135	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	 	—  	  	 	—  	  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	1,020,662	 	809,706	  	 	446,410	  	 	350,000	 	350,000	 	350,000	 	17,562	 	350,000	 	17,562	 	96,410	  	 	428,848	  	 	 *CONFIDENTIAL

													
	 *CONFIDENTIAL
	 	63,905	 	(45,409	) 	 	(51,730	) 	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	(91,730	) 	 	(51,730	) 	 	 *CONFIDENTIAL

		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Total Indirect Expenses
	 	6,511,563	 	5,382,654	  	 	4,560,091	  	 	4,155,725	 	4,340,391	 	4,471,561	 	4,907,800	 	4,392,589	 	4,162,751	 	167,502	  	 	397,340	  	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
													
	 *CONFIDENTIAL
	 	979	 	961	  	 	1,059	  	 	869	 	550	 	925	 	716	 	1,020	 	955	 	39	  	 	92	  	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	1,558	 	1,284	  	 	1,146	  	 	1,235	 	1,691	 	1,134	 	784	 	1,104	 	1,046	 	42	  	 	100	  	 	 *CONFIDENTIAL

													
	 *CONFIDENTIAL
	 	587	 	703	  	 	652	  	 	699	 	439	 	742	 	625	 	819	 	847	 	42	  	 	15	  	 	 *CONFIDENTIAL

	 *CONFIDENTIAL
	 	1,094	 	925	  	 	933	  	 	994	 	1,350	 	910	 	685	 	887	 	917	 	46	  	 	18	  	 	 *CONFIDENTIAL


  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 136 









 Confidential Treatment 
  

 BRANDS 
 Donna Van Osten 
  

																														
	  	 	DECEMBER YTD 	 	 	Full Year 	 
	 	 	Actuals	 	Budget	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	2004 Budget	 	Variance	 	 	2003 Actuals	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 
													
	 DRIVERS
	 		 		 			 		 			 		 		 			 		 			 		 		
													
	 *CONFIDENTIAL
	 	324,947	 	378,447	 	(53,500	) 	 	324,947	 	—  	  	 	324,947	 	378,447	 	(53,500	) 	 	419,820	 	(94,873	) 	 	324,947	 	—  	  
	 *CONFIDENTIAL
	 	67,103	 	105,879	 	(18,774	) 	 	87,105	 	—  	  	 	87,105	 	105,879	 	(18,774	) 	 	124,884	 	(37,779	) 	 	87,105	 	—  	  
	 *CONFIDENTIAL
	 	52,093	 	64,776	 	(12,683	) 	 	52,093	 	—  	  	 	52,093	 	64,776	 	(12,683	) 	 	85,331	 	(33,238	) 	 	52,093	 	—  	  
													
	 *CONFIDENTIAL
	 	94,108	 	132,405	 	(38,297	) 	 	94,108	 	—  	  	 	94,108	 	116,382	 	(22,274	) 	 	135,714	 	(41,806	) 	 	94,108	 	—  	  
	 *CONFIDENTIAL
	 	56,163	 	81,679	 	(25,516	) 	 	56,163	 	—  	  	 	56,163	 	71,102	 	(14,939	) 	 	92,527	 	(36,364	) 	 	56,163	 	—  	  
													
	 *CONFIDENTIAL
	 	239	 	354	 	(115	) 	 	305	 	(66	) 	 	299	 	337	 	(38	) 	 	249	 	50	  	 	296	 	3	  
	 *CONFIDENTIAL
	 	194	 	243	 	(49	) 	 	198	 	(4	) 	 	206	 	237	 	(30	) 	 	314	 	(107	) 	 	203	 	4	  
													
	 *CONFIDENTIAL
	 	113	 	89	 	24	  	 	89	 	24	  	 	91	 	94	 	(3	) 	 	141	 	(50	) 	 	91	 	(1	) 
	 *CONFIDENTIAL
	 	30	 	25	 	5	  	 	24	 	7	  	 	24	 	26	 	(2	) 	 	42	 	(18	) 	 	24	 	(0	) 
	 *CONFIDENTIAL
	 	40	 	45	 	(5	) 	 	40	 	1	  	 	38	 	41	 	(3	) 	 	38	 	2	  	 	39	 	(1	) 
	 *CONFIDENTIAL
	 	24	 	28	 	(4	) 	 	24	 	0	  	 	23	 	25	 	(2	) 	 	25	 	(2	) 	 	23	 	(0	) 

 BRANDS 
 Donna Van Osten 
  

																														
	  	 	DECEMBER YTD 	 	 	Full Year Average	 
	 	 	Actuals	 	Budget	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	2004 Budget	 	Variance	 	 	2003 Actuals	 	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 
													
	 SUMMARY HEADCOUNT
	 		 		 			 		 			 		 		 			 		 			 		  		
													
	 BRANDs
	 		 		 			 		 			 		 		 			 		 			 		  		
	 *CONFIDENTIAL
	 	3	 	3	 	—  	  	 	3	 	—  	  	 	3	 	3	 	(0	) 	 	4	 	(2	) 	 	3	  	(0	) 
	 *CONFIDENTIAL
	 	38	 	43	 	(5	) 	 	37	 	1	  	 	38	 	41	 	(4	) 	 	37	 	1	  	 	36	  	1	  
	 *CONFIDENTIAL
	 	—  	 	354	 	(354	) 	 	305	 	(305	) 	 	299	 	337	 	(38	) 	 	249	 	50	  	 	296	  	3	  
	 *CONFIDENTIAL
	 	111	 	—  	 	111	  	 	—  	 	111	  	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	128	 	—  	 	128	  	 	—  	 	128	  	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	10	 	(10	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	72	 	65	 	7	  	 	57	 	15	  	 	74	 	67	 	7	  	 	78	 	(4	) 	 	62	  	12	  
	 *CONFIDENTIAL
	 	1	 	—  	 	1	  	 	—  	 	1	  	 	17	 	12	 	6	  	 	33	 	(15	) 	 	12	  	6	  
	 *CONFIDENTIAL
	 	10	 	10	 	—  	  	 	10	 	—  	  	 	11	 	10	 	1	  	 	6	 	5	  	 	10	  	1	  
	 *CONFIDENTIAL
	 	363	 	474	 	(111	) 	 	412	 	(49	) 	 	442	 	470	 	(28	) 	 	416	 	25	  	 	419	  	23	  
													
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	28	 	(28	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	194	 	243	 	(49	) 	 	198	 	(4	) 	 	206	 	237	 	(30	) 	 	232	 	(26	) 	 	203	  	4	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	54	 	(54	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	7	 	4	 	3	  	 	4	 	3	  	 	9	 	12	 	(3	) 	 	35	 	(26	) 	 	11	  	(2	) 
	 *CONFIDENTIAL
	 	2	 	2	 	—  	  	 	2	 	—  	  	 	2	 	2	 	—  	  	 	4	 	(2	) 	 	2	  	—  	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	2	 	(2	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	5	 	(5	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	14	 	(14	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	 	26	 	28	 	(2	) 	 	23	 	3	  	 	31	 	28	 	3	  	 	34	 	(3	) 	 	24	  	6	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	1	 	—  	 	1	  	 	36	 	(35	) 	 	—  	  	1	  
	 *CONFIDENTIAL
	 	30	 	42	 	(12	) 	 	35	 	(5	) 	 	29	 	42	 	(13	) 	 	48	 	(19	) 	 	36	  	(7	) 
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	0	 	—  	 	0	  	 	6	 	(5	) 	 	—  	  	0	  
	 *CONFIDENTIAL
	 	12	 	12	 	—  	  	 	10	 	2	  	 	14	 	12	 	2	  	 	13	 	1	  	 	11	  	3	  
	 *CONFIDENTIAL
	 	271	 	331	 	(60	) 	 	272	 	(1	) 	 	292	 	333	 	(41	) 	 	510	 	(218	) 	 	287	  	5	  
	 BRANDs Headcount
	 	634	 	806	 	(172	) 	 	684	 	(50	) 	 	733	 	803	 	(70	) 	 	926	 	(193	) 	 	706	  	27	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 


	

  

 137 









 Confidential Treatment 
  

 BRANDS 
 Donna Van Osten 
  

																																				
	 	 	DECEMBER YTD	 	 	Full Year	 
	 	 	Actuals	 	 	Budget	 	 	Variance	 	 	Budget
Volume
Actuals	 	 	Budget
Productivity
Variance	 	 	2004
Forecast	 	 	2004
Budget	 	 	Variance	 	 	2003
Actuals	 	Variance	 	 	Budget
Volume
Actuals	 	 	Budget
Productivity
Variance	 
													
	 Indirect Costs
	 	24,824,795	  	 	25,763,920	  	 	(939,125	) 	 	22,750,323	  	 	2,074,472	  	 	24,824,795	  	 	25,763,920	  	 	(939,125	) 	 	30,508,096	 	(5,683,300	) 	 	22,750,323	  	 	2,074,472	  
	 *CONFIDENTIAL
	 	1,467,605	  	 	2,997,854	  	 	(1,530,249	) 	 	1,952,185	  	 	(494,581	) 	 	1,467,605	  	 	2,997,854	  	 	(1,530,249	) 	 	4,301,070	 	(2,833,465	) 	 	1,962,185	  	 	(494,581	) 
	 *CONFIDENTIAL
	 	56,075	  	 	1,797	  	 	54,278	  	 	1,797	  	 	54,278	  	 	56,075	  	 	1,797	  	 	54,278	  	 	1,130,424	 	(1,074,349	) 	 	1,797	  	 	54,278	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	19,635	  	 	12,019	  	 	7,615	  	 	12,019	  	 	7,615	  	 	19,635	  	 	12,019	  	 	7,615	  	 	570,902	 	(551,267	) 	 	12,019	  	 	7,615	  
	 *CONFIDENTIAL
	 	174,487	  	 	144,513	  	 	29,954	  	 	136,173	  	 	38,294	  	 	174,467	  	 	144,513	  	 	29,954	  	 	324,275	 	(149,807	) 	 	136,173	  	 	38,294	  
	 *CONFIDENTIAL
	 	18,771,892	  	 	18,702,633	  	 	69,260	  	 	16,242,050	  	 	2,529,843	  	 	18,771,892	  	 	18,702,633	  	 	69,260	  	 	25,863,177	 	(7,091,285	) 	 	16,242,050	  	 	2,529,843	  
	 *CONFIDENTIAL
	 	6,807,594	  	 	5,438,859	  	 	368,735	  	 	4,734,651	  	 	1,072,943	  	 	5,807,594	  	 	5,438,859	  	 	368,735	  	 	6,746,800	 	(939,205	) 	 	4,734,651	  	 	1,072,943	  
	 *CONFIDENTIAL
	 	3,797,898	  	 	4,658,768	  	 	(860,870	) 	 	4,045,168	  	 	(247,267	) 	 	3,797,898	  	 	4,658,768	  	 	(860,870	) 	 	4,964,749	 	(1,166,851	) 	 	4,045,166	  	 	(247,267	) 
	 *CONFIDENTIAL
  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	54,919,961	  	 	57,720,364	  	 	(2,800,403	) 	 	49,884,363	  	 	5,035,598	  	 	54,919,961	  	 	57,720,364	  	 	(2,800,403	) 	 	74,409,492	 	(19,489,530	) 	 	49,884,363	  	 	5,035,598	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	5,054	  	 	—  	  	 	5,054	  	 	—  	  	 	5,054	  	 	5,054	  	 	—  	  	 	5,054	  	 	4,643	 	411	  	 	—  	  	 	5,054	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	134,211	  	 	234,777	  	 	(100,566	) 	 	221,017	  	 	(86,806	) 	 	134,211	  	 	234,777	  	 	(100,586	) 	 	180,469	 	(45,258	) 	 	221,017	  	 	(86,806	) 
	 *CONFIDENTIAL
	 	124,281	  	 	97,420	  	 	26,860	  	 	97,306	  	 	26,975	  	 	124,281	  	 	97,420	  	 	26,860	  	 	196,971	 	(72,690	) 	 	97,306	  	 	26,975	  
	 *CONFIDENTIAL
	 	642,757	  	 	521,532	  	 	121,225	  	 	434,213	  	 	208,543	  	 	642,757	  	 	521,532	  	 	121,225	  	 	821,825	 	(179,068	) 	 	434,213	  	 	208,543	  
	 *CONFIDENTIAL
	 	113,423	  	 	155,698	  	 	(42,276	) 	 	139,748	  	 	(28,326	) 	 	113,423	  	 	155,698	  	 	(42,276	) 	 	526,386	 	(412,963	) 	 	139,748	  	 	(26,326	) 
	 *CONFIDENTIAL
	 	3,752	  	 	—  	  	 	3,752	  	 	—  	  	 	3,752	  	 	3,752	  	 	—  	  	 	3,752	  	 	56,065	 	(52,314	) 	 	—  	  	 	3,752	  
	 *CONFIDENTIAL
	 	33,227	  	 	6,102	  	 	27,126	  	 	6,102	  	 	27,126	  	 	33,227	  	 	6,102	  	 	27,126	  	 	28,165	 	5,062	  	 	6,102	  	 	27,126	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	20,789	  	 	838	  	 	19,951	  	 	838	  	 	19,951	  	 	20,789	  	 	838	  	 	19,951	  	 	49,719	 	(28,931	) 	 	838	  	 	19,951	  
	 *CONFIDENTIAL
	 	2,664,213	  	 	2,907,642	  	 	(243,429	) 	 	2,599,443	  	 	64,771	  	 	2,664,213	  	 	2,907,642	  	 	(243,429	) 	 	4,437,622	 	(1,773,409	) 	 	2,599,443	  	 	64,771	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	324,092	  	 	352,838	  	 	(28,746	) 	 	312,108	  	 	11,984	  	 	324,092	  	 	352,838	  	 	(28,746	) 	 	349,451	 	(25,359	) 	 	312,108	  	 	11,984	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	330,130	  	 	496,452	  	 	(166,321	) 	 	413,037	  	 	(82,906	) 	 	330,130	  	 	496,452	  	 	(166,321	) 	 	734,376	 	(404,246	) 	 	413,037	  	 	(82,906	) 
	 *CONFIDENTIAL
	 	51,336	  	 	45,462	  	 	5,874	  	 	45,462	  	 	5,874	  	 	51,336	  	 	45,462	  	 	5,874	  	 	36,792	 	14,544	  	 	45,462	  	 	5,874	  
	 *CONFIDENTIAL
	 	192,558	  	 	274,873	  	 	(142,315	) 	 	236,741	  	 	(104,183	) 	 	132,558	  	 	274,873	  	 	(142,315	) 	 	281,069	 	(148,511	) 	 	236,741	  	 	(104,183	) 
	 *CONFIDENTIAL
	 	—  	  	 	16,000	  	 	(16,000	) 	 	16,000	  	 	(16,000	) 	 	—  	  	 	16,000	  	 	(16,000	) 	 	—  	 	—  	  	 	16,000	  	 	(16,000	) 
	 *CONFIDENTIAL
	 	2,141,818	  	 	2,998,834	  	 	(857,018	) 	 	2,411,642	  	 	(269,826	) 	 	2,141,816	  	 	2,998,834	  	 	(857,018	) 	 	3,384,957	 	(1,243,141	) 	 	2,411,642	  	 	(269,826	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	1,145,505	  	 	642,558	  	 	502,947	  	 	565,129	  	 	580,376	  	 	1,145,505	  	 	642,558	  	 	502,947	  	 	2,935,877	 	(1,790,372	) 	 	565,129	  	 	580,376	  
	 *CONFIDENTIAL
	 	125,485	  	 	82,400	  	 	43,085	  	 	71,934	  	 	53,551	  	 	125,485	  	 	82,400	  	 	43,085	  	 	308,278	 	(182,793	) 	 	71,934	  	 	53,551	  
	 *CONFIDENTIAL
	 	241,983	  	 	185,730	  	 	56,253	  	 	154,023	  	 	87,961	  	 	241,983	  	 	185,730	  	 	56,253	  	 	331,575	 	(89,592	) 	 	154,023	  	 	87,961	  
	 *CONFIDENTIAL
	 	196,734	  	 	432,530	  	 	(236,797	) 	 	341,905	  	 	(146,171	) 	 	195,734	  	 	432,530	  	 	(236,797	) 	 	628,854	 	(433,120	) 	 	341,905	  	 	(146,171	) 
	 *CONFIDENTIAL
	 	51,969	  	 	41,852	  	 	10,117	  	 	41,852	  	 	10,117	  	 	51,969	  	 	41,852	  	 	10,117	  	 	43,331	 	8,638	  	 	41,852	  	 	10,117	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	968	  	 	—  	  	 	968	  	 	—  	  	 	968	  	 	968	  	 	—  	  	 	968	  	 	5,191	 	(4,223	) 	 	—  	  	 	968	  
	 *CONFIDENTIAL
	 	110,886	  	 	32,685	  	 	78,201	  	 	32,665	  	 	78,201	  	 	110,886	  	 	32,685	  	 	78,201	  	 	473,639	 	(362,753	) 	 	32,685	  	 	78,201	  
	 *CONFIDENTIAL
	 	(3,265	) 	 	(5,212	) 	 	1,947	  	 	(5,212	) 	 	1,947	  	 	(3,285	) 	 	(5,212	) 	 	1,947	  	 	2,703	 	(5,968	) 	 	(5,212	) 	 	1,947	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	5,870,337	  	 	1,270,561	  	 	4,299,776	  	 	1,270,561	  	 	4,299,776	  	 	5,570,337	  	 	1,270,561	  	 	4,299,776	  	 	2,174,715	 	3,395,621	  	 	1,270,561	  	 	4,299,776	  
	 *CONFIDENTIAL
	 	(511,738	) 	 	(966,561	) 	 	454,823	  	 	(966,561	) 	 	454,823	  	 	(511,738	) 	 	(966,561	) 	 	454,823	  	 	90,527	 	(602,265	) 	 	(966,561	) 	 	454,823	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Indirect Expenses
	 	68,569,465	  	 	67,545,375	  	 	1,024,090	  	 	58,324,334	  	 	10,245,131	  	 	68,569,465	  	 	67,545,375	  	 	1,024,090	  	 	92,492,693	 	(23,923,228	) 	 	58,324,334	  	 	10,245,131	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
													
	 *CONFIDENTIAL
	 	729	  	 	510	  	 	218	  	 	620	  	 	109	  	 	729	  	 	580	  	 	148	  	 	682	 	47	  	 	620	  	 	109	  
	 *CONFIDENTIAL
	 	1,221	  	 	827	  	 	394	  	 	1,038	  	 	182	  	 	1,221	  	 	950	  	 	271	  	 	1,000	 	221	  	 	1,038	  	 	182	  
													
	 *CONFIDENTIAL
	 	584	  	 	436	  	 	148	  	 	530	  	 	54	  	 	584	  	 	498	  	 	88	  	 	548	 	35	  	 	530	  	 	54	  
	 *CONFIDENTIAL
	 	978	  	 	707	  	 	271	  	 	888	  	 	90	  	 	978	  	 	812	  	 	166	  	 	804	 	174	  	 	888	  	 	90	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 138 









 Confidential Treatment 
  

 BRANDS-Teleservices 
 Donna Van Osten 
  

																									
	  	 	Actuals	 	12&0 Forecast	 	December	 	Monthly Volume Actuals	 	Monthly Productivity
Variance	 
	 	 	October	 	November	 	December	 	January ‘05	 	February ‘05	 	Forecast	 	Budget	 	Forecast	 	Budget	 	Forecast	 	 	Budget	 
												
	 DRIVERS
	 		 		 		 		 		 		 		 		 		 			 		
	 *CONFIDENTIAL
	 	24,060	 	20,592	 	16,235	 	25,860	 	29,196	 	18,632	 	19,099	 	16,235	 	16,235	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	6,158	 	5,203	 	4,027	 	4,369	 	7,192	 	4,564	 	5,329	 	4,027	 	4,027	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	3,903	 	3,975	 	3,697	 	3,175	 	2,372	 	3,665	 	4,920	 	3,697	 	3,697	 	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	 	6,650	 	5,604	 	4,308	 	4,784	 	7,891	 	4,834	 	6,853	 	4,308	 	4,308	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	4,179	 	4,258	 	3,978	 	3,366	 	2,567	 	3,942	 	6,262	 	3,978	 	3,978	 	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	 	265	 	248	 	239	 	245	 	311	 	257	 	354	 	249	 	305	 	(10	) 	 	(66	) 
												
	 *CONFIDENTIAL
	 	91	 	83	 	68	 	108	 	94	 	72	 	54	 	65	 	53	 	3	  	 	15	  
	 *CONFIDENTIAL
	 	23	 	21	 	17	 	18	 	23	 	18	 	15	 	16	 	13	 	1	  	 	4	  
	  
 BRANDS-Teleservices
 Donna Van Osten
  
	 
   
   
 

	  	 	Actuals	 	12&0 Forecast	 	December	 	Monthly Volume Actuals	 	Monthly Productivity
Variance	 
	 	 	October	 	November	 	December	 	January ‘05	 	February ‘05	 	Forecast	 	Budget	 	Forecast	 	Budget	 	Forecast	 	 	Budget	 
												
	 SUMMARY HEADCOUNT
	 		 		 		 		 		 		 		 		 		 			 		
												
	 BRANDs
	 		 		 		 		 		 		 		 		 		 			 		
	 *CONFIDENTIAL
	 	3	 	3	 	3	 	3	 	3	 	3	 	3	 	3	 	3	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	43	 	38	 	38	 	28	 	35	 	29	 	43	 	28	 	37	 	10	  	 	1	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	 	245	 	311	 	257	 	354	 	249	 	305	 	(249	) 	 	(305	) 
	 *CONFIDENTIAL
	 	139	 	122	 	111	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	111	  	 	111	  
	 *CONFIDENTIAL
	 	126	 	126	 	128	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	128	  	 	128	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	78	 	76	 	72	 	63	 	83	 	72	 	65	 	72	 	57	 	—  	  	 	15	  
	 *CONFIDENTIAL
	 	2	 	1	 	1	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	1	  	 	1	  
	 *CONFIDENTIAL
	 	10	 	10	 	10	 	10	 	10	 	10	 	10	 	10	 	10	 	—  	  	 	—  	  
	 Brands Teleservices SubTotal
	 	401	 	376	 	363	 	349	 	421	 	371	 	474	 	362	 	412	 	1	  	 	(49	) 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 138 









 Confidential Treatment 
  

 BRANDS-Teleservices 
 Donna Van Osten 
  

																												
	  	  	Actuals	 	 	12&0 Forecast	  	December	  	Monthly Volume Actuals	  	Monthly Productivity
Variance	 
	 	  	October	 	 	November	 	 	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
	 Indirect Costs
	  			 			 			 		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	  	1,021,103	  	 	1,013,388	  	 	1,026,156	  	 	870,314	  	972,450	  	1,010,486	  	1,229,319	  	989,452	  	1,078,436	  	36,703	  	 	(52,284	) 
	 *CONFIDENTIAL
	  	38,800	  	 	30,174	  	 	58,515	  	 	50,840	  	49,331	  	31,477	  	—  	  	30,635	  	—  	  	27,880	  	 	58,615	  
	 *CONFIDENTIAL
	  	828	  	 	—  	  	 	(563	) 	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(563	) 	 	(563	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	13,419	  	 	1,714	  	 	1,557	  	 	36,941	  	1,100	  	2,639	  	3,383	  	2,571	  	2,935	  	(1,014	) 	 	(1,378	) 
	 *CONFIDENTIAL
	  	1,678,974	  	 	1,116,588	  	 	932,295	  	 	771,238	  	838,883	  	767,643	  	952,416	  	742,869	  	819,858	  	189,426	  	 	112,437	  
	 *CONFIDENTIAL
	  	264,757	  	 	292,139	  	 	204,590	  	 	216,011	  	236,211	  	209,117	  	239,991	  	203,986	  	208,812	  	604	  	 	(4,223	) 
	 *CONFIDENTIAL
	  	188,441	  	 	121,536	  	 	101,146	  	 	198,212	  	210,608	  	165,100	  	196,356	  	160,902	  	170,846	  	(59,756	) 	 	(69,701	) 
		  	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 
	 *CONFIDENTIAL
	  	3,206,321	  	 	2,575,538	  	 	2,232,695	  	 	2,143,556	  	2,308,583	  	2,186,463	  	2,621,465	  	2,130,414	  	2,280,888	  	193,281	  	 	42,607	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	2,961	  	 	1,500	  	 	6,142	  	 	30,319	  	19,412	  	18,000	  	18,000	  	18,000	  	18,000	  	(12,858	) 	 	(12,858	) 
	 *CONFIDENTIAL
	  	2,453	  	 	7,898	  	 	4,457	  	 	3,733	  	3,733	  	4,833	  	3,733	  	4,833	  	3,733	  	(377	) 	 	723	  
	 *CONFIDENTIAL
	  	16,602	  	 	—  	  	 	32,783	  	 	4,000	  	4,000	  	18,000	  	9,083	  	18,000	  	8,151	  	14,783	  	 	24,632	  
	 *CONFIDENTIAL
	  	3,591	  	 	2,807	  	 	2,420	  	 	5,900	  	7,125	  	6,575	  	8,075	  	6,400	  	7,200	  	(3,980	) 	 	(4,780	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	6,081	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	6,081	  	 	6,081	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	42	  	 	83	  	 	1,000	  	1,000	  	—  	  	—  	  	—  	  	—  	  	83	  	 	83	  
	 *CONFIDENTIAL
	  	205,291	  	 	79,760	  	 	80,800	  	 	93,096	  	105,104	  	75,460	  	77,351	  	65,752	  	65,305	  	15,048	  	 	15,496	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	15,576	  	 	15,576	  	 	15,676	  	 	14,794	  	14,249	  	13,967	  	17,565	  	13,908	  	15,250	  	1,667	  	 	326	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	15,801	  	 	5,646	  	 	(24,729	) 	 	18,467	  	31,090	  	20,289	  	23,690	  	17,902	  	17,902	  	(42,631	) 	 	(42,631	) 
	 *CONFIDENTIAL
	  	—  	  	 	1,729	  	 	282	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	282	  	 	282	  
	 *CONFIDENTIAL
	  	954	  	 	45,845	  	 	195	  	 	2,013	  	2,466	  	3,685	  	12,642	  	3,565	  	10,956	  	(3,371	) 	 	(10,762	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	182,262	  	 	205,709	  	 	92,094	  	 	88,174	  	143,295	  	92,346	  	139,962	  	81,822	  	105,769	  	10,272	  	 	(13,675	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	88,815	  	 	107,841	  	 	84,006	  	 	42,067	  	31,432	  	73,302	  	24,599	  	73,940	  	18,485	  	10,066	  	 	65,521	  
	 *CONFIDENTIAL
	  	6,750	  	 	3,250	  	 	1,000	  	 	5,159	  	3,855	  	2,978	  	3,997	  	3,004	  	3,004	  	(2,004	) 	 	(2,004	) 
	 *CONFIDENTIAL
	  	11,000	  	 	8,000	  	 	6,750	  	 	7,937	  	5,931	  	9,163	  	12,299	  	9,243	  	9,243	  	(2,493	) 	 	(2,493	) 
	 *CONFIDENTIAL
	  	2,169	  	 	1,016	  	 	(2,409	) 	 	2,159	  	1,613	  	3,665	  	4,920	  	3,697	  	3,697	  	(6,106	) 	 	(6,106	) 
	 *CONFIDENTIAL
	  	2,786	  	 	4,148	  	 	1,995	  	 	1,984	  	1,483	  	3,000	  	3,000	  	3,000	  	3,000	  	(1,005	) 	 	(1,005	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	(3,489	) 	 	(3,123	) 	 	2,745	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(2,745	) 	 	(2,745	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	24,797	  	 	(36,715	) 	 	(6,393	) 	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(6,393	) 	 	(6,393	) 
		  	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 
	 Total Indirect Expenses
	  	3,784,640	  	 	3,026,465	  	 	2,621,084	  	 	2,464,360	  	2,684,370	  	2,531,726	  	2,980,382	  	2,453,480	  	2,570,583	  	167,604	  	 	50,500	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 
												
	 *CONFIDENTIAL
	  	589	  	 	540	  	 	608	  	 	515	  	340	  	524	  	435	  	570	  	597	  	39	  	 	12	  
	 *CONFIDENTIAL
	  	906	  	 	711	  	 	659	  	 	732	  	1,046	  	642	  	476	  	617	  	646	  	42	  	 	13	  
												
	 *CONFIDENTIAL
	  	482	  	 	460	  	 	539	  	 	448	  	293	  	452	  	383	  	495	  	529	  	45	  	 	10	  
	 *CONFIDENTIAL
	  	767	  	 	605	  	 	584	  	 	637	  	899	  	555	  	419	  	536	  	573	  	49	  	 	11	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 139 









 Confidential Treatment 
  

 BRANDS-Teleservices 
 Donna Van Osten 
  

																														
	 	 	DECEMBER YTD	 	 	Full Year	 
	 	 	Actuals	 	Budget	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	2004 Budget	 	Variance	 	 	2003 Actuals	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 
													
	 DRIVERS
	 		 		 			 		 			 		 		 			 		 			 		 		
	 *CONFIDENTIAL
	 	324,947	 	378,447	 	(53,500	) 	 	324,947	 	—  	  	 	324,947	 	378,447	 	(53,500	) 	 	419,820	 	(94,873	) 	 	324,947	 	—  	  
	 *CONFIDENTIAL
	 	87,105	 	105,879	 	(18,774	) 	 	87,105	 	—  	  	 	87,105	 	105,879	 	(18,774	) 	 	124,884	 	(37,779	) 	 	87,105	 	—  	  
	 *CONFIDENTIAL
	 	52,093	 	64,776	 	(12,683	) 	 	52,093	 	—  	  	 	52,093	 	64,776	 	(12,683	) 	 	85,331	 	(33,238	) 	 	52,093	 	—  	  
													
	 *CONFIDENTIAL
	 	94,108	 	132,405	 	(38,297	) 	 	94,108	 	—  	  	 	94,108	 	116,382	 	(22,274	) 	 	135,714	 	(41,606	) 	 	94,108	 	—  	  
	 *CONFIDENTIAL
	 	56,163	 	81,679	 	(25,516	) 	 	56,163	 	—  	  	 	56,163	 	71,102	 	(14,939	) 	 	92,527	 	(36,364	) 	 	56,163	 	—  	  
													
	 *CONFIDENTIAL
	 	239	 	354	 	(115	) 	 	305	 	(66	) 	 	299	 	337	 	(38	) 	 	249	 	50	  	 	296	 	3	  
													
	 *CONFIDENTIAL
	 	113	 	89	 	24	  	 	89	 	24	  	 	91	 	94	 	(3	) 	 	141	 	(50	) 	 	91	 	(1	) 
	 *CONFIDENTIAL
	 	30	 	25	 	5	  	 	24	 	7	  	 	24	 	26	 	(2	) 	 	42	 	(18	) 	 	24	 	(0	) 
	
	 BRANDS-Teleservices
 Donna Van Osten
  
	   
   
 

	  	 	DECEMBER YTD	 	 	Full Year Average	 
	 	 	Actuals	 	Budget	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	2004 Budget	 	Variance	 	 	2003 Actuals	 	Variance	 	 	Budget Volume
Actuals	 	Budget
Productivity
Variance	 
													
	 SUMMARY HEADCOUNT
	 		 		 			 		 			 		 		 			 		 			 		 		
													
	 BRANDs
	 		 		 			 		 			 		 		 			 		 			 		 		
	 *CONFIDENTIAL
	 	3	 	3	 	—  	  	 	3	 	—  	  	 	3	 	3	 	(0	) 	 	4	 	(2	) 	 	3	 	(0	) 
	 *CONFIDENTIAL
	 	38	 	43	 	(5	) 	 	37	 	1	  	 	38	 	41	 	(4	) 	 	37	 	1	  	 	36	 	1	  
	 *CONFIDENTIAL
	 	—  	 	354	 	(354	) 	 	305	 	(305	) 	 	299	 	337	 	(38	) 	 	249	 	50	  	 	296	 	3	  
	 *CONFIDENTIAL
	 	111	 	—  	 	111	  	 	—  	 	111	  	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	  
	 *CONFIDENTIAL
	 	128	 	—  	 	128	  	 	—  	 	128	  	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	  	 	—  	 	—  	  	 	—  	 	—  	 	—  	  	 	10	 	(10	) 	 	—  	 	—  	  
	 *CONFIDENTIAL
	 	72	 	65	 	7	  	 	57	 	15	  	 	74	 	67	 	7	  	 	78	 	(4	) 	 	62	 	12	  
	 *CONFIDENTIAL
	 	1	 	—  	 	1	  	 	—  	 	1	  	 	17	 	12	 	6	  	 	33	 	(15	) 	 	12	 	6	  
	 *CONFIDENTIAL
	 	10	 	10	 	—  	  	 	10	 	—  	  	 	11	 	10	 	1	  	 	6	 	5	  	 	10	 	1	  
	 Brands Teleservices SubTotal
	 	363	 	474	 	(111	) 	 	412	 	(49	) 	 	442	 	470	 	(28	) 	 	416	 	25	  	 	419	 	23	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 140 









 Confidential Treatment 
  

 BRANDS-Teleservices 
 Donna Van Osten 
  

																																				
	 	 	DECEMBER YTD	 	 	Full Year	 
	 	 	Actuals	 	 	Budget	 	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	 	2004 Budget	 	 	Variance	 	 	2003 Actuals	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 
													
	 Indirect Costs
	 			 			 			 			 			 			 			 			 		 			 			 		
	 *CONFIDENTIAL
	 	13,458,265	  	 	14,042,751	  	 	(584,485	) 	 	12,639,594	  	 	818,671	  	 	13,458,265	  	 	14,042,751	  	 	(584,485	) 	 	14,038,095	 	(579,829	) 	 	12,639,594	  	 	818,671	  
	 *CONFIDENTIAL
	 	873,533	  	 	1,744,520	  	 	(870,987	) 	 	1,167,454	  	 	(293,920	) 	 	873,533	  	 	1,744,520	  	 	(870,987	) 	 	2,247,073	 	(1,373,540	) 	 	1,167,454	  	 	(293,920	) 
	 *CONFIDENTIAL
	 	41,859	  	 	561	  	 	41,298	  	 	561	  	 	41,298	  	 	41,859	  	 	561	  	 	41,298	  	 	13,203	 	28,655	  	 	561	  	 	41,298	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	368,431	 	(368,431	) 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	133,343	  	 	118,193	  	 	15,150	  	 	113,800	  	 	19,543	  	 	133,343	  	 	118,193	  	 	15,150	  	 	175,794	 	(42,450	) 	 	113,800	  	 	19,543	  
	 *CONFIDENTIAL
	 	15,436,422	  	 	14,885,047	  	 	551,375	  	 	13,053,806	  	 	2,382,616	  	 	15,436,422	  	 	14,885,047	  	 	551,375	  	 	19,187,508	 	(3,751,086	) 	 	13,053,806	  	 	2,382,616	  
	 *CONFIDENTIAL
	 	3,740,583	  	 	3,523,915	  	 	216,668	  	 	3,112,481	  	 	628,102	  	 	3,740,583	  	 	3,523,915	  	 	216,668	  	 	3,737,109	 	3,474	  	 	3,112,481	  	 	628,102	  
	 *CONFIDENTIAL
	 	2,436,474	  	 	3,024,895	  	 	(588,422	) 	 	2,661,724	  	 	(225,251	) 	 	2,436,474	  	 	3,024,895	  	 	(588,422	) 	 	2,728,963	 	(292,489	) 	 	2,661,724	  	 	(225,251	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	36,120,480	  	 	37,339,882	  	 	(1,219,402	) 	 	32,749,420	  	 	3,371,060	  	 	36,120,480	  	 	37,339,882	  	 	(1,219,402	) 	 	42,496,175	 	(6,375,696	) 	 	32,749,420	  	 	3,371,060	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	4,643	 	(4,643	) 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	120,359	  	 	190,653	  	 	(70,294	) 	 	176,892	  	 	(56,533	) 	 	120,359	  	 	190,653	  	 	(70,294	) 	 	157,467	 	(37,108	) 	 	176,892	  	 	(56,533	) 
	 *CONFIDENTIAL
	 	99,459	  	 	57,345	  	 	42,114	  	 	57,345	  	 	42,114	  	 	99,459	  	 	57,345	  	 	42,114	  	 	142,900	 	(43,441	) 	 	57,345	  	 	42,114	  
	 *CONFIDENTIAL
	 	145,023	  	 	169,044	  	 	(24,021	) 	 	154,011	  	 	(8,988	) 	 	145,023	  	 	169,044	  	 	(24,021	) 	 	173,225	 	(28,202	) 	 	154,011	  	 	(8,988	) 
	 *CONFIDENTIAL
	 	74,126	  	 	101,349	  	 	(27,223	) 	 	92,599	  	 	(18,473	) 	 	74,126	  	 	101,349	  	 	(27,223	) 	 	183,513	 	(109,386	) 	 	92,599	  	 	(18,473	) 
	 *CONFIDENTIAL
	 	3,752	  	 	—  	  	 	3,752	  	 	—  	  	 	3,752	  	 	3,752	  	 	—  	  	 	3,752	  	 	6,232	 	(2,480	) 	 	—  	  	 	3,752	  
	 *CONFIDENTIAL
	 	13,334	  	 	72	  	 	13,262	  	 	72	  	 	13,262	  	 	13,334	  	 	72	  	 	13,262	  	 	1,114	 	12,221	  	 	72	  	 	13,262	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	11,087	  	 	355	  	 	10,732	  	 	355	  	 	10,732	  	 	11,087	  	 	355	  	 	10,732	  	 	38,957	 	(27,870	) 	 	355	  	 	10,732	  
	 *CONFIDENTIAL
	 	1,498,811	  	 	1,530,812	  	 	(32,001	) 	 	1,311,850	  	 	186,961	  	 	1,498,811	  	 	1,530,812	  	 	(32,001	) 	 	2,257,397	 	(758,586	) 	 	1,311,850	  	 	186,961	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	192,208	  	 	210,350	  	 	(18,143	) 	 	189,536	  	 	2,672	  	 	192,208	  	 	210,350	  	 	(18,143	) 	 	168,699	 	23,508	  	 	189,536	  	 	2,672	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	330,130	  	 	496,452	  	 	(166,321	) 	 	413,037	  	 	(82,906	) 	 	330,130	  	 	496,452	  	 	(166,321	) 	 	734,376	 	(404,246	) 	 	413,037	  	 	(82,906	) 
	 *CONFIDENTIAL
	 	42,049	  	 	39,116	  	 	2,933	  	 	39,116	  	 	2,933	  	 	42,049	  	 	39,116	  	 	2,933	  	 	35,711	 	6,338	  	 	39,116	  	 	2,933	  
	 *CONFIDENTIAL
	 	62,116	  	 	185,562	  	 	(123,446	) 	 	162,104	  	 	(99,988	) 	 	62,116	  	 	185,562	  	 	(123,446	) 	 	216,989	 	(154,873	) 	 	162,104	  	 	(99,988	) 
	 *CONFIDENTIAL
	 	—  	  	 	16,000	  	 	(16,000	) 	 	16,000	  	 	(16,000	) 	 	—  	  	 	16,000	  	 	(16,000	) 	 	—  	 	—  	  	 	16,000	  	 	(16,000	) 
	 *CONFIDENTIAL
	 	1,854,148	  	 	2,469,700	  	 	(615,552	) 	 	1,983,615	  	 	(129,466	) 	 	1,854,148	  	 	2,469,700	  	 	(615,552	) 	 	2,867,530	 	(1,013,381	) 	 	1,983,615	  	 	(129,466	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	1,032,953	  	 	609,181	  	 	423,774	  	 	531,752	  	 	501,203	  	 	1,032,955	  	 	609,181	  	 	423,774	  	 	2,637,435	 	(1,604,480	) 	 	531,752	  	 	501,203	  
	 *CONFIDENTIAL
	 	91,925	  	 	71,800	  	 	20,125	  	 	61,334	  	 	30,591	  	 	91,925	  	 	71,800	  	 	20,125	  	 	269,025	 	(177,100	) 	 	61,334	  	 	30,591	  
	 *CONFIDENTIAL
	 	186,825	  	 	176,980	  	 	9,845	  	 	145,273	  	 	41,553	  	 	186,825	  	 	176,980	  	 	9,845	  	 	270,650	 	(83,825	) 	 	145,273	  	 	41,553	  
	 *CONFIDENTIAL
	 	27,912	  	 	63,416	  	 	(35,504	) 	 	50,733	  	 	(22,821	) 	 	27,912	  	 	63,416	  	 	(35,504	) 	 	134,722	 	(106,810	) 	 	50,733	  	 	(22,821	) 
	 *CONFIDENTIAL
	 	31,883	  	 	38,074	  	 	(6,191	) 	 	38,074	  	 	(6,191	) 	 	31,883	  	 	38,074	  	 	(6,191	) 	 	35,915	 	(4,031	) 	 	38,074	  	 	(6,191	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	5,191	 	(5,191	) 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	23,334	  	 	12,238	  	 	11,095	  	 	12,238	  	 	11,095	  	 	23,334	  	 	12,238	  	 	11,095	  	 	168,448	 	(145,115	) 	 	12,238	  	 	11,095	  
	 *CONFIDENTIAL
	 	848	  	 	(78	) 	 	926	  	 	(78	) 	 	926	  	 	848	  	 	(78	) 	 	926	  	 	5,535	 	(4,688	) 	 	(78	) 	 	926	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	(396,458	) 	 	(973,709	) 	 	577,251	  	 	(973,709	) 	 	577,251	  	 	(396,458	) 	 	(973,709	) 	 	577,251	  	 	609,961	 	(1,006,420	) 	 	(973,709	) 	 	577,251	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Indirect Expenses
	 	41,566,306	  	 	42,804,595	  	 	(1,238,290	) 	 	37,211,568	  	 	4,354,737	  	 	41,566,306	  	 	42,804,595	  	 	(1,238,290	) 	 	53,621,810	 	(12,055,504	) 	 	37,211,568	  	 	4,354,737	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
													
	 *CONFIDENTIAL
	 	442	  	 	323	  	 	118	  	 	395	  	 	46	  	 	442	  	 	368	  	 	74	  	 	395	 	47	  	 	395	  	 	48	  
	 *CONFIDENTIAL
	 	740	  	 	524	  	 	216	  	 	663	  	 	78	  	 	740	  	 	602	  	 	138	  	 	580	 	161	  	 	663	  	 	78	  
													
	 *CONFIDENTIAL
	 	384	  	 	282	  	 	102	  	 	348	  	 	36	  	 	384	  	 	321	  	 	63	  	 	313	 	71	  	 	348	  	 	36	  
	 *CONFIDENTIAL
	 	643	  	 	457	  	 	186	  	 	583	  	 	60	  	 	643	  	 	525	  	 	118	  	 	459	 	184	  	 	583	  	 	60	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 141 









 Confidential Treatment 
  

 BRANDS-Production 
 Donna Van Osten 
  

																									
	  	 	Actuals	 	12&0 Forecast	 	December	 	Monthly Volume Actuals	 	Monthly Productivity
Variance	 
	 	 	October	 	November	 	December	 	January ‘05	 	February ‘05	 	Forecast	 	Budget	 	Forecast	 	Budget	 	Forecast	 	 	Budget	 
												
	 DRIVERS
	 		 		 		 		 		 		 		 		 		 			 		
	 *CONFIDENTIAL
	 	24,060	 	20,592	 	18,235	 	25,860	 	29,196	 	18,632	 	19,099	 	16,235	 	16,235	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	6,158	 	5,203	 	4,027	 	4,369	 	7,192	 	4,564	 	5,329	 	4,027	 	4,027	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	3,903	 	3,975	 	3,697	 	3,175	 	2,372	 	3,665	 	4,920	 	3,697	 	3,697	 	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	 	6,650	 	5,604	 	4,308	 	4,784	 	7,891	 	4,834	 	6,853	 	4,308	 	4,308	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	4,179	 	4,258	 	3,978	 	3,366	 	2,567	 	3,942	 	6,262	 	3,978	 	3,978	 	—  	  	 	—  	  
												
	 *CONFIDENTIAL
	 	210	 	197	 	194	 	173	 	189	 	201	 	243	 	201	 	198	 	(7	) 	 	(4	) 
												
	 *CONFIDENTIAL
	 	32	 	28	 	22	 	28	 	42	 	24	 	28	 	21	 	22	 	1	  	 	0	  
	 *CONFIDENTIAL
	 	20	 	22	 	21	 	19	 	14	 	20	 	26	 	20	 	20	 	1	  	 	0	  
	
	 BRANDS-Production
 Donna Van Osten
  
	   
   
 

	  	 	Actuals	 	12&0 Forecast	 	December	 	Monthly Volume Actuals	 	Monthly Productivity
Variance	 
	 	 	October	 	November	 	December	 	January ‘05	 	February ‘05	 	Forecast	 	Budget	 	Forecast	 	Budget	 	Forecast	 	 	Budget	 
												
	 SUMMARY HEADCOUNT
	 		 		 		 		 		 		 		 		 		 			 		
												
	 BRANDs
	 		 		 		 		 		 		 		 		 		 			 		
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	210	 	197	 	194	 	173	 	189	 	201	 	243	 	201	 	198	 	(7	) 	 	(4	) 
	 *CONFIDENTIAL
	 	7	 	9	 	7	 	4	 	4	 	4	 	4	 	4	 	4	 	3	  	 	3	  
	 *CONFIDENTIAL
	 	2	 	2	 	2	 	1	 	1	 	1	 	2	 	1	 	2	 	1	  	 	—  	  
	 *CONFIDENTIAL
	 	29	 	27	 	25	 	22	 	22	 	20	 	28	 	20	 	23	 	6	  	 	3	  
	 *CONFIDENTIAL
	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	20	 	32	 	30	 	30	 	30	 	37	 	42	 	38	 	35	 	(8	) 	 	(5	) 
	 *CONFIDENTIAL
	 	14	 	12	 	12	 	11	 	11	 	10	 	12	 	10	 	10	 	2	  	 	2	  
	 Brands Production SubTotal
	 	282	 	279	 	271	 	241	 	258	 	273	 	331	 	273	 	272	 	(2	) 	 	(1	) 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 142 








 BRANDS-Production 
 Donna Van Osten 
  

																												
	  	  	Actuals	 	 	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 
	 	  	October	 	 	November	 	 	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
												
	 Indirect Costs
	  			 			 			 		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	  	901,100	  	 	894,694	  	 	945,893	  	 	730,052	  	736,598	  	880,923	  	1,041,863	  	881,545	  	856,433	  	64,348	  	 	89,480	  
	 *CONFIDENTIAL
	  	2,458	  	 	943	  	 	1,571	  	 	4,063	  	13,908	  	252	  	—  	  	252	  	—  	  	1,319	  	 	1,571	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	8,500	  	 	5,520	  	 	1,765	  	1,887	  	2,001	  	2,361	  	2,003	  	1,928	  	3,517	  	 	3,592	  
	 *CONFIDENTIAL
	  	212,695	  	 	216,614	  	 	221,177	  	 	217,276	  	169,999	  	285,474	  	345,042	  	284,889	  	281,544	  	(63,713	) 	 	(60,367	) 
	 *CONFIDENTIAL
	  	166,158	  	 	162,553	  	 	130,207	  	 	141,638	  	137,056	  	126,088	  	151,287	  	126,092	  	124,279	  	4,115	  	 	5,928	  
	 *CONFIDENTIAL
	  	81,233	  	 	80,902	  	 	83,847	  	 	107,097	  	97,361	  	104,995	  	124,821	  	105,002	  	102,418	  	(21,155	) 	 	(18,571	) 
	 *CONFIDENTIAL
	  	1,363,645	  	 	1,364,305	  	 	1,388,214	  	 	1,201,891	  	1,156,809	  	1,399,737	  	1,665,374	  	1,399,784	  	1,366,601	  	(11,569	) 	 	21,613	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	5,380	  	 	716	  	 	—  	  	—  	  	12,500	  	12,500	  	12,500	  	12,500	  	(11,784	) 	 	(11,784	) 
	 *CONFIDENTIAL
	  	671	  	 	1,545	  	 	—  	  	 	2,000	  	—  	  	3,000	  	3,000	  	3,000	  	3,000	  	(3,000	) 	 	(3,000	) 
	 *CONFIDENTIAL
	  	92,279	  	 	(22,535	) 	 	7,477	  	 	4,000	  	25,000	  	6,553	  	22,322	  	6,553	  	16,806	  	924	  	 	(9,329	) 
	 *CONFIDENTIAL
	  	2,333	  	 	8,912	  	 	1,866	  	 	2,630	  	2,630	  	2,300	  	4,800	  	2,300	  	4,000	  	(435	) 	 	(2,135	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	272	  	 	334	  	 	1,200	  	1,200	  	1,200	  	—  	  	1,200	  	—  	  	(866	) 	 	334	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	158,637	  	 	67,617	  	 	76,222	  	 	97,509	  	92,878	  	100,847	  	111,294	  	101,054	  	102,378	  	(25,832	) 	 	(27,155	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	11,791	  	 	11,791	  	 	11,791	  	 	9,819	  	10,480	  	10,192	  	12,030	  	10,204	  	9,863	  	1,587	  	 	1,929	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  		  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	402	  	 	47,608	  	 	202	  	 	13	  	13	  	5,002	  	5,903	  	5,008	  	4,819	  	(4,807	) 	 	(4,617	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	20,013	  	 	41,034	  	 	16,177	  	 	5,894	  	4,495	  	17,793	  	41,121	  	16,616	  	31,019	  	(439	) 	 	(14,842	) 
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	(4,612	) 	 	7,561	  	 	14,667	  	 	—  	  	—  	  	1,000	  	—  	  	1,000	  	—  	  	13,667	  	 	14,661	  
	 *CONFIDENTIAL
	  	2,060	  	 	2,200	  	 	1,500	  	 	2,272	  	1,733	  	5,000	  	—  	  	5,000	  	—  	  	(3,500	) 	 	1,500	  
	 *CONFIDENTIAL
	  	2,000	  	 	2,250	  	 	3,800	  	 	3,366	  	2,567	  	5,000	  	—  	  	5,000	  	—  	  	(1,500	) 	 	3,500	  
	 *CONFIDENTIAL
	  	10,991	  	 	9,705	  	 	9,904	  	 	10,772	  	8,215	  	19,711	  	31,312	  	19,890	  	23,620	  	(9,986	) 	 	(13,716	) 
	 *CONFIDENTIAL
	  	2,296	  	 	1,450	  	 	800	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	800	  	 	800	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	4,647	  	 	6,508	  	 	5,430	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	5,430	  	 	5,430	  
	 *CONFIDENTIAL
	  	—  	  	 	25	  	 	135	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	135	  	 	135	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	1,020,662	  	 	809,708	  	 	446,410	  	 	350,000	  	350,000	  	350,000	  	17,562	  	350,000	  	17,562	  	96,410	  	 	428,848	  
	 *CONFIDENTIAL
	  	39,108	  	 	(8,694	) 	 	(45,337	) 	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(45,337	) 	 	(45,337	) 
	 Total Indirect Expenses
	  	2,726,923	  	 	2,356,189	  	 	1,939,008	  	 	1,691,366	  	1,656,021	  	1,939,835	  	1,927,218	  	1,939,109	  	1,592,168	  	(102	) 	 	346,840	  
	 *CONFIDENTIAL
	  	410	  	 	420	  	 	450	  	 	354	  	210	  	401	  	281	  	450	  	370	  	(0	) 	 	81	  
	 *CONFIDENTIAL
	  	653	  	 	553	  	 	487	  	 	502	  	645	  	492	  	306	  	487	  	400	  	(0	) 	 	87	  
	 *CONFIDENTIAL
	  	205	  	 	240	  	 	322	  	 	251	  	147	  	290	  	243	  	325	  	317	  	(3	) 	 	5	  
		  	326	  	 	320	  	 	349	  	 	357	  	451	  	355	  	266	  	352	  	344	  	(3	) 	 	5	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 143 









 Confidential Treatment 
  

 BRANDS-Production 
 Donna Van Osten 
  

																														
	  	  	 	  	DECEMBER YTD	 	 	Full Year	 
	 	  	Actuals	  	Budget	  	Variance	 	 	Budget Volume
Actual*	  	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	  	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance I	 
	 DRIVERS
	  		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	  	324,947	  	378,447	  	(53,500	) 	 	324,947	  	—  	  	 	324,947	  	378,447	  	(53,500	) 	 	419,820	  	(94,873	) 	 	324,947	  	—  	  
	 *CONFIDENTIAL
	  	87,105	  	105,879	  	(18,774	) 	 	87,105	  	—  	  	 	87,105	  	105,879	  	(18,774	) 	 	124,884	  	(37,779	) 	 	87,105	  	—  	  
	 *CONFIDENTIAL
	  	52,093	  	64,776	  	(12,683	) 	 	52,033	  	—  	  	 	52,093	  	84,7 76	  	(12,683	) 	 	85,331	  	(33,230	) 	 		  	—  	  
	 *CONFIDENTIAL
	  	94,108	  	132,405	  	(38,297	) 	 	94,108	  	—  	  	 	94,108	  	116,382	  	(22,274	) 	 	135,714	  	(41,606	) 	 	94,108	  	—  	  
	 *CONFIDENTIAL
	  	96,163	  	81,679	  	(25,516	) 	 	56,163	  	—  	  	 	56,163	  	71,102	  	(14,939	) 	 	92,527	  	(36,364	) 	 	56,163	  	—  	  
	 *CONFIDENTIAL
	  	194	  	243	  	(49	) 	 	198	  	(4	) 	 	206	  	237	  	(30	) 	 	314	  	(107	) 	 	203	  	4	  
	 *CONFIDENTIAL
	  	40	  	45	  	(5	) 	 	40	  	1	  	 	38	  	41	  	(3	) 	 	36	  	2	  	 	39	  	(1	) 
	 *CONFIDENTIAL
	  	24	  	28	  	(4	) 	 	24	  	0	  	 	23	  	25	  	(2	) 	 	25	  	(2	) 	 	23	  	(0	) 
	
	 BRANDS-Production
 Danna Van Oaten
  
	   
   
 

	  	  	DECEMBER YTD	 	 	Full Year Average	 
	 	  	Actuals	  	Budget	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	  	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 
	 SUMMARY HEADCOUNT
	  		  		  			 		  			 		  		  			 		  			 		  		
													
	 BRANDS
	  		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	28	  	(28	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	243	  	(49	) 	 	198	  	(4	) 	 	206	  	237	  	(30	) 	 	232	  	(26	) 	 	203	  	4	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	54	  	(54	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	7	  	4	  	3	  	 	4	  	3	  	 	9	  	12	  	(3	) 	 	35	  	(26	) 	 	11	  	(2	) 
	 *CONFIDENTIAL
	  	2	  	2	  	—  	  	 	2	  	—  	  	 	2	  	2	  	—  	  	 	4	  	(2	) 	 	2	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	2	  	(2	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	5	  	(5	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	14	  	(14	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	26	  	28	  	(2	) 	 	23	  	3	  	 	31	  	28	  	3	  	 	34	  	(3	) 	 	24	  	6	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	1	  	—  	  	1	  	 	36	  	(35	) 	 	—  	  	1	  
	 *CONFIDENTIAL
	  	30	  	42	  	(12	) 	 	35	  	(5	) 	 	29	  	42	  	(13	)  	 	48	  	(19	) 	 	36	  	(7	) 
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	0	  	—  	  	0	  	 	6	  	(5	) 	 	—  	  	0	  
	 *CONFIDENTIAL
	  	12	  	12	  	—  	  	 	10	  	2	  	 	14	  	12	  	2	  	 	13	  	1	  	 	11	  	3	  
	 Brands Production Sub Total
	  	271	  	331	  	(60	) 	 	272	  	(1	) 	 	292	  	333	  	(41	) 	 	510	  	(218	) 	 	287	  	5	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 144 









 Confidential Treatment 
  

 BRANDS-Production 
 Donna Van Osten 
  

																																					
	 	 	DECEMBER YTD	 	 	Full Year	 
	 	 	Actuals	 	 	Budget	 	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 	 	2004 Forecast	 	 	2004 Budget	 	 	Variance	 	 	2003 Actuals	 	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 
	 Indirect Costs
	 			 			 			 			 			 			 			 			 			 			 			 		
	 *CONFIDENTIAL
	 	11,366,530	  	 	11,721,170	  	 	(354,640	) 	 	10,110,729	  	 	1,255,801	  	 	11,366,530	  	 	11,721,170	  	 	(354,640	  	 	16,470,001	  	 	(5,103,471	) 	 	10,110,729	  	 	1,255,801	  
	 *CONFIDENTIAL
	 	594,071	  	 	1,253,334	  	 	(659,263	) 	 	794,732	  	 	(200,660	) 	 	594,071	  	 	1,253,334	  	 	(659,263	  	 	2,053,996	  	 	(1,459,925	) 	 	794,732	  	 	(200,660	) 
	 *CONFIDENTIAL
	 	14,216	  	 	1,236	  	 	12,980	  	 	1,236	  	 	12,980	  	 	14,216	  	 	1,236	  	 	12,980	  	 	1,117,221	  	 	(1,103,005	) 	 	1,236	  	 	12,980	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	19,635	  	 	12,019	  	 	7,615	  	 	12,019	  	 	7,615	  	 	19,635	  	 	12,019	  	 	7,615	  	 	202,471	  	 	(182,837	) 	 	12,019	  	 	7,615	  
	 *CONFIDENTIAL
	 	41,124	  	 	26,320	  	 	14,804	  	 	22,373	  	 	18,751	  	 	41,124	  	 	26,320	  	 	14,804	  	 	148,481	  	 	(107,357	) 	 	22,373	  	 	18,751	  
	 *CONFIDENTIAL
	 	3,335,470	  	 	3,817,585	  	 	(482,115	) 	 	3,188,244	  	 	147,226	  	 	3,335,470	  	 	3,817,585	  	 	(482,115	) 	 	6,675,669	  	 	(3,340,199	) 	 	3,188,244	  	 	147,226	  
	 *CONFIDENTIAL
	 	2,067,011	  	 	1,914,945	  	 	152,066	  	 	1,622,170	  	 	444,841	  	 	2,067,011	  	 	1,914,945	  	 	152,066	  	 	3,009,690	  	 	(942,679	) 	 	1,622,170	  	 	444,841	  
	 *CONFIDENTIAL
	 	1,361,425	  	 	1,633,873	  	 	(272,448	) 	 	1,383,441	  	 	(22,017	) 	 	1,361,425	  	 	1,633,873	  	 	(272,448	) 	 	2,235,787	  	 	(874,362	) 	 	1,383,441	  	 	(22,017	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	18,799,482	  	 	20,380,482	  	 	(1,581,000	) 	 	17,134,943	  	 	1,664,538	  	 	18,799,482	  	 	20,380,482	  	 	(1,581,000	) 	 	31,913,316	  	 	(13,113,835	) 	 	17,134,943	  	 	1,664,538	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	5,054	  	 	—  	  	 	5,054	  	 	—  	  	 	5,054	  	 	5,054	  	 	—  	  	 	5,054	  	 	—  	  	 	5,054	  	 	—  	  	 	5,054	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	13,852	  	 	44,125	  	 	(30,273	) 	 	44,125	  	 	(30,273	) 	 	13,852	  	 	44,125	  	 	(30,273	) 	 	23,002	  	 	(9,150	) 	 	44,125	  	 	(30,273	) 
	 *CONFIDENTIAL
	 	24,822	  	 	40,075	  	 	(15,254	) 	 	39,961	  	 	(15,139	) 	 	24,822	  	 	40,075	  	 	(15,254	) 	 	54,071	  	 	(29,250	) 	 	39,961	  	 	(15,139	) 
	 *CONFIDENTIAL
	 	497,734	  	 	352,488	  	 	145,246	  	 	280,203	  	 	217,532	  	 	497,734	  	 	352,488	  	 	145,246	  	 	648,600	  	 	(150,866	) 	 	280,203	  	 	217,532	  
	 *CONFIDENTIAL
	 	39,297	  	 	54,350	  	 	(15,053	) 	 	47,150	  	 	(7,853	) 	 	39,297	  	 	54,350	  	 	(15,053	) 	 	342,873	  	 	(303,577	) 	 	47,150	  	 	(7,853	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	49,834	  	 	(49,834	) 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	19,893	  	 	6,030	  	 	13,863	  	 	6,030	  	 	13,863	  	 	19,893	  	 	6,030	  	 	13,863	  	 	27,052	  	 	(7,159	) 	 	6,030	  	 	13,863	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	9,702	  	 	483	  	 	9,219	  	 	483	  	 	9,219	  	 	9,702	  	 	483	  	 	9,219	  	 	10,763	  	 	(1,061	) 	 	483	  	 	9,219	  
	 *CONFIDENTIAL
	 	1,165,402	  	 	1,376,830	  	 	(211,428	) 	 	1,287,592	  	 	(122,191	) 	 	1,165,402	  	 	1,376,830	  	 	(211,428	) 	 	2,180,225	  	 	(1,014,823	) 	 	1,287,592	  	 	(122,191	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	131,884	  	 	142,488	  	 	(10,603	) 	 	122,572	  	 	9,313	  	 	131,884	  	 	142,488	  	 	(10,603	) 	 	180,752	  	 	(48,868	) 	 	122,572	  	 	9,313	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	9,287	  	 	6,346	  	 	2,941	  	 	6,346	  	 	2,941	  	 	9,287	  	 	6,346	  	 	2,941	  	 	1,081	  	 	8,206	  	 	6,346	  	 	2,941	  
	 *CONFIDENTIAL
	 	70,442	  	 	89,311	  	 	(18,869	) 	 	74,638	  	 	(4,195	) 	 	70,442	  	 	89,311	  	 	(18,869	) 	 	64,080	  	 	6,362	  	 	74,638	  	 	(4,195	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	287,668	  	 	529,134	  	 	(241,466	) 	 	428,027	  	 	(140,359	) 	 	287,668	  	 	529,134	  	 	(241,466	) 	 	517,427	  	 	(229,760	) 	 	428,027	  	 	(140,359	) 
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	112,550	  	 	33,378	  	 	79,173	  	 	33,378	  	 	79,173	  	 	112,550	  	 	33,378	  	 	79,173	  	 	298,442	  	 	(185,892	) 	 	33,378	  	 	79,173	  
	 *CONFIDENTIAL
	 	33,560	  	 	10,600	  	 	22,960	  	 	10,600	  	 	22,960	  	 	33,560	  	 	10,600	  	 	22,960	  	 	39,253	  	 	(5,693	) 	 	10,600	  	 	22,960	  
	 *CONFIDENTIAL
	 	55,158	  	 	8,750	  	 	46,408	  	 	8,750	  	 	46,408	  	 	55,158	  	 	8,750	  	 	46,408	  	 	60,925	  	 	(5,767	) 	 	8,750	  	 	46,408	  
	 *CONFIDENTIAL
	 	167,822	  	 	369,115	  	 	(201,293	) 	 	291,173	  	 	(123,351	) 	 	167,822	  	 	369,115	  	 	(201,293	) 	 	494,132	  	 	(326,310	) 	 	291,173	  	 	(123,351	) 
	 *CONFIDENTIAL
	 	20,086	  	 	3,777	  	 	16,308	  	 	3,777	  	 	16,308	  	 	20,086	  	 	3,777	  	 	16,308	  	 	7,417	  	 	12,669	  	 	3,777	  	 	16,308	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	968	  	 	—  	  	 	968	  	 	—  	  	 	968	  	 	968	  	 	—  	  	 	968	  	 	—  	  	 	968	  	 	—  	  	 	968	  
	 *CONFIDENTIAL
	 	87,553	  	 	20,447	  	 	67,106	  	 	20,447	  	 	67,106	  	 	87,553	  	 	20,447	  	 	67,106	  	 	305,191	  	 	(217,638	) 	 	20,447	  	 	67,106	  
	 *CONFIDENTIAL
	 	(4,113	) 	 	(5,135	) 	 	1,022	  	 	(5,135	) 	 	1,022	  	 	(4,113	) 	 	(5,135	) 	 	1,022	  	 	(2,833	) 	 	(1,280	) 	 	(5,135	) 	 	1,022	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	5,570,337	  	 	1,270,561	  	 	4,299,776	  	 	1,270,561	  	 	4,299,776	  	 	5,570,337	  	 	1,270,561	  	 	4,299,776	  	 	2,174,715	  	 	3,395,621	  	 	1,270,561	  	 	4,299,776	  
	 *CONFIDENTIAL
	 	(115,280	) 	 	7,147	  	 	(122,428	) 	 	7,147	  	 	(122,428	) 	 	(115,280	) 	 	7,147	  	 	(122,428	) 	 	(519,434	) 	 	404,154	  	 	7,147	  	 	(122,428	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Indirect Expenses
	 	27,003,159	  	 	24,740,780	  	 	2,262,380	  	 	21,112,766	  	 	5,890,394	  	 	27,003,159	  	 	24,740,780	  	 	2,262,380	  	 	38,870,883	  	 	(11,867,724	) 	 	21,112,766	  	 	5,890,394	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	287	  	 	187	  	 	100	  	 	224	  	 	63	  	 	287	  	 	213	  	 	74	  	 	286	  	 	1	  	 	224	  	 	63	  
	 *CONFIDENTIAL
	 	481	  	 	303	  	 	178	  	 	376	  	 	105	  	 	481	  	 	348	  	 	133	  	 	420	  	 	61	  	 	376	  	 	105	  
	 *CONFIDENTIAL
	 	200	  	 	154	  	 	48	  	 	182	  	 	18	  	 	200	  	 	175	  	 	25	  	 	235	  	 	(35	) 	 	182	  	 	18	  
	 *CONFIDENTIAL
	 	335	  	 	250	  	 	85	  	 	305	  	 	30	  	 	335	  	 	287	  	 	48	  	 	345	  	 	(10	) 	 	305	  	 	30	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 145 









 Confidential Treatment 
  

 Cendant Mortgage Monthly Operational Update 
  

										
	 Teleservices Statistics (Sales)
	  	December 2003	 	 	December 2004	 	 	Percentage Change
(+/-)	 
	 Answer rates
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Average speed of answer
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of calls answered within *CONFIDENTIAL secs
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Leads per person
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Outbound calls per lead
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of purchase leads
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 

  

										
	 Loans Processing Center
	  	December 2003	 	 	December 2004	 	 	Percentage Change
(+/-)	 
	 Answer rates
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Average speed of answers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of calls answered within *CONFIDENTIAL secs
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Loans per person
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of “I would recommend”
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Average Survey results
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Outbound call per loan
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Average talk time
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of purchase closings
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 

  

										
	 Agent Help Desk
	  	December 2003	 	 	December 2004	 	 	Percentage Change
(+/-)	 
	 Answer rates
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Average speed of answer
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 
	 Percentage of calls answered within *CONFIDENTIAL secs
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 146 









 Confidential Treatment 
  

 Cendant Mortgage Monthly Operational Update 
  

					
	 Teleservice statistics
	 	 	  	 Definitions

	Answer rates	 	Answer Rate = *CONFIDENTIAL
	Average speed of answer	 	*CONFIDENTIAL
	Percentage of calls answered within *CONFIDENTIAL secs	 	Of the calls answered in Teleservices, the percentage of calls that were answered within *CONFIDENTIAL seconds
	Leads per person	 	*CONFIDENTIAL
	Internal Affairs Bureau Results (Pass %)	 	*CONFIDENTIAL
	Outbound calls per lead	 	*CONFIDENTIAL
	Percentage of purchase leads	 	Of the total leads received by Teleservices, the percentage of leads that were purchase leads as opposed to refinance leads.
		 	
		 	

  

					
	 Loan Processing Center
	 	 	  	 Definitions

	Answer rates	 	Answer Rate = *CONFIDENTIAL
	Average speed of answer	 	*CONFIDENTIAL
	Percentage of calls answered within *CONFIDENTIAL secs	 	Of the calls answered in the Loan Processing Center, the percentage of calls that were answered within *CONFIDENTIAL seconds
	Leads per person	 	*CONFIDENTIAL
	Percentage of “I would recommend”	 	*CONFIDENTIAL
	Outbound calls per loan	 	*CONFIDENTIAL
	Average talk time	 	*CONFIDENTIAL
	Percentage of purchase closings	 	Of the total leads received by the Loan Processing Center, the percentage of leads that were purchase leads as opposed to refinance leads.
		 		  	

  

					
	 Agent Help Desk
	 	 	  	 Definitions

	Answer rates	 	*CONFIDENTIAL
	Average speed of answer	 	*CONFIDENTIAL
	Percentage of calls answered within *CONFIDENTIAL secs	 	Of the calls answered at the Agent Help Desk, the percentage of calls that were answered within *CONFIDENTIAL seconds

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 147 









 *CONFIDENTIAL 
  

  
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 148 









 Confidential Treatment 
  

 Brands/NRT Monthly Management Report Overview 
 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	34,283	 	30,324	 	88.5	% 	 	17,801	 	15,356	 	86.3	% 	 	51.9	% 	 	50.6	% 	 	1.3	% 	 	6,794	 	6,348	 	93.4	% 	 	41.3	% 	 	38.2	% 	 	-3.2	% 	 	19.8	% 	 	20.9	% 	 	-1.1	% 
	2003-10	 	35,228	 	29,195	 	82.9	% 	 	17,994	 	14,924	 	82.9	% 	 	51.1	% 	 	51.1	% 	 	0.0	% 	 	6,986	 	5,793	 	82.9	% 	 	38.8	% 	 	38.8	% 	 	0.0	% 	 	19.8	% 	 	19.8	% 	 	0.0	% 
	2003-11	 	29,598	 	23,317	 	78.8	% 	 	15,201	 	12,057	 	79.3	% 	 	51.4	% 	 	51.7	% 	 	-0.4	% 	 	5,846	 	4,653	 	79.6	% 	 	38.6	% 	 	38.5	% 	 	-0.1	% 	 	19.8	% 	 	20.0	% 	 	-0.2	% 
	2003-12	 	22,332	 	20,866	 	93.4	% 	 	11,307	 	9,807	 	86.7	% 	 	50.6	% 	 	47.0	% 	 	3.6	% 	 	4,412	 	3,801	 	86.2	% 	 	38.8	% 	 	39.0	% 	 	0.3	% 	 	19.8	% 	 	18.2	% 	 	1.5	% 
	2004-01	 	35,494	 	33,807	 	95.2	% 	 	18,788	 	16,452	 	87.6	% 	 	52.9	% 	 	48.7	% 	 	4.3	% 	 	6,901	 	6,015	 	87.2	% 	 	36.6	% 	 	36.7	% 	 	0.2	% 	 	19.4	% 	 	17.8	% 	 	1.7	% 
	2004-02	 	31,627	 	31,940	 	101.0	% 	 	16,673	 	17,304	 	103.8	% 	 	52.7	% 	 	54.2	% 	 	-1.5	% 	 	6,123	 	6,614	 	108.0	% 	 	38.2	% 	 	36.7	% 	 	-1.5	% 	 	19.4	% 	 	20.7	% 	 	-1.3	% 
	2004-03	 	40,842	 	39,744	 	97.3	% 	 	21,639	 	22,210	 	102.6	% 	 	53.0	% 	 	55.9	% 	 	-2.9	% 	 	8,641	 	9,040	 	104.6	% 	 	40.7	% 	 	39.9	% 	 	-0.8	% 	 	21.2	% 	 	22.7	% 	 	-1.6	% 
	2004-04	 	38,430	 	37,266	 	97.0	% 	 	20,360	 	19,661	 	96.6	% 	 	53.0	% 	 	52.8	% 	 	0.2	% 	 	7,643	 	7,873	 	103.0	% 	 	40.0	% 	 	37.5	% 	 	-2.5	% 	 	19.9	% 	 	21.1	% 	 	-1.2	% 
	2004-05	 	15,824	 	32,561	 	205.8	% 	 	8,223	 	17,663	 	214.8	% 	 	52.0	% 	 	54.2	% 	 	-2.3	% 	 	2,742	 	7,574	 	276.2	% 	 	42.9	% 	 	33.3	% 	 	-9.5	% 	 	17.3	% 	 	23.3	% 	 	-5.9	% 
	2004-06	 	39,734	 	33,427	 	84.1	% 	 	21,755	 	18,211	 	83.7	% 	 	54.8	% 	 	54.5	% 	 	0.3	% 	 	8,696	 	8,451	 	97.2	% 	 	46.4	% 	 	40.0	% 	 	-6.4	% 	 	21.9	% 	 	25.3	% 	 	-3.4	% 
	2004-07	 	37,892	 	31,523	 	83.2	% 	 	20,484	 	16,785	 	81.9	% 	 	54.1	% 	 	53.2	% 	 	0.8	% 	 	8,673	 	6,930	 	79.9	% 	 	41.3	% 	 	42.3	% 	 	1.1	% 	 	22.9	% 	 	22.0	% 	 	0.9	% 

 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	21,435	 	18,658	 	87.0	% 	 	10,274	 	8,655	 	84.2	% 	 	47.9	% 	 	46.4	% 	 	1.5	% 	 	3,936	 	3,480	 	88.4	% 	 	40.2	% 	 	38.3	% 	 	-1.9	% 	 	18.4	% 	 	18.7	% 	 	-0.3	% 
	2003-10	 	22,183	 	17,959	 	81.0	% 	 	10,368	 	8,447	 	81.5	% 	 	46.7	% 	 	47.0	% 	 	-0.3	% 	 	4,072	 	3,262	 	80.1	% 	 	38.6	% 	 	39.3	% 	 	0.7	% 	 	18.4	% 	 	18.2	% 	 	0.2	% 
	2003-11	 	18,681	 	13,685	 	73.3	% 	 	8,835	 	6,584	 	74.5	% 	 	47.3	% 	 	48.1	% 	 	-0.8	% 	 	3,423	 	2,555	 	74.6	% 	 	38.8	% 	 	38.7	% 	 	-0.1	% 	 	18.3	% 	 	18.7	% 	 	-0.3	% 
	2003-12	 	14,523	 	12,426	 	85.6	% 	 	6,753	 	5,510	 	81.6	% 	 	46.5	% 	 	44.3	% 	 	2.2	% 	 	2,633	 	2,133	 	81.0	% 	 	38.7	% 	 	39.0	% 	 	0.3	% 	 	18.1	% 	 	17.2	% 	 	1.0	% 
	2004-01	 	22,834	 	20,741	 	90.8	% 	 	11,090	 	9,301	 	83.9	% 	 	48.6	% 	 	44.8	% 	 	3.7	% 	 	4,087	 	3,436	 	84.1	% 	 	36.9	% 	 	36.9	% 	 	-0.1	% 	 	17.9	% 	 	16.6	% 	 	1.3	% 
	2004-02	 	20,265	 	19,492	 	96.2	% 	 	9,890	 	9,694	 	98.0	% 	 	48.8	% 	 	49.7	% 	 	-0.9	% 	 	3,667	 	3,727	 	101.6	% 	 	38.4	% 	 	37.1	% 	 	-1.4	% 	 	18.1	% 	 	19.1	% 	 	-1.0	% 
	2004-03	 	25,917	 	23,899	 	92.2	% 	 	12,728	 	12,487	 	98.1	% 	 	49.1	% 	 	52.2	% 	 	-3.1	% 	 	5,076	 	5,093	 	100.3	% 	 	40.8	% 	 	39.9	% 	 	-0.9	% 	 	19.6	% 	 	21.3	% 	 	-1.7	% 
	2004-04	 	24,676	 	22,548	 	91.4	% 	 	12,254	 	11,120	 	90.7	% 	 	49.7	% 	 	49.3	% 	 	0.3	% 	 	4,642	 	4,364	 	94.0	% 	 	39.2	% 	 	37.9	% 	 	-1.4	% 	 	18.8	% 	 	19.4	% 	 	-0.5	% 
	2004-05	 	10,223	 	19,896	 	194.6	% 	 	4,945	 	10,176	 	205.8	% 	 	48.4	% 	 	51.1	% 	 	-2.8	% 	 	1,668	 	4,378	 	262.5	% 	 	43.0	% 	 	33.7	% 	 	-9.3	% 	 	16.3	% 	 	22.0	% 	 	-5.7	% 
	2004-06	 	25,419	 	20,640	 	81.2	% 	 	13,099	 	10,409	 	79.5	% 	 	51.5	% 	 	50.4	% 	 	1.1	% 	 	5,206	 	4,879	 	93.7	% 	 	46.9	% 	 	39.7	% 	 	-7.1	% 	 	20.5	% 	 	23.6	% 	 	-3.2	% 
	2004-07	 	25,010	 	19,638	 	78.5	% 	 	12,761	 	9,784	 	76.7	% 	 	51.0	% 	 	49.8	% 	 	1.2	% 	 	5,490	 	3,978	 	72.5	% 	 	40.7	% 	 	43.0	% 	 	2.4	% 	 	22.0	% 	 	20.3	% 	 	1.7	% 

 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	12,848	 	8,883	 	69.1	% 	 	7,527	 	5,117	 	68.0	% 	 	58.6	% 	 	57.6	% 	 	1.0	% 	 	2,858	 	1,994	 	69.8	% 	 	39.0	% 	 	38.0	% 	 	-1.0	% 	 	22.2	% 	 	22.4	% 	 	-0.2	% 
	2003-10	 	13,045	 	8,468	 	64.9	% 	 	7,626	 	4,971	 	65.2	% 	 	58.5	% 	 	58.7	% 	 	-0.2	% 	 	2,914	 	1,760	 	60.4	% 	 	35.4	% 	 	38.2	% 	 	2.8	% 	 	22.3	% 	 	20.8	% 	 	1.6	% 
	2003-11	 	10,917	 	6,841	 	62.7	% 	 	6,366	 	4,074	 	64.0	% 	 	58.3	% 	 	59.6	% 	 	-1.2	% 	 	2,423	 	1,399	 	57.7	% 	 	34.3	% 	 	38.1	% 	 	3.7	% 	 	22.2	% 	 	20.5	% 	 	1.7	% 
	2003-12	 	7,809	 	5,944	 	76.1	% 	 	4,554	 	3,124	 	68.6	% 	 	58.3	% 	 	52.6	% 	 	5.8	% 	 	1,779	 	1,103	 	62.0	% 	 	35.3	% 	 	39.1	% 	 	3.8	% 	 	22.8	% 	 	18.6	% 	 	4.2	% 
	2004-01	 	12,660	 	10,266	 	81.1	% 	 	7,698	 	5,749	 	74.7	% 	 	60.8	% 	 	56.0	% 	 	4.8	% 	 	2,814	 	1,933	 	68.7	% 	 	33.6	% 	 	36.6	% 	 	2.9	% 	 	22.2	% 	 	18.8	% 	 	3.4	% 
	2004-02	 	11,362	 	9,877	 	86.9	% 	 	6,783	 	6,212	 	91.6	% 	 	59.7	% 	 	62.9	% 	 	-3.2	% 	 	2,456	 	2,214	 	90.1	% 	 	35.6	% 	 	36.2	% 	 	0.6	% 	 	21.6	% 	 	22.4	% 	 	-0.8	% 
	2004-03	 	14,925	 	12,585	 	84.3	% 	 	8,911	 	7,934	 	89.0	% 	 	59.7	% 	 	63.0	% 	 	-3.3	% 	 	3,565	 	3,024	 	84.8	% 	 	38.1	% 	 	40.0	% 	 	1.9	% 	 	23.9	% 	 	24.0	% 	 	-0.1	% 
	2004-04	 	13,754	 	11,505	 	83.6	% 	 	8,106	 	6,946	 	85.7	% 	 	58.9	% 	 	60.4	% 	 	-1.4	% 	 	3,001	 	2,618	 	87.2	% 	 	37.7	% 	 	37.0	% 	 	-0.7	% 	 	21.8	% 	 	22.8	% 	 	-0.9	% 
	2004-05	 	5,601	 	9,763	 	174.3	% 	 	3,278	 	6,081	 	185.5	% 	 	58.5	% 	 	62.3	% 	 	-3.8	% 	 	1,074	 	2,473	 	230.3	% 	 	40.7	% 	 	32.8	% 	 	-7.9	% 	 	19.2	% 	 	25.3	% 	 	-6.2	% 
	2004-06	 	14,315	 	9,613	 	67.2	% 	 	8,656	 	6,056	 	70.0	% 	 	60.5	% 	 	63.0	% 	 	-2.5	% 	 	3,490	 	2,590	 	74.2	% 	 	42.8	% 	 	40.3	% 	 	-2.4	% 	 	24.4	% 	 	26.9	% 	 	-2.6	% 
	2004-07	 	12,882	 	8,699	 	67.5	% 	 	7,723	 	5,409	 	70.0	% 	 	60.0	% 	 	62.2	% 	 	-2.2	% 	 	3,183	 	2,052	 	64.5	% 	 	37.9	% 	 	41.2	% 	 	3.3	% 	 	24.7	% 	 	23.6	% 	 	1.1	% 

  

																																								
	 Month
	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	Last
Year	 	*CONFIDENTIAL
Current	 	 	+/-	 	Last
Year	 	*CONFIDENTIAL
Current	 	+/-	 	Last
Year	 	 	*CONFIDENTIAL
Current	 	+/-	 	Last
Year	 	*CONFIDENTIAL
Current	 	 	+/-
	2003-09	 		 	2,783	 		 		 	1,584	 		 		 	56.9	% 	 		 		 	874	 		 	55.2	% 	 		 		 		 	31.4	% 	 	
	2003-10	 		 	2,768	 		 		 	1,506	 		 		 	54.4	% 	 		 		 	771	 		 	51.2	% 	 		 		 		 	27.9	% 	 	
	2003-11	 		 	2,791	 		 		 	1,399	 		 		 	50.1	% 	 		 		 	699	 		 	50.0	% 	 		 		 		 	25.0	% 	 	
	2003-12	 		 	2,496	 		 		 	1,173	 		 		 	47.0	% 	 		 		 	565	 		 	48.2	% 	 		 		 		 	22.6	% 	 	
	2004-01	 		 	2,800	 		 		 	1,402	 		 		 	50.1	% 	 		 		 	646	 		 	46.1	% 	 		 		 		 	23.1	% 	 	
	2004-02	 		 	2,571	 		 		 	1,398	 		 		 	54.4	% 	 		 		 	673	 		 	48.1	% 	 		 		 		 	26.2	% 	 	
	2004-03	 		 	3,260	 		 		 	1,789	 		 		 	54.9	% 	 		 		 	923	 		 	51.6	% 	 		 		 		 	28.3	% 	 	
	2004-04	 		 	3,213	 		 		 	1,595	 		 		 	49.6	% 	 		 		 	891	 		 	55.9	% 	 		 		 		 	27.7	% 	 	
	2004-05	 		 	2,902	 		 		 	1,406	 		 		 	48.4	% 	 		 		 	723	 		 	51.4	% 	 		 		 		 	24.9	% 	 	
	2004-06	 		 	3,174	 		 		 	1,746	 		 		 	55.0	% 	 		 		 	982	 		 	56.2	% 	 		 		 		 	30.9	% 	 	
	2004-07	 		 	3,186	 		 		 	1,592	 		 		 	50.0	% 	 		 		 	900	 		 	56.5	% 	 		 		 		 	28.2	% 	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 149 









 Confidential Treatment 
  

 Brands/NRT Monthly Management Report Overview 
 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	7,636	 	6,877	 	90.1	% 	 	3,874	 	3,356	 	86.6	% 	 	50.7	% 	 	48.8	% 	 	1.9	% 	 	1,507	 	1,369	 	90.8	% 	 	40.8	% 	 	38.9	% 	 	-1.9	% 	 	19.7	% 	 	19.9	% 	 	-0.2	% 
	2003-10	 	8,269	 	6,617	 	80.0	% 	 	4,110	 	3,303	 	80.4	% 	 	49.7	% 	 	49.9	% 	 	-0.2	% 	 	1,594	 	1,238	 	77.7	% 	 	37.5	% 	 	38.8	% 	 	1.3	% 	 	19.3	% 	 	18.7	% 	 	0.6	% 
	2003-11	 	6,880	 	4,871	 	70.8	% 	 	3,403	 	2,492	 	73.2	% 	 	49.5	% 	 	51.2	% 	 	-1.7	% 	 	1,326	 	987	 	74.4	% 	 	39.6	% 	 	39.0	% 	 	-0.6	% 	 	19.3	% 	 	20.3	% 	 	-1.0	% 
	2003-12	 	5,514	 	4,491	 	81.4	% 	 	2,726	 	2,116	 	77.6	% 	 	49.4	% 	 	47.1	% 	 	2.3	% 	 	1,079	 	831	 	77.0	% 	 	39.3	% 	 	39.6	% 	 	0.3	% 	 	19.6	% 	 	18.5	% 	 	1.1	% 
	2004-01	 	8,859	 	7,763	 	87.6	% 	 	4,599	 	3,751	 	81.6	% 	 	51.9	% 	 	48.3	% 	 	3.6	% 	 	1,704	 	1,374	 	80.6	% 	 	36.6	% 	 	37.1	% 	 	0.4	% 	 	19.2	% 	 	17.7	% 	 	1.5	% 
	2004-02	 	8,078	 	7,273	 	90.0	% 	 	4,238	 	3,854	 	90.9	% 	 	52.5	% 	 	53.0	% 	 	-0.5	% 	 	1,561	 	1,475	 	94.5	% 	 	38.3	% 	 	36.8	% 	 	-1.4	% 	 	19.3	% 	 	20.3	% 	 	-1.0	% 
	2004-03	 	10,626	 	9,165	 	86.3	% 	 	5,526	 	5,090	 	92.1	% 	 	52.0	% 	 	55.5	% 	 	-3.5	% 	 	2,263	 	2,082	 	92.0	% 	 	40.9	% 	 	41.0	% 	 	0.0	% 	 	21.3	% 	 	22.7	% 	 	-1.4	% 
	2004-04	 	9,836	 	8,373	 	85.1	% 	 	5,186	 	4,329	 	83.5	% 	 	52.7	% 	 	51.7	% 	 	1.0	% 	 	1,979	 	1,741	 	88.0	% 	 	40.2	% 	 	38.2	% 	 	-2.1	% 	 	20.1	% 	 	20.8	% 	 	-0.7	% 
	2004-05	 	4,026	 	7,401	 	183.8	% 	 	1,988	 	3,900	 	196.2	% 	 	49.4	% 	 	52.7	% 	 	-3.3	% 	 	693	 	1,730	 	249.6	% 	 	44.4	% 	 	34.9	% 	 	-9.5	% 	 	17.2	% 	 	23.4	% 	 	-6.2	% 
	2004-06	 	9,880	 	7,601	 	76.9	% 	 	5,304	 	4,147	 	78.2	% 	 	53.7	% 	 	54.6	% 	 	-0.9	% 	 	2,118	 	1,981	 	93.5	% 	 	47.8	% 	 	39.9	% 	 	-7.8	% 	 	21.4	% 	 	26.1	% 	 	-4.6	% 
	2004-07	 	9,517	 	7,272	 	76.4	% 	 	5,135	 	3,897	 	75.9	% 	 	54.0	% 	 	53.6	% 	 	0.4	% 	 	2,221	 	1,564	 	70.4	% 	 	40.1	% 	 	43.3	% 	 	3.1	% 	 	23.3	% 	 	21.5	% 	 	1.8	% 

 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	8,761	 	7,728	 	88.2	% 	 	4,126	 	3,470	 	84.1	% 	 	47.1	% 	 	44.9	% 	 	2.2	% 	 	1,529	 	1,327	 	86.8	% 	 	38.2	% 	 	37.1	% 	 	1.27	% 	 	17.5	% 	 	17.2	% 	 	0.3	% 
	2003-10	 	9,108	 	7,287	 	80.0	% 	 	4,254	 	3,275	 	77.0	% 	 	46.7	% 	 	44.9	% 	 	1.8	% 	 	1,643	 	1,251	 	76.1	% 	 	38.2	% 	 	38.6	% 	 	0.4	% 	 	18.0	% 	 	17.2	% 	 	0.9	% 
	2003-11	 	7,732	 	5,679	 	73.4	% 	 	3,591	 	2,584	 	72.0	% 	 	46.4	% 	 	45.5	% 	 	0.9	% 	 	1,372	 	972	 	70.8	% 	 	37.6	% 	 	38.2	% 	 	0.6	% 	 	17.7	% 	 	17.1	% 	 	0.6	% 
	2003-12	 	5,811	 	5,049	 	86.9	% 	 	2,685	 	2,098	 	78.1	% 	 	46.2	% 	 	41.6	% 	 	4.7	% 	 	1,016	 	785	 	77.3	% 	 	37.4	% 	 	37.8	% 	 	0.4	% 	 	17.5	% 	 	15.5	% 	 	1.9	% 
	2004-01	 	9,019	 	8,357	 	92.7	% 	 	4,297	 	3,536	 	82.3	% 	 	47.6	% 	 	42.3	% 	 	5.3	% 	 	1,519	 	1,290	 	84.9	% 	 	36.5	% 	 	35.4	% 	 	-1.1	% 	 	16.8	% 	 	15.4	% 	 	1.4	% 
	2004-02	 	8,060	 	7,951	 	98.6	% 	 	3,829	 	3,739	 	97.6	% 	 	47.5	% 	 	47.0	% 	 	0.5	% 	 	1,394	 	1,390	 	99.7	% 	 	37.2	% 	 	36.4	% 	 	-0.8	% 	 	17.3	% 	 	17.5	% 	 	-0.2	% 
	2004-03	 	10,372	 	9,249	 	89.2	% 	 	4,898	 	4,514	 	92.2	% 	 	47.2	% 	 	48.8	% 	 	-1.6	% 	 	1,903	 	1,799	 	94.5	% 	 	39.9	% 	 	38.9	% 	 	-1.0	% 	 	18.3	% 	 	19.5	% 	 	-1.1	% 
	2004-04	 	10,229	 	9,185	 	89.8	% 	 	4,843	 	4,291	 	88.6	% 	 	47.3	% 	 	46.7	% 	 	0.6	% 	 	1,782	 	1,598	 	89.7	% 	 	37.2	% 	 	36.8	% 	 	-0.4	% 	 	17.4	% 	 	17.4	% 	 	0.0	% 
	2004-05	 	4,105	 	7,922	 	193.0	% 	 	1,958	 	3,866	 	197.4	% 	 	47.7	% 	 	48.8	% 	 	-1.1	% 	 	654	 	1,570	 	240.1	% 	 	40.6	% 	 	33.4	% 	 	-7.2	% 	 	15.9	% 	 	19.8	% 	 	-3.9	% 
	2004-06	 	10,169	 	8,194	 	80.6	% 	 	5,106	 	3,832	 	75.0	% 	 	50.2	% 	 	46.8	% 	 	3.4	% 	 	1,973	 	1,718	 	87.1	% 	 	44.8	% 	 	38.6	% 	 	-6.2	% 	 	19.4	% 	 	21.0	% 	 	-1.6	% 
	2004-07	 	10,270	 	7,991	 	77.8	% 	 	5,041	 	3,724	 	73.9	% 	 	49.1	% 	 	46.6	% 	 	2.5	% 	 	2,095	 	1,451	 	69.3	% 	 	39.0	% 	 	41.6	% 	 	2.6	% 	 	20.4	% 	 	18.2	% 	 	2.2	% 

 *CONFIDENTIAL 
  

																																																	
	 Month
	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	*CONFIDENTIAL
Current	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 	 	Last Year	 	 	*CONFIDENTIAL
Current	 	 	+/-	 
	2003-09	 	2,711	 	2,585	 	95.4	% 	 	1,348	 	1,215	 	90.1	% 	 	49.7	% 	 	47.0	% 	 	2.7	% 	 	476	 	504	 	105.9	% 	 	41.5	% 	 	35.3	% 	 	-62.2	% 	 	17.6	% 	 	19.5	% 	 	-1.9	% 
	2003-10	 	2,784	 	2,582	 	92.7	% 	 	1,287	 	1,213	 	94.3	% 	 	46.2	% 	 	47.0	% 	 	-0.8	% 	 	478	 	461	 	96.4	% 	 	38.0	% 	 	37.1	% 	 	-0.9	% 	 	17.2	% 	 	17.9	% 	 	-0.7	% 
	2003-11	 	2,434	 	2,047	 	84.1	% 	 	1,184	 	1,005	 	84.9	% 	 	48.6	% 	 	49.1	% 	 	-0.5	% 	 	413	 	370	 	89.6	% 	 	36.8	% 	 	34.9	% 	 	-1.9	% 	 	17.0	% 	 	18.1	% 	 	-1.1	% 
	2003-12	 	1,922	 	1,927	 	100.3	% 	 	900	 	876	 	97.3	% 	 	46.8	% 	 	45.5	% 	 	1.4	% 	 	342	 	325	 	95.0	% 	 	37.1	% 	 	38.0	% 	 	0.9	% 	 	17.8	% 	 	16.9	% 	 	0.9	% 
	2004-01	 	3,111	 	3,237	 	104.1	% 	 	1,504	 	1,393	 	92.6	% 	 	48.3	% 	 	43.0	% 	 	5.3	% 	 	569	 	501	 	88.0	% 	 	36.0	% 	 	37.8	% 	 	1.9	% 	 	18.3	% 	 	15.5	% 	 	2.8	% 
	2004-02	 	2,753	 	2,829	 	102.8	% 	 	1,359	 	1,372	 	101.0	% 	 	49.4	% 	 	48.5	% 	 	0.9	% 	 	520	 	539	 	103.7	% 	 	39.3	% 	 	38.3	% 	 	-1.0	% 	 	18.9	% 	 	19.1	% 	 	-0.2	% 
	2004-03	 	3,470	 	3,789	 	109.2	% 	 	1,746	 	2,019	 	115.6	% 	 	50.3	% 	 	53.3	% 	 	-3.0	% 	 	666	 	828	 	124.3	% 	 	41.0	% 	 	38.1	% 	 	-2.9	% 	 	19.2	% 	 	21.9	% 	 	-2.7	% 
	2004-04	 	3,327	 	3,525	 	106.0	% 	 	1,691	 	1,812	 	107.2	% 	 	50.8	% 	 	51.4	% 	 	-0.6	% 	 	657	 	689	 	104.9	% 	 	38.0	% 	 	38.9	% 	 	0.8	% 	 	19.7	% 	 	19.5	% 	 	0.2	% 
	2004-05	 	1,432	 	3,199	 	223.4	% 	 	733	 	1,694	 	231.1	% 	 	51.2	% 	 	53.0	% 	 	-1.8	% 	 	229	 	712	 	310.9	% 	 	42.0	% 	 	31.2	% 	 	-10.8	% 	 	16.0	% 	 	22.3	% 	 	-6.3	% 
	2004-06	 	3,594	 	3,363	 	93.6	% 	 	1,851	 	1,723	 	93.1	% 	 	51.5	% 	 	51.2	% 	 	0.3	% 	 	755	 	790	 	104.6	% 	 	45.9	% 	 	40.8	% 	 	-5.1	% 	 	21.0	% 	 	23.5	% 	 	-2.5	% 
	2004-07	 	3,480	 	3,058	 	87.9	% 	 	1,796	 	1,543	 	85.9	% 	 	51.6	% 	 	50.5	% 	 	1.2	% 	 	781	 	620	 	79.4	% 	 	40.2	% 	 	43.5	% 	 	3.3	% 	 	22.4	% 	 	20.3	% 	 	2.2	% 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 151 









 Confidential Treatment 
  

 DECEMBER 2004 LPC REPORT CARD, BRANDS 
  

																																	
	 GOALS:
 Team
	  	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 
	 BS1
	  	None	  	 	96.3	% 	 	77	  	80	  	96.3	% 	 	97.2	% 	 	95	% 	 	66.9	% 	 	3	  	1	  			 	107.8	% 
	 BS3
	  	None	  	 	94.6	% 	 	70	  	74	  	94.6	% 	 	97.7	% 	 	94	% 	 	71.3	% 	 	1	  	0	  			 	109.4	% 
	 BS7
	  	None	  	 	95.9	% 	 	118	  	123	  	95.9	% 	 	98.7	% 	 	94	% 	 	69.8	% 	 	0	  	0	  			 	110.4	% 
	 BS8
	  	None	  	 	94.6	% 	 	87	  	92	  	94.6	% 	 	100.0	% 	 	96	% 	 	67.8	% 	 	2	  	0	  			 	110.7	% 
		  			 	95.4	% 	 	352	  	369	  	95.4	% 	 	98.4	% 	 	95	% 	 	67.7	% 	 	7	  	1	  	25.0	% 	 	109.6	% 
	 BW1
	  	None	  	 	92.3	% 	 	84	  	91	  	92.3	% 	 	95.3	% 	 	98	% 	 	67.9	% 	 	2	  	2	  			 	105.8	% 
	 BW5
	  	None	  	 	94.9	% 	 	74	  	78	  	94.9	% 	 	91.3	% 	 	98	% 	 	73.3	% 	 	3	  	0	  			 	109.3	% 
	 BN2
	  	None	  	 	94.7	% 	 	89	  	94	  	94.7	% 	 	97.8	% 	 	93	% 	 	60.3	% 	 	0	  	1	  			 	101.2	% 
		  			 	93.9	% 	 	247	  	263	  	93.9	% 	 	94.8	% 	 	96	% 	 	71.3	% 	 	8	  	3	  	23.0	% 	 	105.4	% 
		  			 	94.8	% 	 	599	  	632	  	94.8	% 	 	96.6	% 	 	95	% 	 	68.4	% 	 	15	  	4	  	24.0	% 	 	107.8	% 
	 BW3
	  	None	  	 	93.1	% 	 	121	  	130	  	93.1	% 	 	98.2	% 	 	94	% 	 	77.7	% 	 	3	  	1	  			 	105.4	% 
	 BW9
	  	None	  	 	94.7	% 	 	108	  	114	  	94.7	% 	 	98.6	% 	 	97	% 	 	77.6	% 	 	0	  	0	  			 	92.8	% 
		  			 	93.9	% 	 	229	  	244	  	93.9	% 	 	98.4	% 	 	96	% 	 	77.7	% 	 	3	  	1	  	20.0	% 	 	99.1	% 
	 BW2
	  	None	  	 	90.9	% 	 	60	  	66	  	90.9	% 	 	97.4	% 	 	95	% 	 	65.8	% 	 	1	  	1	  			 	114.2	% 
	 BW4
	  	None	  	 	90.0	% 	 	81	  	90	  	90.0	% 	 	98.4	% 	 	96	% 	 	69.7	% 	 	2	  	2	  			 	95.9	% 
		  			 	90.4	% 	 	141	  	156	  	90.4	% 	 	97.9	% 	 	96	% 	 	67.9	% 	 	6	  	3	  	24.0	% 	 	105.1	% 
	 BE1
	  	None	  	 	96.3	% 	 	79	  	82	  	96.3	% 	 	100.0	% 	 	93	% 	 	65.2	% 	 	5	  	0	  			 	109.4	% 
	 BN6
	  	None	  	 	92.7	% 	 	89	  	96	  	92.7	% 	 	100.0	% 	 	94	% 	 	63.6	% 	 	5	  	0	  			 	108.0	% 
	 BE3
	  	None	  	 	93.6	% 	 	58	  	62	  	93.5	% 	 	100.0	% 	 	97	% 	 	65.3	% 	 	0	  	0	  			 	113.7	% 
		  			 	94.2	% 	 	226	  	240	  	94.2	% 	 	100.0	% 	 	95	% 	 	64.7	% 	 	10	  	0	  	26.7	% 	 	110.3	% 
		  			 	93.1	% 	 	596	  	640	  	93.1	% 	 	98.8	% 	 	95	% 	 	70.4	% 	 	19	  	4	  	23.6	% 	 	105.6	% 
	 BN7
	  	None	  	 	93.3	% 	 	98	  	105	  	93.3	% 	 	100.0	% 	 	94	% 	 	81.6	% 	 	2	  	1	  			 	101.7	% 
	 BN8
	  	None	  	 	98.9	% 	 	86	  	87	  	98.9	% 	 	93.9	% 	 	94	% 	 	73.7	% 	 	2	  	0	  			 	96.7	% 
	 BS9
	  	None	  	 	94.2	% 	 	81	  	86	  	94.2	% 	 	98.3	% 	 	96	% 	 	79.9	% 	 	0	  	3	  			 	102.2	% 
	 BN4
	  	None	  	 	87.8	% 	 	86	  	98	  	87.8	% 	 	100.0	% 	 	97	% 	 	65.2	% 	 	2	  	1	  			 	104.4	% 
	 TRB
	  	None	  	 	87.9	% 	 	102	  	116	  	87.9	% 	 	95.5	% 	 	94	% 	 	67.9	% 	 	0	  	1	  			 	85.1	% 
		  			 	92.1	% 	 	453	  	492	  	92.1	% 	 	97.5	% 	 	95	% 	 	73.5	% 	 	9	  	6	  	24.2	% 	 	98.0	% 
		  			 	92.1	% 	 	453	  	492	  	92.1	% 	 	97.5	% 	 	95	% 	 	70.4	% 	 	9	  	6	  	24.2	% 	 	98.0	% 
	 BE4
	  	83.3	% 	 	50.0	% 	 	36	  	44	  	81.8	% 	 	90.0	% 	 	94	% 	 	37.2	% 	 	0	  	0	  	26.7	% 	 	96.4	% 
	 BS2
	  	88.5	% 	 	0.0	% 	 	46	  	54	  	85.2	% 	 	86.2	% 	 	96	% 	 	33.6	% 	 	0	  	0	  	31.7	% 	 	88.9	% 
		  			 	83.7	% 	 	82	  	98	  	83.7	% 	 	88.1	% 	 	95	% 	 	35.1	% 	 	6	  	0	  	29.2	% 	 	92.6	% 
		  			 	83.7	% 	 	82	  	98	  	83.7	% 	 	88.1	% 	 	95	% 	 	35.1	% 	 	6	  	0	  	29.2	% 	 	92.6	% 
	 TOTAL
	  			 	92.9	% 	 	1,730	  	1,862	  	92.9	% 	 	97.3	% 	 	95	% 	 	68.4	% 	 	49	  	14	  	24.6	% 	 	103.3	% 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 152 









 Confidential Treatment 
  

 RE SALES SCORECARD 
 *CONFIDENTIAL 
  

																																			
	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	 	 	 	 	 	*CONFIDENTIAL
	 Overall RE Sales Totals
	 	97.9	% 	 	85.1	% 	 	626	 	418	 	1,038	 		 	3,294	 		 	732	 		 	533	 	147	 			 			 	37
	 SouthEast Totals
	 	98.1	% 	 	87.2	% 	 	125	 	78	 	203	 		 	676	 		 	162	 		 	95	 	32	 			 			 	4
	 North-Atlantic Totals
	 	98.7	% 	 	89.4	% 	 	164	 	94	 	258	 		 	805	 		 	177	 		 	138	 	28	 			 			 	15
	 SouthCentral Totals
	 	95.6	% 	 	78.9	% 	 	85	 	57	 	142	 		 	448	 		 	87	 		 	76	 	28	 			 			 	9
	 West Totals
	 	98.5	% 	 	89.1	% 	 	97	 	79	 	176	 		 	393	 		 	87	 		 	83	 	15	 			 			 	1
	 MidWest Totals
	 	95.2	% 	 	82.3	% 	 	43	 	37	 	80	 		 	285	 		 	58	 		 	46	 	15	 			 			 	1
	 Loan Ranger Totals
	 	98.2	% 	 	77.4	% 	 	35	 	7	 	42	 		 	201	 		 	59	 		 	30	 	12	 			 			 	1
	 Central Totals
	 	99.6	% 	 	92.4	% 	 	106	 	73	 	179	 		 	687	 		 	161	 		 	94	 	29	 			 			 	6
	 Corporate Client Totals
	 	97.4	% 	 	94.3	% 	 	67	 	66	 	133	 		 	387	 		 	86	 		 	72	 	17	 			 			 	8
	 Overall RE Sales AVg.’s
	 			 			 	4	 	3	 	7	 	15.2	 	22	 	2.8	 	5	 	6.1	 	3	 	0.9	 	44.4	% 	 	86.0	  	 	0.2
	 SouthEast Averages
	 			 			 	4	 	3	 	7	 	14.1	 	23	 	2.8	 	5	 	3.9	 	3	 	1.0	 	50.4	% 	 	76.8	  	 	0.1
	 North-Atlantic Averages
	 			 			 	4	 	2	 	7	 	14.5	 	21	 	2.8	 	5	 	5.2	 	4	 	0.7	 	54.2	% 	 	84.1	  	 	0.4
	 SouthCentral Averages
	 			 			 	5	 	3	 	8	 	13.8	 	26	 	2.6	 	5	 	7.5	 	3	 	1.2	 	41.1	% 	 	89.4	  	 	0.5
	 West Averages
	 			 			 	5	 	4	 	9	 	12.0	 	20	 	2.6	 	4	 	8.7	 	5	 	0.8	 	36.3	% 	 	85.6	  	 	0.1
	 MidWest Averages
	 			 			 	3	 	2	 	5	 	18.2	 	19	 	3.0	 	4	 	5.5	 	2	 	0.8	 	44.3	% 	 	107.0	% 	 	0.1
	 Loan Ranger Averages
	 			 			 	3	 	1	 	3	 	20.6	 	14	 	3.5	 	4	 	5.2	 	2	 	0.9	 	67.0	% 	 	85.7	% 	 	0.1
	 Central Averages
	 			 			 	4	 	3	 	6	 	18.3	 	25	 	3.2	 	5	 	5.6	 	3	 	0.9	 	40.1	% 	 	88.7	% 	 	0.2
	 Corporate Client Averages
	 			 			 	3	 	3	 	8	 	7.8	 	18	 	2.5	 	4	 	5.2	 	3	 	0.7	 	48.1	% 	 	107.5	% 	 	0.4

  

																																																											
	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	 	 	 	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	*CONFIDENTIAL	 	*CONFIDENTIAL
	 Overall RE Sales Totals
	 			 			 		 	10,986	 	22,359	 			 			 	101,271	 		 	12,865	 			 	3,913	 			 	3,495	 			 	1,894	 			 			 	1,250	 	941	 			 	7,335	 		 	
	 SouthEast Totals
	 			 			 		 	2,125	 	8,206	 			 			 	21,312	 		 	2,577	 			 	780	 			 	814	 			 	386	 			 			 	295	 	214	 			 	1,583	 		 	127
	 North-Atlantic Totals
	 			 			 		 	2,860	 	8,172	 			 			 	25,118	 		 	3,367	 			 	1,233	 			 	800	 			 	463	 			 			 	224	 	180	 			 	1,712	 		 	186
	 SouthCentral Totals
	 			 			 		 	1,753	 	2,665	 			 			 	13,208	 		 	1,999	 			 	501	 			 	462	 			 	310	 			 			 	191	 	145	 			 	1,113	 		 	213
	 West Totals
	 			 			 		 	1,479	 	2,559	 			 			 	11,486	 		 	1,682	 			 	600	 			 	407	 			 	200	 			 			 	82	 	69	 			 	852	 		 	59
	 MidWest Totals
	 			 			 		 	1,117	 	1,877	 			 			 	9,948	 		 	1,287	 			 	366	 			 	340	 			 	194	 			 			 	134	 	123	 			 	741	 		 	37
	 Loan Ranger Totals
	 			 			 		 	352	 	1,723	 			 			 	7,610	 		 	1,306	 			 	415	 			 	232	 			 	99	 			 			 	110	 	60	 			 	417	 		 	50
	 Central Totals
	 			 			 		 	1,652	 	3,680	 			 			 	20,199	 		 	1,953	 			 	543	 			 	652	 			 	343	 			 			 	324	 	210	 			 	1,334	 		 	55
	 Corporate Client Totals
	 			 			 		 	1,795	 	3,446	 			 			 	13,664	 		 	2,018	 			 	516	 			 	751	 			 	357	 			 			 	381	 	304	 			 	1,538	 		 	141
	 Overall RE Sales AVg.’s
	 	6.12	% 	 	100.77	% 	 	15.5	 	51.3	 	51	 	58.2	% 	 	58.7	% 	 	450	 	2.7	 	60	 	91.7	% 	 	16.1	 	40	% 	 	15	 	27	% 	 	8	 	38.8	% 	 	25.8	% 	 	6	 	4	 	89	% 	 	32	 	4.2	 	3.0
	 SouthEast Averages
	 	5.89	% 	 	104.14	% 	 	17.1	 	51.8	 	127	 	59.7	% 	 	85.8	% 	 	520	 	2.6	 	63	 	87.7	% 	 	19.0	 	42	% 	 	20	 	32	% 	 	9	 	40.2	% 	 	24.3	% 	 	7	 	5	 	104	% 	 	37	 	4.0	 	3.1
	 North-Atlantic Averages
	 	5.80	% 	 	100.91	% 	 	13.7	 	55.0	 	119	 	59.3	% 	 	0.0	% 	 	483	 	2.6	 	65	 	92.3	% 	 	23.5	 	43	% 	 	15	 	24	% 	 	9	 	40.8	% 	 	27.0	% 	 	4	 	3	 	65	% 	 	32	 	5.3	 	3.6
	 SouthCentral Averages
	 	4.12	% 	 	100.52	% 	 	13.6	 	53.1	 	81	 	56.7	% 	 	57.9	% 	 	400	 	2.3	 	61	 	88.3	% 	 	15.2	 	35	% 	 	15	 	24	% 	 	9	 	40.2	% 	 	27.8	% 	 	6	 	4	 	96	% 	 	34	 	4.8	 	6.5
	 West Averages
	 	3.93	% 	 	99.99	% 	 	14.7	 	56.9	 	98	 	60.2	% 	 	51.6	% 	 	442	 	2.8	 	65	 	106.4	% 	 	19.2	 	35	% 	 	16	 	24	% 	 	8	 	36.2	% 	 	23.5	% 	 	3	 	3	 	81	% 	 	33	 	4.9	 	2.3
	 MidWest Averages
	 	8.47	% 	 	106.18	% 	 	16.8	 	50.8	 	85	 	58.4	% 	 	69.8	% 	 	452	 	2.7	 	59	 	86.6	% 	 	16.6	 	39	% 	 	15	 	26	% 	 	9	 	38.0	% 	 	26.1	% 	 	6	 	6	 	93	% 	 	34	 	4.5	 	1.7
	 Loan Ranger Averages
	 	5.87	% 	 	94.47	% 	 	20.5	 	16.8	 	82	 	32.5	% 	 	62.5	% 	 	362	 	3.1	 	62	 	90.0	% 	 	19.8	 	40	% 	 	11	 	18	% 	 	5	 	56.6	% 	 	23.8	% 	 	5	 	3	 	56	% 	 	20	 	5.5	 	2.4
	 Central Averages
	 	8.52	% 	 	92.68	% 	 	17.4	 	40.3	 	95	 	54.3	% 	 	50.7	% 	 	493	 	2.7	 	49	 	92.3	% 	 	13.5	 	44	% 	 	16	 	33	% 	 	8	 	37.5	% 	 	25.7	% 	 	8	 	5	 	120	% 	 	33	 	3.7	 	1.3
	 Corporate Client Averages
	 	13.24	% 	 	104.02	% 	 	12.1	 	66.5	 	128	 	42.1	% 	 	0	% 	 	506	 	2.7	 	70	 	102.4	% 	 	17.9	 	44	% 	 	26	 	37	% 	 	12	 	36.4	% 	 	23.2	% 	 	13	 	13	 	146	% 	 	53	 	3.1	 	5.2

 *CONFIDENTIAL 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 152 









 Confidential Treatment 
  

 DISPUTE & CHARGEBACK REPORT 
  

				
	 Summary
	  	2004 YTD
	 $ Amount Requested via Chargeback
	  	$	206,217.17
	 $ Amount Requested via Disputes
	  	$	411,637.68
		  	 	 
	 Total Disputes/Chargebacks
	  	$	517,854.85
		  	 	 
		
	 *CONFIDENTIAL
	  	$	348,118.33
	 *CONFIDENTIAL
	  	$	196,163.80
		  	 	 
	 *CONFIDENTIAL
	  	$	73,572.72
		  	 	 

  

																																									
	 	 	Jan-04	 	Feb-04	 	Mar-04	 	Apr-04	 	May-04	 	Jun-04	 	Jul-04	 	 	Aug-04	 	Sep-04	 	Oct-04	 	Nov-04	 	Dec-04	 	2004
	 # Chargebacks
	 	 	44	 	 	33	 	 	64	 	 	46	 	 	45	 	 	72	 	 	51	  	 	 	37	 	 	51	 	 	40	 	 	44	 	 	16	 	 	543
	 # Disputes
	 	 	64	 	 	51	 	 	88	 	 	93	 	 	91	 	 	109	 	 	95	  	 	 	55	 	 	53	 	 	68	 	 	50	 	 	37	 	 	854
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total # Disputes Chargebacks
	 	 	108	 	 	84	 	 	152	 	 	139	 	 	136	 	 	18	 	 	146	  	 	 	92	 	 	104	 	 	108	 	 	94	 	 	53	 	 	1397
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 *CONFIDENTIAL
	 	 	93	 	 	72	 	 	138	 	 	123	 	 	126	 	 	159	 	 	137	  	 	 	83	 	 	91	 	 	31	 	 	21	 	 	4	 	 	1078
	 *CONFIDENTIAL
	 	 	3	 	 	3	 	 	3	 	 	9	 	 	7	 	 	2	 	 	4	  	 	 	0	 	 	2	 	 	1	 	 	0	 	 	0	 	 	34
	 *CONFIDENTIAL
	 	 	12	 	 	9	 	 	11	 	 	7	 	 	3	 	 	20	 	 	5	  	 	 	9	 	 	9	 	 	5	 	 	13	 	 	3	 	 	106
	 *CONFIDENTIAL
	 	 	0	 	 	0	 	 	0	 	 	0	 	 	0	 	 	0	 	 	0	  	 	 	0	 	 	2	 	 	71	 	 	60	 	 	46	 	 	179
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total # Disputes Chargebacks
	 	 	108	 	 	84	 	 	152	 	 	139	 	 	138	 	 	151	 	 	146	  	 	 	92	 	 	104	 	 	108	 	 	84	 	 	53	 	 	1397
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 	 	Jan-04	 	Feb-04	 	Mar-04	 	Apr-04	 	May-04	 	Jun-04	 	Jul-04	 	 	Aug-04	 	Sep-04	 	Oct-04	 	Nov-04	 	Dec-04	 	2004
	 *CONFIDENTIAL
	 	$	12,160.00	 	$	8,725.00	 	$	24,523.50	 	$	12,901.00	 	$	14,816.00	 	$	20,546.50	 	$	20,520.00	  	 	$	13,437.00	 	$	19,223.36	 	$	6,790.17	 	$	3,780.00	 	$	2,180.00	 	$	159,602.53
	 *CONFIDENTIAL
	 	$	24,298.00	 	$	15,331.50	 	$	29,413.00	 	$	29,263.00	 	$	30,978.00	 	$	16,495.00	 	$	16,228.00	  	 	$	11,263.00	 	$	8,506.00	 	$	4,000.70	 	$	2,741.60	 	$	 	 	$	188,515.80
	 *CONFIDENTIAL
	 	$	36,468.00	 	$	24,056.60	 	$	53,936.60	 	$	42,164.00	 	$	45,784.00	 	$	37,041.50	 	$	36,748.00	  	 	$	24,700.00	 	$	27,729.36	 	$	10,790.87	 	$	6,521.60	 	$	2,180.00	 	$	348,118.33
	 *CONFIDENTIAL
	 	$	2,972.00	 	$	2,350.00	 	$	3,665.50	 	$	7,884.00	 	$	3,966.00	 	$	4,873.50	 	$	(1,055.00	) 	 	$	1,860.00	 	$	2,475.00	 	$	1,185.65	 	$	3,717.27	 	$	650.00	 	$	34,543.33
	 *CONFIDENTIAL
	 	$	10,148.25	 	$	3,054.50	 	$	19,244.00	 	$	27,926.50	 	$	17,147.50	 	$	34,890.39	 	$	30,833.00	  	 	$	9,581.72	 	$	7,394.82	 	$	1,376.40	 	$	22.80	 	$	 	 	$	161,619.88
	 *CONFIDENTIAL
	 	$	13,120.25	 	$	5,404.50	 	$	22,900.50	 	$	35,810.50	 	$	21,113.50	 	$	39,763.89	 	$	28,778.00	  	 	$	10,441.72	 	$	9,869.82	 	$	2,562.05	 	$	3,740.07	 	$	650.00	 	$	196,163.80
	 *CONFIDENTIAL
	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	  	 	$	—  	 	$	—  	 	$	5,083.33	 	$	3,693.70	 	$	3,293.69	 	$	12,070.72
	 *CONFIDENTIAL
	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	  	 	$	—  	 	$	325.00	 	$	26,804.45	 	$	19,631.92	 	$	14,740.63	 	$	61,502.00
	 *CONFIDENTIAL
	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	—  	  	 	$	—  	 	$	325.00	 	$	31,887.78	 	$	23,325.62	 	$	18,034.32	 	$	73,572.72

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 153 









 Confidential Treatment 
  

 REAL ESTATE FIELD SALES 
 December 2004 
 Marshall Gayden Monthly Highlights: 
 1) *CONFIDENTIAL 
 2) *CONFIDENTIAL 
 3) *CONFIDENTIAL 
 4) Completed and communicated the
2005 business plans to the brand partners and mortgage field staff. 
 5) *CONFIDENTIAL 
 6) Full year expense variance for the department was under 5%. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 154 









 Confidential Treatment 
  

 REAL ESTATE FIELD SALES *CONFIDENTIAL 
 Marshall Gayden 
  

																									
	 	  	Actuals	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity Variance	 
	 	  	October	  	November	  	December	  	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
	 DRIVERS
	  		  		  		  		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	  	24,060	  	20,592	  	16,235	  	25,860	  	29,196	  	18,632	  	19,099	  	16,235	  	16,235	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	6,158	  	5,203	  	4,027	  	4,369	  	7,192	  	4,564	  	5,329	  	4,027	  	4,027	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	3,903	  	3,975	  	3,697	  	3,175	  	2,372	  	3,665	  	4,920	  	3,697	  	3,697	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	67	  	74	  	56	  	82	  	86	  	65	  	69	  	57	  	59	  	2	  	 	(1	) 
	 *CONFIDENTIAL
	  	22	  	19	  	14	  	14	  	21	  	16	  	19	  	14	  	15	  	0	  	 	(0	) 
	 *CONFIDENTIAL
	  	14	  	14	  	13	  	10	  	7	  	13	  	18	  	13	  	13	  	0	  	 	(0	) 
	
	 REAL ESTATE FIELD SALES *CONFIDENTIAL
 Marshall Gayden
	   
   

						
	 	  	Actuals	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity Variance	 
	 	  	October	  	November	  	December	  	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
	 SUMMARY HEADCOUNT
	  		  		  		  		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	  	4	  	4	  	4	  	4	  	4	  	4	  	4	  	4	  	4	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	3	  	2	  	2	  	4	  	4	  	4	  	4	  	4	  	4	  	(2	) 	 	(2	) 
	 *CONFIDENTIAL
	  	26	  	27	  	27	  	35	  	38	  	29	  	31	  	29	  	31	  	(2	) 	 	(4	) 
	 *CONFIDENTIAL
	  	6	  	6	  	6	  	6	  	6	  	6	  	6	  	6	  	6	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	275	  	279	  	279	  	317	  	340	  	287	  	275	  	287	  	275	  	(8	) 	 	4	  
	 *CONFIDENTIAL
	  	1	  	1	  	1	  	4	  	4	  	4	  	4	  	4	  	4	  	(3	) 	 	(3	) 
	 *CONFIDENTIAL
	  	5	  	3	  	3	  	3	  	3	  	3	  	5	  	3	  	5	  	—  	  	 	(2	) 
	 *CONFIDENTIAL
	  	5	  	5	  	5	  	5	  	5	  	5	  	5	  	5	  	5	  	—  	  	 	—  	  
	 TOTAL OVERALL HEADCOUNT
	  	325	  	327	  	327	  	378	  	404	  	342	  	334	  	342	  	334	  	(15	) 	 	(7	) 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 155 









 Confidential Treatment 
  

 REAL ESTATE FIELD SALES *CONFIDENTIAL 
 Marshall Gayden 
  

																													
	 	  	Actuals	 	 	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 	 	Explanations of
Budget
Productivity
Variances
	 	  	October	 	 	November	  	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 	 
	 Indirect Costs
	  			 		  			 		  		  		  		  		  		  			 			 	
	 *CONFIDENTIAL
	  	1,368,044	  	 	1,481,114	  	1,555,911	  	 	1,050,563	  	1,020,849	  	1,556,628	  	1,557,982	  	1,556,628	  	1,557,982	  	(717	) 	 	(2071	) 	 	
	 *CONFIDENTIAL
	  	304	  	 	591	  	954	  	 	263	  	2,755	  	389	  	389	  	389	  	389	  	564	  	 	564	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	300	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	300	  	 	300	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	155,586	  	 	14,500	  	18,732	  	 	—  	  	—  	  	237,500	  	241,389	  	237,500	  	241,389	  	(218,768	) 	 	(222,657	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	264,328	  	 	422,298	  	665,891	  	 	1,384,011	  	1,044,797	  	446,098	  	557,686	  	455,241	  	442,725	  	210,650	  	 	223,166	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	222,394	  	 	225,645	  	180,986	  	 	316,529	  	268,892	  	237,369	  	250,753	  	238,453	  	237,130	  	(57,467	) 	 	(56,144	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	102,855	  	 	114,353	  	139,729	  	 	312,681	  	193,179	  	140,218	  	148,124	  	140,858	  	140,077	  	(1,129	) 	 	(347	) 	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	2,113,512	  	 	2,258,500	  	2,562,503	  	 	3,064,046	  	2,530,472	  	2,618,203	  	2,756,323	  	2,629,069	  	2,619,693	  	(66,566	) 	 	(57,190	) 	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	18,122	  	 	17,320	  	1,604	  	 	—  	  	50,000	  	50,000	  	50,000	  	50,000	  	50,000	  	(48,396	) 	 	(48,396	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	12,500	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	18	  	1,632	  	 	2,000	  	2,000	  	2,000	  	2,000	  	2,000	  	2,000	  	(368	) 	 	(368	) 	 	
	 *CONFIDENTIAL
	  	598,223	  	 	645,498	  	699,068	  	 	676,842	  	922,608	  	711,345	  	692,792	  	711,345	  	692,792	  	(12,227	) 	 	6,276	  	 	
	 *CONFIDENTIAL
	  	588,082	  	 	532,955	  	587,443	  	 	478,867	  	567,567	  	688,276	  	408,333	  	688,276	  	408,333	  	(100,833	) 	 	179,110	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	36,145	  	 	51,565	  	39,975	  	 	45,903	  	49,097	  	40,875	  	63,311	  	40,875	  	63,311	  	(900	) 	 	(23,336	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	219	  	15,581	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	15,591	  	 	15,591	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	80	  	 	184	  	73	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	73	  	 	73	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	10,005	  	 	10,005	  	10,005	  	 	10,005	  	10,005	  	10,005	  	—  
	  	10,005	  	—  	  	—  	  	 	10,005	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	2,155	  	 	4,541	  	5,817	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	5,817	  	 	5,817	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	(125,230	) 	 	139,500	  	131,583	  	 	124,321	  	140,429	  	90,559	  	95,789	  	78,885	  	79,970	  	52,678	  	 	51,593	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	4,745	  	 	4,359	  	4,268	  	 	4,449	  	4,449	  	4,413	  	413	  	4,413	  	413	  	(145	) 	 	3,855	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	4,070	  	 	9,037	  	15,076	  	 	31,250	  	31,250	  	10,417	  	20,833	  	10,417	  	20,833	  	4,659	  	 	(5,757	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	37,509	  	 	53,296	  	32,599	  	 	15,000	  	15,000	  	15,000	  	11,000	  	15,000	  	11,000	  	17,599	  	 	21,599	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	25	  	25	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	25	  	 	25	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	(19	) 	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(19	) 	 	(19	) 	 	
	 *CONFIDENTIAL
	  	1,500	  	 	2,750	  	1,450	  	 	835	  	624	  	964	  	1,295	  	972	  	948	  	478	  	 	502	  	 	
	 *CONFIDENTIAL
	  	500	  	 	—  	  	250	  	 	318	  	238	  	367	  	493	  	370	  	361	  	(120	) 	 	(111	) 	 	
	 *CONFIDENTIAL
	  	12,646	  	 	10,023	  	11,568	  	 	3,816	  	2,851	  	4,406	  	5,920	  	4,442	  	4,332	  	7,126	  	 	7,236	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	174	  	 	437	  	463	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	463	  	 	463	  	 	
	 *CONFIDENTIAL
	  	1,149	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 Total Indirect Expenses
	  	3,315,886	  	 	3,740,232	  	4,120,953	  	 	4,457,651	  	4,326,589	  	4,246,829	  	4,108,502	  	4,246,069	  	3,953,985	  	(125,115	) 	 	166,969	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	3,315,886	  	 	3,740,232	  	4,120,953	  	 	4,457,651	  	4,326,589	  	4,246,829	  	4,108,502	  	4,246,069	  	3,953,985	  	(125,115	) 	 	168,969	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	538	  	 	719	  	1,023	  	 	1,020	  	602	  	931	  	771	  	1,054	  	982	  	(31	) 	 	41	  	 	
	 *CONFIDENTIAL
	  	850	  	 	941	  	1,115	  	 	1,404	  	1,824	  	1,159	  	835	  	1,149	  	1,070	  	(34	) 	 	45	  	 	
	 *CONFIDENTIAL
	  	343	  	 	434	  	636	  	 	701	  	352	  	574	  	517	  	653	  	651	  	(17	) 	 	(14	) 	 	
	 *CONFIDENTIAL
	  	542	  	 	568	  	693	  	 	965	  	1,067	  	714	  	560	  	711	  	709	  	(18	) 	 	(15	) 	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 156 









 Confidential Treatment 
  

 REAL ESTATE FIELD SALES *CONFIDENTIAL 
 Marshall Gayden 
  

																																		
	 	  	DECEMBER YTD	 	 	Full Year	 
	 	  	Actuals	  	Budget	 	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	 	 	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 
	 DRIVERS
	  		  			 			 			 			 		  			 			 		  			 			 		
	 *CONFIDENTIAL
	  	324,947	  	378,447	  	 	(53,500	) 	 	324,947	  	 	—  	  	 	324,947	  	378,447	  	 	(53,500	) 	 	381,586	  	(56,639	) 	 	324,947	  	 	—  	  
	 *CONFIDENTIAL
	  	87,105	  	105,879	  	 	(18,774	) 	 	87,105	  	 	—  	  	 	87,105	  	105,879	  	 	(18,774	) 	 	106,569	  	(19,464	) 	 	87,105	  	 	—  	  
	 *CONFIDENTIAL
	  	52,083	  	64,776	  	 	(12,683	) 	 	52,093	  	 	—  	  	 	52,093	  	64,776	  	 	(12,683	) 	 	72,791	  	(20,698	) 	 	52,093	  	 	—  	  
	 *CONFIDENTIAL
	  	1,165	  	1,376	  	 	(211	) 	 	1,182	  	 	(17	) 	 	1,200	  	1,382	  	 	(182	) 	 	1,305	  	(105	) 	 	1,187	  	 	14	  
	 *CONFIDENTIAL
	  	312	  	385	  	 	(73	) 	 	317	  	 	(5	) 	 	322	  	387	  	 	(65	) 	 	365	  	(43	) 	 	318	  	 	4	  
	 *CONFIDENTIAL
	  	187	  	238	  	 	(49	) 	 	189	  	 	(3	) 	 	192	  	237	  	 	(44	) 	 	249	  	(57	) 	 	190	  	 	2	  
	 SUMMARY HEADCOUNT
	  		  			 			 			 			 		  			 			 		  			 			 		
	 *CONFIDENTIAL
	  	4	  	4	  	 	—  	  	 	4	  	 	—  	  	 	4	  	4	  	 	—  	  	 	4	  	(0	) 	 	4	  	 	—  	  
	 *CONFIDENTIAL
	  	2	  	4	  	 	(2	) 	 	4	  	 	(2	) 	 	4	  	4	  	 	(0	) 	 	4	  	(1	) 	 	4	  	 	(0	) 
	 *CONFIDENTIAL
	  	27	  	31	  	 	(4	) 	 	31	  	 	(4	) 	 	28	  	30	  	 	(2	) 	 	31	  	(3	) 	 	30	  	 	(2	) 
	 *CONFIDENTIAL
	  	6	  	6	  	 	—  	  	 	6	  	 	—  	  	 	6	  	6	  	 	—  	  	 	6	  	—  	  	 	6	  	 	—  	  
	 *CONFIDENTIAL
	  	279	  	275	  	 	4	  	 	275	  	 	4	  	 	271	  	274	  	 	(3	) 	 	292	  	(22	) 	 	274	  	 	(3	) 
	 *CONFIDENTIAL
	  	1	  	4	  	 	(3	) 	 	4	  	 	(3	) 	 	2	  	3	  	 	(2	) 	 	0	  	1	  	 	3	  	 	(2	) 
	 *CONFIDENTIAL
	  	3	  	5	  	 	(2	) 	 	5	  	 	(2	) 	 	5	  	5	  	 	0	  	 	6	  	(0	) 	 	5	  	 	0	  
	 *CONFIDENTIAL
	  	5	  	5	  	 	—  	  	 	5	  	 	—  	  	 	5	  	5	  	 	—  	  	 	4	  	1	  	 	5	  	 	—  	  
	TOTAL OVERALL HEADCOUNT	  	327	  	334	  	 	(7	) 	 	334	  	 	(7	) 	 	324	  	331	  	 	(7	) 	 	348	  	(24	) 	 	331	  	 	(7	) 
	
	REAL ESTATE FIELD SALES *CONFIDENTIAL	  
	 Marshall Gayden
  
	   
 

	 	  	DECEMBER YTD	 	 	Full Year	 
	 	  	Actuals	  	Budget	 	 	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	 	 	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	 	 	Budget
Productivity
Variance	 
	 Indirect Costs
	  		  			 			 			 			 		  			 			 		  			 			 		
	 *CONFIDENTIAL
	  	17,467,695	  	17,673,577	  	 	(205,883	) 	 	17,673,577	  	 	(205,883	) 	 	17,467,695	  	17,673,577	  	 	(205,883	) 	 	18,834,809	  	(1,367,114	) 	 	17,673,577	  	 	(205,883	) 
	 *CONFIDENTIAL
	  	12,574	  	7,853	  	 	4,721	  	 	7,853	  	 	4,721	  	 	12,574	  	7,853	  	 	4,721	  	 	6,621	  	5,954	  	 	7,853	  	 	4,721	  
	 *CONFIDENTIAL
	  	11,427	  	1,067	  	 	10,360	  	 	1,067	  	 	(10,360	) 	 	11,427	  	1,067	  	 	10,360	  	 	5,416	  	6,011	  	 	1,067	  	 	10,360	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	52,529	  	16,010	  	 	34,519	  	 	18,010	  	 	34,519	  	 	52,529	  	18,010	  	 	34,519	  	 	37,514	  	15,015	  	 	18,010	  	 	34,519	  
	 *CONFIDENTIAL
	  	899,016	  	1,027,945	  	 	(128,929	) 	 	1,027,945	  	 	(128,929	) 	 	899,016	  	1,027,945	  	 	(128,929	) 	 	1,832,834	  	(933,818	) 	 	1,027,945	  	 	(128,929	) 
	 *CONFIDENTIAL
	  	5,638,525	  	6,963,247	  	 	(1,424,722	) 	 	5,837,799	  	 	(299,274	) 	 	5,538,525	  	6,963,247	  	 	(1,424,722	) 	 	7,625,426	  	(2,086,902	) 	 	5,837,799	  	 	(299,274	) 
	 *CONFIDENTIAL
	  	2,831,084	  	3,036,970	  	 	(205,886	) 	 	2,903,604	  	 	(72,520	) 	 	2,831,084	  	3,036,970	  	 	(205,886	) 	 	2,930,751	  	(99,667	) 	 	2,903,604	  	 	(72,520	) 
	 *CONFIDENTIAL
	  	1,771,262	  	2,054,757	  	 	(283,495	) 	 	1,971,669	  	 	(200,407	) 	 	1,771,262	  	2,054,757	  	 	(283,495	) 	 	2,012,456	  	(241,194	) 	 	1,971,669	  	 	(200,407	) 
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	28,584,111	  	30,783,426	  	 	(2,199,315	) 	 	29,441,524	  	 	(857,413	) 	 	28,584,111	  	30,783,426	  	 	(2,199,315	) 	 	33,285,827	  	(4,701,716	) 	 	29,441,524	  	 	(857,413	) 
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	141,259	  	200,573	  	 	(59,314	) 	 	200,573	  	 	(59,314	) 	 	141,259	  	200,573	  	 	(59,314	) 	 	256,463	  	(115,204	) 	 	200,573	  	 	(59,314	) 
	 *CONFIDENTIAL
	  	12,625	  	—  	  	 	12,625	  	 	—  	  	 	12,625	  	 	12,625	  	—  	  	 	12,625	  	 	5,863	  	6,762	  	 	—  	  	 	12,625	  
	 *CONFIDENTIAL
	  	10,329	  	20,512	  	 	(10,183	) 	 	20,512	  	 	(10,183	) 	 	10,329	  	20,512	  	 	(10,183	) 	 	35,232	  	(24,903	) 	 	20,512	  	 	(10,183	) 
	 *CONFIDENTIAL
	  	8,054,769	  	8,861,686	  	 	(806,917	) 	 	8,861,686	  	 	(806,917	) 	 	8,054,769	  	6,861,686	  	 	(806,917	) 	 	9,569,322	  	(1,514,553	) 	 	8,861,686	  	 	(806,917	) 
	 *CONFIDENTIAL
	  	5,538,612	  	5,471,928	  	 	1,086,684	  	 	5,471,928	  	 	1,086,684	  	 	6,558,612	  	5,471,928	  	 	1,086,684	  	 	5,384,025	  	1,174,587	  	 	5,471,928	  	 	1,086,684	  
	 *CONFIDENTIAL
	  	518,444	  	723,448	  	 	(205,005	) 	 	723,448	  	 	(205,005	) 	 	518,444	  	723,448	  	 	(205,005	) 	 	708,429	  	(189,985	) 	 	723,448	  	 	(205,005	) 
	 *CONFIDENTIAL
	  	903	  	13,303	  	 	(12,400	) 	 	13,303	  	 	(12,400	) 	 	903	  	13,303	  	 	(12,400	) 	 	398,372	  	(397,469	) 	 	13,303	  	 	(12,400	) 
	 *CONFIDENTIAL
	  	1,426	  	596	  	 	831	  	 	598	  	 	831	  	 	1,426	  	596	  	 	831	  	 	62,942	  	(81,515	) 	 	596	  	 	831	  
	 *CONFIDENTIAL
	  	96,704	  	9,150	  	 	87,554	  	 	9,150	  	 	87,554	  	 	96,704	  	9,150	  	 	87,554	  	 	42,853	  	53,851	  	 	9,150	  	 	87,554	  
	 *CONFIDENTIAL
	  	850	  	—  	  	 	850	  	 	—  	  	 	850	  	 	850	  	—  	  	 	850	  	 	1,555	  	(705	) 	 	—  	  	 	850	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	39,261	  	(19,134	) 	 	58,415	  	 	(19,134	) 	 	58,415	  	 	39,281	  	(19,134	) 	 	58,415	  	 	193,689	  	(154,408	) 	 	(19,134	) 	 	58,415	  
	 *CONFIDENTIAL
	  	1,839,218	  	1,889,200	  	 	(49,982	) 	 	1,613,652	  	 	225,566	  	 	1,839,218	  	1,889,200	  	 	(49,982	) 	 	2,090,343	  	(251,125	) 	 	1,613,652	  	 	225,566	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	60,772	  	12,981	  	 	47,791	  	 	12,981	  	 	47,791	  	 	60,772	  	12,981	  	 	47,791	  	 	54,438	  	6,334	  	 	12,981	  	 	47,791	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	2,300	  	—  	  	 	2,300	  	 	—  	  	 	2,300	  	 	2,300	  	—  	  	 	2,300	  	 	9,660	  	(7,360	) 	 	—  	  	 	2,300	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	286,379	  	380,671	  	 	(94,291	) 	 	380,671	  	 	(94,291	) 	 	286,379	  	380,671	  	 	(94,291	) 	 	354,626	  	(68,247	) 	 	380,671	  	 	(94,291	) 
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	355,852	  	134,327	  	 	221,526	  	 	134,327	  	 	221,526	  	 	355,652	  	134,327	  	 	221,526	  	 	137,419	  	218,433	  	 	134,327	  	 	221,526	  
	 *CONFIDENTIAL
	  	51	  	—  	  	 	51	  	 	—  	  	 	51	  	 	51	  	—  	  	 	51	  	 	6	  	44	  	 	—  	  	 	51	  
	 *CONFIDENTIAL
	  	310	  	—  	  	 	310	  	 	—  	  	 	310	  	 	310	  	—  	  	 	310	  	 	6,434	  	(6,124	) 	 	—  	  	 	310	  
	 *CONFIDENTIAL
	  	42,250	  	22,647	  	 	19,603	  	 	19,227	  	 	23,023	  	 	42,250	  	22,647	  	 	19,603	  	 	72,025	  	(29,775	) 	 	19,227	  	 	23,023	  
	 *CONFIDENTIAL
	  	4,500	  	4,295	  	 	205	  	 	3,074	  	 	1,426	  	 	4,500	  	4,295	  	 	205	  	 	11,450	  	(6,950	) 	 	3,074	  	 	1,426	  
	 *CONFIDENTIAL
	  	116,712	  	90,550	  	 	26,162	  	 	74,920	  	 	41,792	  	 	116,712	  	90,550	  	 	26,162	  	 	149,445	  	(32,733	) 	 	74,920	  	 	41,792	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	50	  	(50	) 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	550	  	—  	  	 	559	  	 	—  	  	 	559	  	 	559	  	—  	  	 	559	  	 	403	  	158	  	 	—  	  	 	559	  
	 *CONFIDENTIAL
	  	1,935	  	40	  	 	1,894	  	 	40	  	 	1,894	  	 	1,935	  	40	  	 	1,894	  	 	3,575	  	(1,640	) 	 	40	  	 	1,694	  
	 *CONFIDENTIAL
	  	41,307	  	23,648	  	 	17,659	  	 	23,648	  	 	17,659	  	 	41,307	  	23,648	  	 	17,659	  	 	16,502	  	24,804	  	 	23,648	  	 	17,659	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 Total Indirect Expenses
	  	46,771,457	  	48,623,847	  	 	(1,852,390	) 	 	46,986,126	  	 	(214,669	) 	 	46,771,457	  	48,623,847	  	 	(1,852,390	) 	 	52,850,947	  	(6,079,490	) 	 	46,986,126	  	 	(214,669	) 
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	46,771,457	  	48,623,847	  	 	(1,852,390	) 	 	46,986,126	  	 	(214,669	) 	 	46,771,457	  	48,623,847	  	 	(1,852,390	) 	 	52,850,947	  	(6,079,490	) 	 	46,986,126	  	 	(214,669	) 
		  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	590	  	423	  	 	166	  	 	499	  	 	91	  	 	590	  	423	  	 	186	  	 	450	  	160	  	 	499	  	 	91	  
	 *CONFIDENTIAL
	  	1,021	  	696	  	 	326	  	 	640	  	 	181	  	 	1,021	  	696	  	 	326	  	 	661	  	178	  	 	640	  	 	181	  
	 *CONFIDENTIAL
	  	360	  	268	  	 	92	  	 	313	  	 	48	  	 	360	  	266	  	 	92	  	 	264	  	123	  	 	313	  	 	48	  
	 *CONFIDENTIAL
	  	624	  	440	  	 	164	  	 	527	  	 	96	  	 	624	  	440	  	 	164	  	 	416	  	138	  	 	527	  	 	98	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 157 









 Confidential Treatment 
  

 REGIONAL BREAKDOWN *CONFIDENTIAL 
 Marshall Gayden 
  

																											
	 	  	Northeast	  	Southeast	 	 	Central	  	South Central	  	Mid West	  	Western	  	Management	  	Total	 
	 Applications (ex Corp Client)
	  	 	1,076	  	 	588	  	 	 	705	  	 	752	  	 	472	  	 	319	  	 	115	  	 	4,027	  
	 Closing (ex Corp Client)
	  	 	906	  	 	578	  	 	 	585	  	 	673	  	 	456	  	 	323	  	 	176	  	 	3,697	  
	 *CONFIDENTIAL
	  	$	820.40	  	$	948.58	  	 	$	 851.48	  	$	601.60	  	$	1,110.74	  	$	1,587.17	  	$	245.40	  	$	1,114.68	  
	 *CONFIDENTIAL
	  	$	245.40	  	$	245.40	  	 	$	245.40	  	$	245.40	  	$	245.40	  	$	245.40	  	$	 —  	  	$	 —  	  
	 *CONFIDENTIAL
	  	$	1,065.80	  	$	1,193.98	  	 	$	1,096.88	  	$	846.99	  	$	1,356.14	  	$	1,832.57	  	$	245.40	  	$	1,114.68	  
	 *CONFIDENTIAL
	  	 	68	  	 	89	  	 	 	41	  	 	38	  	 	42	  	 	37	  	 	—  	  	 	295	  
	 *CONFIDENTIAL
	  	 	6	  	 	8	  	 	 	3	  	 	4	  	 	3	  	 	4	  	 	—  	  	 	26	  
	 *CONFIDENTIAL
	  	 	1	  	 	1	  	 	 	1	  	 	1	  	 	1	  	 	1	  	 	—  	  	 	6	  
	 *CONFIDENTIAL
	  	 	16	  	 	9	  	 	 	17	  	 	20	  	 	11	  	 	9	  	 	—  	  	 	14	  
	 *CONFIDENTIAL
	  	 	13	  	 	8	  	 	 	14	  	 	18	  	 	11	  	 	9	  	 	—  	  	 	13	  
	
	REGIONAL BREAKDOWN *CONFIDENTIAL	  
	 Marshall Gayden
  
	   
 

	 	  	Northeast	  	Southeast	 	 	Central	  	South Central	  	Mid West	  	Western	  	Management	  	Total	 
	 Indirect Costs
	  			  				 			  			  			  			  			  			
	 *CONFIDENTIAL
	  	 	288,584	  	 	245,941	  	 	 	203,569	  	 	207, 933	  	 	246,104	  	 	261,095	  	 	102,684	  	 	1,555,911	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	954	  	 	954	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	300	  	 	—  	  	 	—  	  	 	—  	  	 	300	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	4,000	  	 	4,000	  	 	 	2,000	  	 	2,427	  	 	475	  	 	—  	  	 	5,830	  	 	18,732	  
	 *CONFIDENTIAL
	  	 	206,849	  	 	88,006	  	 	 	79,678	  	 	26,752	  	 	42,021	  	 	87,199	  	 	135,387	  	 	665,891	  
	 *CONFIDENTIAL
	  	 	41,724	  	 	28,361	  	 	 	24,508	  	 	22,693	  	 	25,041	  	 	27,542	  	 	11,116	  	 	180,986	  
	 *CONFIDENTIAL
	  	 	20,522	  	 	22,599	  	 	 	17,295	  	 	18,631	  	 	20,030	  	 	26,568	  	 	14,085	  	 	139,729	  
		  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 
	 *CONFIDENTIAL
	  	 	561,679	  	 	388,907	  	 	 	327,050	  	 	278,737	  	 	333,671	  	 	402,404	  	 	270,055	  	 	2,562,503	  
		  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	1,604	  	 	—  	  	 	—  	  	 	—  	  	 	1,604	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1,632	  	 	1,632	  
	 *CONFIDENTIAL
	  	 	119,028	  	 	120,653	  	 	 	116,869	  	 	86,000	  	 	123,616	  	 	77,941	  	 	54,961	  	 	699,068	  
	 *CONFIDENTIAL
	  	 	15,259	  	 	11,144	  	 	 	18,140	  	 	12,659	  	 	17,540	  	 	9,800	  	 	502,902	  	 	587,443	  
	 *CONFIDENTIAL
	  	 	8,641	  	 	3,770	  	 	 	8,938	  	 	6,054	  	 	6,811	  	 	4,878	  	 	882	  	 	39,975	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	5,018	  	 	—  	  	 	10,573	  	 	15,591	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	64	  	 	10	  	 	—  	  	 	—  	  	 	73	  
	 *CONFIDENTIAL
	  	 	8,225	  	 	—  	  	 	 	1,000	  	 	—  	  	 	—  	  	 	780	  	 	—  	  	 	10,005	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	75	  	 	—  	  	 	—  	  	 	5,742	  	 	5,817	  
	 *CONFIDENTIAL
	  	 	27,882	  	 	22,925	  	 	 	19,865	  	 	17,729	  	 	19,044	  	 	13,822	  	 	10,296	  	 	131,563	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	40	  	 	4,228	  	 	4,268	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	274	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	14,801	  	 	15,076	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	261	  	 	188	  	 	 	908	  	 	741	  	 	340	  	 	328	  	 	29,832	  	 	32,599	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	25	  	 	25	  
	 *CONFIDENTIAL
	  	 	—  	  	 	(19	) 	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(19	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	1,250	  	 	—  	  	 	—  	  	 	200	  	 	—  	  	 	1,450	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	250	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	250	  
	 *CONFIDENTIAL
	  	 	2,031	  	 	714	  	 	 	3,848	  	 	1,210	  	 	450	  	 	2,465	  	 	850	  	 	11,568	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	463	  	 	463	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  
		  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 
	 Total Indirect Expenses
	  	 	743,281	  	 	548,282	  	 	 	498,118	  	 	404,873	  	 	506,499	  	 	512,657	  	 	907,243	  	 	4,120,953	  
		  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 158 









 Confidential Treatment 
  

 REGIONAL BREAKDOWN *CONFIDENTIAL YEAR-TO-DATE 
 Marshall Gayden 

																									
	 	  	Northeast	  	Southeast	  	Central	  	South Central	  	Mid West	  	Western	  	Management	  	Total
	 Applications (ex Corp Client)
	  	 	22,172	  	 	18,913	  	 	12,922	  	 	12,130	  	 	9,967	  	 	8,397	  	 	2,584	  	 	87,105
	 Closing (ex Corp Client)
	  	 	12,576	  	 	11,370	  	 	7,708	  	 	7,326	  	 	5,918	  	 	5,499	  	 	1,696	  	 	52,093
	 *CONFIDENTIAL
	  	$	721.76	  	$	576.10	  	$	729.19	  	$	628.60	  	$	1,067.09	  	$	1,136.76	  	$	157.49	  	$	894.99
	 *CONFIDENTIAL
	  	$	157.49	  	$	157.49	  	$	157.49	  	$	157.49	  	$	157.49	  	$	157.49	  	$	 —  	  	$	 —  
	 *CONFIDENTIAL
	  	$	879.25	  	$	733.58	  	$	886.67	  	$	786.09	  	$	1,224.57	  	$	1,294.24	  	$	157.49	  	$	894.99
	 *CONFIDENTIAL
	  	 	68	  	 	69	  	 	41	  	 	38	  	 	42	  	 	37	  	 	—  	  	 	295
	 *CONFIDENTIAL
	  	 	6	  	 	6	  	 	3	  	 	4	  	 	3	  	 	4	  	 	—  	  	 	26
	 *CONFIDENTIAL
	  	 	1	  	 	1	  	 	1	  	 	1	  	 	1	  	 	1	  	 	—  	  	 	6
	 *CONFIDENTIAL
	  	 	326	  	 	274	  	 	315	  	 	319	  	 	238	  	 	227	  	 	—  	  	 	295
	 *CONFIDENTIAL
	  	 	185	  	 	165	  	 	188	  	 	193	  	 	141	  	 	149	  	 	—  	  	 	177
	
	REGIONAL BREAKDOWN *CONFIDENTIAL YEAR-TO-DATE
	Marshall Gayden

  

																					
	 	  	Northeast	  	Southeast	 	 	Central	  	South Central	  	Mid West	 	 	Western	 	 	Mgmt	 	 	Total
	Indirect Costs	  		  			 		  		  			 			 			 	
	 *CONFIDENTIAL
	  	3,249,293	  	2,747,720	  	 	2,423,322	  	2,062,107	  	2,678,495	  	 	2,855,575	  	 	1,390,868	  	 	17,407,381
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	194	  	118	  	 	—  	  	 	12,262	  	 	12,574
	 *CONFIDENTIAL
	  	692	  	372	  	 	—  	  	1,367	  	—  	  	 	—  	  	 	9,368	  	 	11,800
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	5,721	  	3,269	  	 	12,779	  	—  	  	817	  	 	15,529	  	 	3,638	  	 	41,754
	 *CONFIDENTIAL
	  	393,601	  	132,910	  	 	93,821	  	73,518	  	101,531	  	 	40,019	  	 	66,116	  	 	901,516
	 *CONFIDENTIAL
	  	1,957,098	  	1,041,967	  	 	661,932	  	401,509	  	597,673	  	 	889,167	  	 	(58,849	) 	 	5,490,498
	 *CONFIDENTIAL
	  	614,205	  	457,782	  	 	388,752	  	323,606	  	433,861	  	 	406,708	  	 	190,814	  	 	2,815,727
	 *CONFIDENTIAL
	  	383,957	  	303,379	  	 	246,627	  	201,864	  	257,174	  	 	285,802	  	 	84,715	  	 	1,763,518
		  	 	  	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	6,604,568	  	4,687,400	  	 	3,827,233	  	3,064,165	  	4,069,670	  	 	4,492,799	  	 	1,689,419	  	 	28,444,767
		  	 	  	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	7,095	  	21,914	  	 	39,488	  	,23,079	  	43,934	  	 	5,469	  	 	280	  	 	141,259
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	12,625	  	—  	  	—  	  	 	—  	  	 	—  	  	 	12,625
	 *CONFIDENTIAL
	  	216	  	4,150	  	 	1,898	  	—  	  	150	  	 	150	  	 	3,766	  	 	10,329
	 *CONFIDENTIAL
	  	1,422,047	  	1,231,016	  	 	1,119,076	  	974,082	  	1,363,365	  	 	1,178,315	  	 	749,628	  	 	8,037,529
	 *CONFIDENTIAL
	  	498,711	  	213,626	  	 	250,299	  	208,994	  	432,327	  	 	195,635	  	 	4,768,700	  	 	6,568,292
	 *CONFIDENTIAL
	  	113,312	  	55,777	  	 	75,489	  	61,384	  	89,391	  	 	92,756	  	 	31,731	  	 	519,840
	 *CONFIDENTIAL
	  	—  	  	5	  	 	—  	  	—  	  	(11,570	) 	 	250	  	 	12,217	  	 	903
	 *CONFIDENTIAL
	  	16	  	(5	) 	 	87	  	64	  	400	  	 	(208	) 	 	1,073	  	 	1,426
	 *CONFIDENTIAL
	  	79,400	  	—  	  	 	12,000	  	—  	  	—  	  	 	5,304	  	 	—  	  	 	96,704
	 *CONFIDENTIAL
	  	850	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	850
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	797	  	—  	  	 	—  	  	472	  	290	  	 	650	  	 	37,070	  	 	39,281
	 *CONFIDENTIAL
	  	299,195	  	305,755	  	 	231,852	  	233,905	  	271,136	  	 	230,320	  	 	263,520	  	 	1,835,684
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	246	  	 	400	  	 	60,126	  	 	60,772
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	2,300	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	2,300
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	5,005	  	1,023	  	 	1,465	  	851	  	15,520	  	 	968	  	 	261,547	  	 	286,379
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	17,128	  	12,756	  	 	15,579	  	11,219	  	16,971	  	 	12,184	  	 	269,761	  	 	355,599
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	51	  	 	51
	 *CONFIDENTIAL
	  	—  	  	7	  	 	—  	  	—  	  	—  	  	 	303	  	 	—  	  	 	310
	 *CONFIDENTIAL
	  	4,500	  	3,425	  	 	13,400	  	9,800	  	3,200	  	 	5,675	  	 	2,250	  	 	42,250
	 *CONFIDENTIAL
	  	1,500	  	—  	  	 	1,000	  	—  	  	1,500	  	 	500	  	 	—  	  	 	4,500
	 *CONFIDENTIAL
	  	20,275	  	13,350	  	 	18,364	  	14,527	  	18,268	  	 	29,552	  	 	3,037	  	 	117,374
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	1	  	 	558	  	—  	  	—  	  	 	—  	  	 	—  	  	 	559
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	150	  	—  	  	217	  	 	—  	  	 	1,568	  	 	1,935
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	2,602	  	—  	  	 	—  	  	 	38,705	  	 	41,307
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
	 *CONFIDENTIAL
	  	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	 	—  	  	 	—  
		  	 	  	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 
	 Total Indirect Expenses
	  	9,076,915	  	6,550,203	  	 	5,620,561	  	4,605,143	  	6,315,017	  	 	6,251,023	  	 	8,203,961	  	 	46,622,824
		  	 	  	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 159 









 Confidential Treatment 
  


																													
	 REAL ESTATE FIELD SALES *CONFIDENTIAL
 Marshall Gayden
  

	 	  	Actuals	 	 	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 	 	 
	 	  	October	 	 	November	  	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 	 
	 DRIVERS
	  			 		  			 		  		  		  		  		  		  			 			 
	 *CONFIDENTIAL
	  	492	  	 	401	  	281	  	 	415	  	699	  	270	  	388	  	281	  	281	  	—  	  	 	—  	  	 
	 *CONFIDENTIAL
	  	278	  	 	260	  	277	  	 	188	  	193	  	277	  	378	  	277	  	277	  	—  	  	 	—  	  	 
	 *CONFIDENTIAL
	  	10	  	 	8	  	6	  	 	8	  	14	  	5	  	8	  	6	  	4	  	—  	  	 	—  	  	 
	 *CONFIDENTIAL
	  	5	  	 	8	  	6	  	 	4	  	4	  	6	  	5	  	6	  	4	  	—  	  	 	—  	  	 
	 SUMMARY HEADCOUNT
	  			 		  			 		  		  		  		  		  		  			 			 
		  	91	  	 	48	  	50	  	 	50	  	50	  	50	  	70	  	50	  	70	  	—  	  	 	(20	) 	 
	
	 REAL ESTATE FIELD SALES *CONFIDENTIAL
 Marshall Gayden
  

	 	  	Actuals	 	 	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 	 	Explanations of Budget
Productivity Variances
	 	  	October	 	 	November	  	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 	 
	 Indirect Costs
	  			 		  			 		  		  		  		  		  		  			 			 	
	 *CONFIDENTIAL
	  	46,495	  	 	43,630	  	27,227	  	 	31,071	  	29,592	  	46,266	  	32,539	  	46,266	  	32,539	  	(9,040	) 	 	4,688	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	136	  	 	200	  	200	  	200	  	200	  	200	  	200	  	(84	) 	 	(84	) 	 	
	 *CONFIDENTIAL
	  	7,952	  	 	7,716	  	5,837	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	5,837	  	 	5,837	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	4,000	  	3,600	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	3,600	  	 	3,600	  	 	
	 *CONFIDENTIAL
	  	184,616	  	 	216,167	  	220,026	  	 	108,848	  	108,029	  	173,087	  	252,114	  	172,920	  	172,920	  	47,106	  	 	47,106	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	26,135	  	 	29,786	  	17,476	  	 	12,611	  	12,404	  	20,858	  	27,061	  	20,842	  	19,538	  	(3,366	) 	 	(2,062	) 	 	
	 *CONFIDENTIAL
	  	11,443	  	 	14,605	  	12,236	  	 	16,490	  	13,640	  	16,452	  	21,349	  	16,439	  	15,409	  	(4,203	) 	 	(3,174	) 	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	276,640	  	 	315,904	  	296,517	  	 	169,220	  	163,864	  	256,862	  	333,263	  	256,667	  	240,606	  	39,850	  	 	55,911	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	21,203	  	 	26,471	  	21,749	  	 	15,000	  	15,000	  	15,000	  	21,000	  	15,000	  	21,000	  	6,749	  	 	749	  	 	
	 *CONFIDENTIAL
	  	4,244	  	 	339	  	819	  	 	3,000	  	3,000	  	1,000	  	1,000	  	1,000	  	1,000	  	(181	) 	 	(181	) 	 	
	 *CONFIDENTIAL
	  	2,624	  	 	3,882	  	3,683	  	 	4,500	  	4,500	  	4,500	  	6,300	  	4,500	  	6,300	  	(817	) 	 	(2,617	) 	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	(12,350	) 	 	13,665	  	11,026	  	 	6,725	  	11,322	  	4,374	  	6,286	  	4,552	  	4,552	  	6,472	  	 	6,472	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	40	  	 	40	  	40	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	40	  	 	40	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	306	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	1,081	  	 	589	  	(268	) 	 	635	  	1,069	  	413	  	594	  	430	  	430	  	(686	) 	 	(686	) 	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	500	  	 	500	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	120	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 Total Indirect Expenses
	  	294,102	  	 	361,696	  	333,575	  	 	199,079	  	198,756	  	282,150	  	368,442	  	282,149	  	273,888	  	51,427	  	 	59,687	  	 	
		  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	  	598	  	 	902	  	1,167	  	 	480	  	284	  	1,045	  	950	  	1,004	  	975	  	183	  	 	212	  	 	
	 *CONFIDENTIAL
	  	1,066	  	 	1,292	  	1,204	  	 	1,055	  	1,029	  	1,018	  	975	  	1,019	  	989	  	186	  	 	213	  	 	
	 *CONFIDENTIAL
	  	562	  	 	788	  	1,055	  	 	408	  	234	  	951	  	859	  	913	  	856	  	142	  	 	199	  	 	
	 *CONFIDENTIAL
	  	1,002	  	 	1,128	  	1,070	  	 	900	  	849	  	927	  	882	  	927	  	889	  	144	  	 	202	  	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 160 








 REAL ESTATE FIELD SALES *CONFIDENTIAL 
 Marshall Gayden 
  

																														
	 	  	 	  	DECEMBER YTD	 	 	Full Year Average	 
	 	  	Actuals	  	Budget	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	  	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 
	DRIVERS	  		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	  	7,003	  	8,974	  	(1,971	) 	 	7,003	  	—  	  	 	7,003	  	8,974	  	(1,971	) 	 	10,683	  	(3,680	) 	 	7,003	  	—  	  
	 *CONFIDENTIAL
	  	4,040	  	4,951	  	(911	) 	 	4,040	  	—  	  	 	4,040	  	4,951	  	(911	) 	 	6,290	  	(2,250	) 	 	4,040	  	—  	  
	 *CONFIDENTIAL
	  	140	  	128	  	12	  	 	100	  	40	  	 	144	  	144	  	0	  	 	189	  	(45	) 	 	112	  	32	  
	 *CONFIDENTIAL
	  	61	  	71	  	10	  	 	58	  	23	  	 	83	  	80	  	4	  	 	111	  	(28	) 	 	65	  	18	  
	SUMMARY HEADCOUNT	  		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	  	50	  	70	  	(20	) 	 	70	  	(20	) 	 	49	  	62	  	(14	) 	 	57	  	(8	) 	 	62	  	(14	) 
	
	 REAL ESTATE FIELD SALES *CONFIDENTIAL
 Marshall Gayden
  
	   
   
 

	 	  	DECEMBER YTD	 	 	Full Year	 
	 	  	Actuals	  	Budget	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 	 	2004 Forecast	  	2004 Budget	  	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 
	Indirect Costs	  		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	  	478,213	  	385,101	  	90,112	  	 	385,101	  	90,112	  	 	475,213	  	385,101	  	90,112	  	 	304,361	  	170,852	  	 	385,101	  	90,112	  
	 *CONFIDENTIAL
	  	143	  	2,000	  	(1,857	) 	 	2,000	  	(1,857	) 	 	143	  	2,000	  	(1,857	) 	 	—  	  	143	  	 	2,000	  	(1,857	) 
	 *CONFIDENTIAL
	  	92,066	  	23,482	  	68,574	  	 	23,482	  	68,574	  	 	92,056	  	23,482	  	68,574	  	 	68,813	  	23,243	  	 	23,482	  	68,574	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	4,246	  	—  	  	4,246	  	 	—  	  	4,246	  	 	4,246	  	—  	  	4,246	  	 	—  	  	4,246	  	 	—  	  	4,246	  
	 *CONFIDENTIAL
	  	54,112	  	3,000	  	51,112	  	 	3,000	  	51,112	  	 	54,112	  	3,000	  	51,112	  	 	5,251	  	48,861	  	 	3,000	  	51,112	  
	 *CONFIDENTIAL
	  	2,821,471	  	3,417,595	  	(496,124	) 	 	2,704,021	  	217,450	  	 	2,921,471	  	3,417,595	  	(496,124	) 	 	4,595,609	  	(1,674,139	) 	 	2,704,021	  	217,450	  
	 *CONFIDENTIAL
	  	467,725	  	383,333	  	(15,608	) 	 	315,543	  	52,182	  	 	367,725	  	383,333	  	(15,608	) 	 	438,438	  	(70,713	) 	 	315,543	  	52,182	  
	 *CONFIDENTIAL
	  	222,643	  	308,068	  	(84,425	) 	 	255,326	  	(31,683	) 	 	223,643	  	308,068	  	(84,425	) 	 	312,961	  	(89,318	) 	 	255,326	  	(31,683	) 
		  	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	 *CONFIDENTIAL
	  	4,138,609	  	4,522,578	  	(383,969	) 	 	3,688,472	  	450,137	  	 	4,138,609	  	4,522,578	  	(383,969	) 	 	5,725,434	  	(1,586,824	) 	 	3,688,472	  	450,137	  
		  	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	 *CONFIDENTIAL
	  	5,297	  	2,275	  	3,022	  	 	2,275	  	3,022	  	 	5,297	  	2,275	  	3,022	  	 	—  	  	5,297	  	 	2,275	  	3,022	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	245, 003	  	270,125	  	(25,122	) 	 	270,125	  	(25,122	) 	 	245,003	  	270,125	  	(25,122	) 	 	291,686	  	(46,684	) 	 	270,125	  	(25,122	) 
	 *CONFIDENTIAL
	  	29,216	  	11,174	  	18,042	  	 	11,174	  	18,042	  	 	29,216	  	11,174	  	18,042	  	 	11,219	  	17,998	  	 	11,174	  	18,042	  
	 *CONFIDENTIAL
	  	48,826	  	71,358	  	(21,532	) 	 	71,358	  	(21,532	) 	 	49,826	  	71,358	  	(21,532	) 	 	60,392	  	(10,565	) 	 	71,358	  	(21,532	) 
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	383	  	113	  	250	  	 	113	  	250	  	 	363	  	113	  	250	  	 	816	  	(253	) 	 	113	  	250	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	(4,055	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	117	  	117	  	—  	  	 	117	  	—  	  	 	117	  	117	  	—  	  	 	4	  	114	  	 	117	  	—  	  
	 *CONFIDENTIAL
	  	164,299	  	151,692	  	12,607	  	 	119,762	  	44,538	  	 	164,299	  	151,692	  	12,607	  	 	217,061	  	(52,761	) 	 	119,762	  	44,538	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	120	  	—  	  	120	  	 	—  	  	120	  	 	120	  	—  	  	120	  	 	31	  	89	  	 	—  	  	120	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	349	  	—  	  	349	  	 	—  	  	349	  	 	349	  	—  	  	349	  	 	229	  	120	  	 	—  	  	349	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	8,491	  	13,133	  	(4,642	) 	 	10,117	  	(1,626	) 	 	8,491	  	13,133	  	(4,642	) 	 	14,439	  	(5,947	) 	 	10,117	  	(1,626	) 
	 *CONFIDENTIAL
	  	22	  	9	  	13	  	 	9	  	13	  	 	22	  	9	  	13	  	 	174	  	(153	) 	 	9	  	13	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	200	  	(200	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	6,500	  	4,000	  	2,500	  	 	4,000	  	2,500	  	 	6,500	  	4,000	  	2,500	  	 	4,000	  	2,500	  	 	4,000	  	2,500	  
	 *CONFIDENTIAL
	  	2,161	  	314	  	1,847	  	 	314	  	1,847	  	 	2,161	  	314	  	1,847	  	 	3,356	  	(1,196	) 	 	314	  	1,847	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	50	  	(50	) 	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	268	  	—  	  	268	  	 	—  	  	268	  	 	268	  	—  	  	268	  	 	570	  	(302	) 	 	—  	  	268	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	 *CONFIDENTIAL
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
		  	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	 Total Indirect Expenses
	  	4,650,641	  	5,046,889	  	(396,247	) 	 	4,177,837	  	472,805	  	 	4,650,641	  	5,046,689	  	(396,247	) 	 	6,333,515	  	(11,682,874	) 	 	4,177,837	  	472,805	  
		  	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	 *CONFIDENTIAL
	  	864	  	582	  	102	  	 	597	  	68	  	 	664	  	562	  	102	  	 	593	  	71	  	 	597	  	68	  
	 *CONFIDENTIAL
	  	1,151	  	1,019	  	132	  	 	1,034	  	117	  	 	1,151	  	1,016	  	132	  	 	1,007	  	144	  	 	1,034	  	117	  
	 *CONFIDENTIAL
	  	581	  	504	  	67	  	 	527	  	64	  	 	591	  	504	  	87	  	 	536	  	55	  	 	527	  	64	  
	 *CONFIDENTIAL
	  	1,024	  	913	  	111	  	 	913	  	111	  	 	1,024	  	913	  	111	  	 	910	  	114	  	 	913	  	111	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 161 








 REGIONAL BREAKDOWN *CONFIDENTIAL 
 Marshall Gayden 
  

																										
	 	  	Northeast	 	 	Southeast	 	 	Central	  	South Central	 	 	Mid West	  	Western	  	Total	 
	 Applications (Tier 4)
	  	 	39	  	 	 	107	  	 	 	39	  	 	22	  	 	 	33	  	 	22	  	 	262	  
	 Closing (Tier 4)
	  	 	32	  	 	 	107	  	 	 	36	  	 	18	  	 	 	22	  	 	23	  	 	238	  
	 *CONFIDENTIAL
	  	$	3,534.51	  	 	$	378.09	  	 	$	1,065.77	  	$	2,985.79	  	 	$	2,655.77	  	$	1,281.60	  	$	1,401.58	  
	 *CONFIDENTIAL
	  	$	—  	  	 	$	 —  	  	 	$	 —  	  	$	 —  	  	 	$	 —  	  	$	 —  	  	$	 —  	  
	 *CONFIDENTIAL
	  	$	3,534.51	  	 	$	378.09	  	 	$	1,065.77	  	$	2,985.79	  	 	$	2,655.77	  	$	1,281.60	  	$	1,401.58	  
	 FSR (November 2004)
	  	 	10	  	 	 	6	  	 	 	6	  	 	5	  	 	 	3	  	 	3	  	 	33	  
	 *CONFIDENTIAL
	  	 	4	  	 	 	18	  	 	 	7	  	 	4	  	 	 	11	  	 	7	  	 	8	  
	 *CONFIDENTIAL
	  	 	3	  	 	 	18	  	 	 	6	  	 	4	  	 	 	7	  	 	8	  	 	7	  
	
	REGIONAL BREAKDOWN *CONFIDENTIAL	  
	Marshall Gayden	  
	 	  	Northeast	 	 	Southeast	 	 	Central	  	South Central	 	 	Mid West	  	Western	  	Total	 
	 Indirect Costs
	  				 				 			  				 			  			  			
	 *CONFIDENTIAL
	  	 	—  	  	 	 	4,650	  	 	 	7,569	  	 	10,948	  	 	 	12,121	  	 	1,938	  	 	37,227	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	116	  	 	 	—  	  	 	—  	  	 	116	  
	 *CONFIDENTIAL
	  	 	2,931	  	 	 	2,906	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	5,837	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	3,600	  	 	—  	  	 	3,600	  
	 *CONFIDENTIAL
	  	 	99,740	  	 	 	23,015	  	 	 	15,973	  	 	32,480	  	 	 	26,451	  	 	22,366	  	 	220,025	  
	 *CONFIDENTIAL
	  	 	3,220	  	 	 	2,698	  	 	 	2,164	  	 	3,530	  	 	 	5,039	  	 	824	  	 	17,476	  
	 *CONFIDENTIAL
	  	 	2,779	  	 	 	1,646	  	 	 	1,465	  	 	2,489	  	 	 	2,015	  	 	1,841	  	 	12,236	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	 
	 *CONFIDENTIAL
	  	 	108,671	  	 	 	34,916	  	 	 	27,172	  	 	49,562	  	 	 	49,227	  	 	26,969	  	 	296,517	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	2,330	  	 	 	2,389	  	 	 	8,817	  	 	2,281	  	 	 	4,733	  	 	1,199	  	 	21,749	  
	 *CONFIDENTIAL
	  	 	57	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	761	  	 	—  	  	 	819	  
	 *CONFIDENTIAL
	  	 	318	  	 	 	414	  	 	 	839	  	 	824	  	 	 	986	  	 	302	  	 	3,683	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	1,956	  	 	 	2,766	  	 	 	1,514	  	 	1,156	  	 	 	2,648	  	 	984	  	 	11,025	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	40	  	 	 	—  	  	 	—  	  	 	40	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	(227	) 	 	 	(30	) 	 	 	25	  	 	(119	) 	 	 	72	  	 	23	  	 	(256	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  	 	 	—  	  	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	 
	 Total Indirect Expenses
	  	 	113,104	  	 	 	40,455	  	 	 	38,368	  	 	53,744	  	 	 	58,427	  	 	29,477	  	 	333,575	  
		  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 162 









 Confidential Treatment 
  


																					
	 DECEMBER 2004 FORECAST
	 
	 Team
	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	% of Forecast	 	 	*CONFIDENTIAL	  	*CONFIDENTIAL	  	*CONFIDENTIAL	  	% of Forecast	 
	 West 1
	  	210	  	7.00	  	160.5	  	249	  	118.35	% 	 	183	  	66	  	102	  	55.80	% 
	 West 2
	  	216	  	6.00	  	147.9	  	229	  	106.04	% 	 	157	  	71	  	110	  	70.03	% 
	 West 3
	  	200	  	6.75	  	177.4	  	275	  	137.66	% 	 	177	  	71	  	110	  	62.25	% 
	 West 4
	  	252	  	7.00	  	199.9	  	310	  	122.85	% 	 	183	  	96	  	149	  	81.16	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	878	  	26.75	  	685.7	  	1,062	  	121.00	% 	 	700	  	304	  	471	  	67.26	% 
										
	 MW 1
	  	165	  	5.00	  	99.2	  	154	  	93.13	% 	 	131	  	45	  	70	  	53.26	% 
	 MW 2
	  	198	  	6.00	  	148.8	  	230	  	116.37	% 	 	157	  	56	  	87	  	55.24	% 
	 MW 3
	  	165	  	5.00	  	141.6	  	219	  	132.84	% 	 	131	  	55	  	85	  	65.10	% 
	 MW 4
	  	232	  	8.00	  	179.1	  	277	  	119.52	% 	 	209	  	70	  	108	  	51.78	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	760	  	24.00	  	568.7	  	881	  	115.86	% 	 	628	  	226	  	350	  	55.73	% 
										
	 Central 1
	  	288	  	8.00	  	225.3	  	349	  	121.14	% 	 	209	  	118	  	183	  	87.29	% 
	 Central 2
	  	216	  	6.00	  	139.5	  	216	  	99.97	% 	 	157	  	64	  	99	  	63.13	% 
	 Central 3
	  	288	  	8.00	  	181.7	  	281	  	97.71	% 	 	209	  	66	  	102	  	48.82	% 
	 Central 4
	  	216	  	6.00	  	149.3	  	231	  	107.02	% 	 	157	  	89	  	138	  	87.78	% 
	 Central 5
	  	396	  	12.00	  	304.7	  	472	  	119.15	% 	 	314	  	133	  	206	  	65.59	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	1,404	  	40.00	  	1000.5	  	1,549	  	110.34	% 	 	1047	  	470	  	728	  	69.54	% 
										
	 SC2
	  	170	  	5.00	  	140.9	  	218	  	128.37	% 	 	131	  	51	  	79	  	60.36	% 
	 SC3
	  	204	  	6.00	  	156.8	  	243	  	119.04	% 	 	157	  	57	  	88	  	56.22	% 
	 SC4
	  	238	  	7.00	  	173.0	  	268	  	112.53	% 	 	183	  	71	  	110	  	60.03	% 
	 SC5
	  	238	  	7.00	  	212.4	  	329	  	138.21	% 	 	183	  	73	  	113	  	61.72	% 
	 SC6
	  	224	  	7.00	  	177.4	  	275	  	122.63	% 	 	183	  	64	  	99	  	54.11	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	1,074	  	32.00	  	860.6	  	1.333	  	124.07	% 	 	837	  	316	  	489	  	58.44	% 
										
	 LR1
	  	147	  	7.00	  	95.3	  	148	  	100.39	% 	 	183	  	43	  	67	  	36.35	% 
	 LR2
	  	147	  	7.00	  	94.3	  	146	  	99.33	% 	 	183	  	53	  	82	  	44.81	% 
	 LR3
	  	147	  	7.00	  	110.5	  	171	  	116.40	% 	 	183	  	48	  	74	  	40.58	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	441	  	21.00	  	300.1	  	465	  	105.37	% 	 	549	  	144	  	223	  	40.58	% 
										
	 NA 1
	  	264	  	8.00	  	182.4	  	282	  	106.96	% 	 	209	  	95	  	147	  	70.28	% 
	 NA 2
	  	231	  	7.00	  	184.2	  	285	  	123.49	% 	 	183	  	68	  	105	  	57.49	% 
	 NA 3
	  	264	  	8.00	  	198.2	  	307	  	116.27	% 	 	209	  	82	  	127	  	60.66	% 
	 NA 4
	  	174	  	6.00	  	126.1	  	195	  	112.19	% 	 	157	  	62	  	96	  	61.15	% 
	 NA 5
	  	203	  	7,00	  	167.0	  	259	  	127.41	% 	 	183	  	64	  	99	  	54.11	% 
	 NA 6
	  	297	  	9.00	  	253.4	  	392	  	132.11	% 	 	235	  	107	  	166	  	70.36	% 
	 NA 7
	  	264	  	8.00	  	224.3	  	347	  	131.57	% 	 	209	  	106	  	164	  	78.41	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	1,697	  	53.00	  	1335.6	  	2,068	  	121.87	% 	 	1387	  	584	  	904	  	65.21	% 
										
	 SE1
	  	360	  	10.00	  	305.8	  	474	  	131.54	% 	 	262	  	166	  	257	  	98.24	% 
	 SE2
	  	324	  	9.00	  	280.2	  	434	  	133.90	% 	 	235	  	126	  	195	  	82.85	% 
	 SE3
	  	432	  	12.00	  	330.9	  	512	  	118.62	% 	 	314	  	141	  	218	  	69.54	% 
	 SE7
	  	297	  	9.00	  	256.4	  	397	  	133.70	% 	 	235	  	97	  	150	  	63.78	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	1,413	  	40.00	  	1173.4	  	1,817	  	128.59	% 	 	1047	  	530	  	821	  	78.41	% 
										
	 CORP 1
	  	—  	  	8.00	  	380.9	  	590	  	#DIV/0!	  	 	209	  	188	  	291	  	139.07	% 
	 CORP 2
	  	—  	  	9.00	  	369.1	  	571	  	#DIV/0!	  	 	235	  	168	  	260	  	110.47	% 
	 CORP 3
	  	—  	  	10.00	  	397.0	  	615	  	#DIV/0!	  	 	262	  	202	  	313	  	119.54	% 
		  	 	  	 	  	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 
		  	—  	  	27.00	  	1146.9	  	1,776	  	#DIV/0!	  	 	706	  	558	  	864	  	122.31	% 
										
	 Total All Units
	  	6,907	  	240	  	6,503	  	10,069	  	145.79	% 	 	6,901	  	3,132	  	4,850	  	70.28	% 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 163 









 Confidential Treatment 
  

 BUDGET BY BRANDS 
  

																																					
	 	 	DECEMBER	 	 	YTD	 	 	Forecast/Run Rate	 
	 *CONFIDENTIAL
	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actuals
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actuals
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actuals
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 
	*CONFIDENTIAL	 	5,365	 	4,839	 	6,189	 	-9.80	% 	 	-21.81	% 	 	112,304	 	99,097	 	122,977	 	-11.76	% 	 	-19.42	% 	 	112,304	 	99,097	 	122,977	 	-11.76	% 	 	-19.42	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	463	 	463	 	331	 	0.00	% 	 	39.76	% 	 	18,607	 	7,059	 	6,568	 	-62.06	% 	 	7.48	% 	 	18,607	 	7,059	 	6,568	 	-62.06	% 	 	7.48	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Leads
	 	5,828	 	5,302	 	6,620	 	0.03	% 	 	18.88	% 	 	130,911	 	106,156	 	129,545	 	-18.91	% 	 	-18.05	% 	 	130,911	 	106,156	 	129,545	 	-18.81	% 	 	-18.05	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	1,355	 	1,203	 	1,819	 	-11.22	% 	 	-33.87	% 	 	22,159	 	17,077	 	24,114	 	-22.93	% 	 	-29.18	% 	 	22,159	 	17,077	 	24,114	 	-22.93	% 	 	-29.18	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	191	 	185	 	47	 	-3.14	% 	 	293.12	% 	 	7,703	 	2,266	 	819	 	-70.58	% 	 	176.61	% 	 	7,703	 	2,266	 	819	 	-70.58	% 	 	176.61	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	1,546	 	1,388	 	1,866	 	-10.22	% 	 	-25.63	% 	 	29,862	 	19,343	 	24,933	 	-35.28	% 	 	-22.42	% 	 	29,862	 	19,343	 	24,933	 	-35.23	% 	 	-22.42	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	114	 	113	 	129	 	-0.88	% 	 	-12.60	% 	 	1,588	 	1,576	 	1,687	 	-0.76	% 	 	-6.61	% 	 	1,588	 	1,576	 	1,687	 	-0.76	% 	 	-6.61	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	16	 	19	 	3	 	18.75	% 	 	473.15	% 	 	497	 	206	 	54	 	-58.55	% 	 	280.88	% 	 	497	 	206	 	54	 	-58.55	% 	 	280.88	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	130	 	132	 	133	 	1.54	% 	 	-0.45	% 	 	2,086	 	1,782	 	1,742	 	-14.53	% 	 	2.32	% 	 	2,085	 	1,782	 	1,742	 	-14.53	% 	 	2.32	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	1,676	 	1,620	 	1,999	 	-9.31	% 	 	-23.96	% 	 	31,947	 	21,125	 	26,674	 	-33.57	% 	 	-20.80	% 	 	31,947	 	21,125	 	26,674	 	-33.87	% 	 	-20.80	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 		
				
	 	 	DECEMBER	 	 	YTD	 	 	Forecast/Run Rate	 
	 *CONFIDENTIAL
	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actual
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actual
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03
Actual
vs 04
Actuals
%
Growth	 	 	Budget
vs 04
Actuals
%
Growth	 
	*CONFIDENTIAL	 	4,177	 	3,716	 	4,515	 	-11.04	% 	 	-17.70	% 	 	86,049	 	77,206	 	89,750	 	-10.28	% 	 	-13.98	% 	 	86,049	 	77,206	 	89,750	 	-10.28	% 	 	-13.98	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	256	 	270	 	239	 	5.47	% 	 	12.97	% 	 	9,172	 	4,197	 	4,747	 	-54.24	% 	 	-11.59	% 	 	19,172	 	4,197	 	4,747	 	-54.24	% 	 	-11.59	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Leads
	 	4,433	 	3,985	 	4,754	 	-10.08	% 	 	-16.16	% 	 	95,221	 	81,403	 	94,497	 	-14.51	% 	 	-13.86	% 	 	95,221	 	-61,403	 	94,497	 	-14.51	% 	 	-13.86	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	933	 	892	 	1,192	 	-4.39	% 	 	-25.16	% 	 	14,631	 	12,198	 	15,162	 	-16.63	% 	 	-19.55	% 	 	14,631	 	12,198	 	15,162	 	-16.63	% 	 	-19.55	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	95	 	108	 	31	 	13.68	% 	 	252.23	% 	 	3,126	 	1,249	 	496	 	-60.04	% 	 	151.92	% 	 	3,126	 	1,249	 	496	 	-60.04	% 	 	151.92	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	1,028	 	1,000	 	1,223	 	-2.72	% 	 	-18.20	% 	 	17,757	 	13,447	 	15,658	 	-24.57	% 	 	-14.12	% 	 	17,757	 	13,447	 	15,658	 	-24.27	% 	 	-14.12	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	124	 	77	 	165	 	-37.90	% 	 	-53.41	% 	 	1,953	 	1,243	 	2,198	 	-36.35	% 	 	-43.45	% 	 	1,953	 	1,243	 	2,198	 	-36.35	% 	 	-43.45	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	23	 	8	 	4	 	-65.22	% 	 	88.78	% 	 	877	 	147	 	77	 	-83.24	% 	 	89.91	% 	 	877	 	147	 	77	 	-83.24	% 	 	89.91	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	147	 	85	 	170	 	-42.18	% 	 	-49.86	% 	 	2,630	 	1,390	 	2,276	 	-50.88	% 	 	-38.92	% 	 	2,830	 	1,390	 	2,276	 	-50.88	% 	 	-38.92	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	200	 	255	 	83	 	27.50	% 	 	206.91	% 	 	2,676	 	2,997	 	1,451	 	12.00	% 	 	106.58	% 	 	2,676	 	2,997	 	1,451	 	12.00	% 	 	106.58	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	60	 	113	 	38	 	88.33	% 	 	201.12	% 	 	2,625	 	1,080	 	620	 	-58.86	% 	 	74.06	% 	 	2,625	 	1,080	 	620	 	-58.86	% 	 	74.06	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	260	 	368	 	121	 	41.64	% 	 	205.10	% 	 	6,301	 	4,077	 	2,071	 	23.09	% 	 	96.84	% 	 	6,301	 	4,077	 	2,071	 	-23.09	% 	 	96.84	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	1,436	 	1,463	 	1,613	 	1.25	% 	 	-3.95	% 	 	25,888	 	18,914	 	20,005	 	-26.94	% 	 	-5.45	% 	 	26,888	 	18,914	 	20,005	 	-26.94	% 	 	-5.45	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 		
		 		 		 		 			 			 		 		 		 			 			 		 		 		 			 		

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 164 









 Confidential Treatment 
  

 BUDGET BY BRANDS 
  

																																					
	 	 	DECEMBER	 	 	YTD	 	 	Forecast/Run Rate	 
	 *CONFIDENTIAL
	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actual vs
04 Actuals %
Growth	 	 	Budget vs 04
Actuals %
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actuals vs
04 Actuals %
Growth	 	 	Budget vs 04
Actuals %
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actuals vs
04 Actuals %
Growth	 	 	Budget vs 04
Actuals %
Growth	 
	 *CONFIDENTIAL
	 	4,768	 	4,406	 	4,906	 	-7.59	% 	 	-10.18	% 	 	93.328	 	85,624	 	97,484	 	-8.25	% 	 	-12.17	% 	 	93,328	 	85,624	 	97,484	 	-8.25	% 	 	-12.17	% 
	 *CONFIDENTIAL
	 	244	 	221	 	262	 	-9.43	% 	 	-15.78	% 	 	7,918	 	3,565	 	5,203	 	-54.98	% 	 	-31.48	% 	 	7,918	 	3,565	 	5,203	 	-54.98	% 	 	-31.48	% 
	 Total Leads
	 	5,012	 	4,627	 	5,168	 	-7.68	% 	 	-10.47	% 	 	101,246	 	89,189	 	102,687	 	-11.91	% 	 	-13.15	% 	 	101,246	 	89,189	 	102,687	 	-11.91	% 	 	-13.16	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	874	 	728	 	1,162	 	-16.70	% 	 	-37.37	% 	 	13,106	 	10,570	 	14,874	 	-19.35	% 	 	-28.94	% 	 	13,106	 	10,570	 	14,874	 	-19.35	% 	 	-28.94	% 
	 *CONFIDENTIAL
	 	63	 	71	 	30	 	12.70	% 	 	135.77	% 	 	2,759	 	1,004	 	478	 	-63.61	% 	 	109.92	% 	 	2,759	 	1,004	 	478	 	-63.61	% 	 	109.92	% 
	 *CONFIDENTIAL
	 	937	 	799	 	1,192	 	-14.73	% 	 	-32.99	% 	 	15,865	 	11,574	 	15,352	 	-27.05	% 	 	-24.61	% 	 	15,865	 	11,574	 	16,352	 	-27.05	% 	 	-24.61	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	27	 	24	 	36	 	-11.11	% 	 	-34.10	% 	 	513	 	329	 	499	 	-35.87	% 	 	-34.02	% 	 	513	 	329	 	499	 	-35.87	% 	 	-34.02	% 
	 *CONFIDENTIAL
	 	4	 	—  	 	1	 			 			 	192	 	35	 	18	 	-81.77	% 	 	99.77	% 	 	192	 	35	 	18	 	-81.77	% 	 	99.77	% 
	 *CONFIDENTIAL
	 	31	 	24	 	37	 	-22.58	% 	 	-35.74	% 	 	705	 	364	 	516	 	-48.32	% 	 	-29.48	% 	 	705	 	364	 	516	 	-48.37	% 	 	-29.48	% 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	202	 	230	 	172	 	13.86	% 	 	33.53	% 	 	2,398	 	2,552	 	2,562	 	6.42	% 	 	-0.37	% 	 	2,398	 	2,552	 	2,562	 	6.42	% 	 	-0.37	% 
	 *CONFIDENTIAL
	 	83	 	124	 	43	 	49.40	% 	 	187.96	% 	 	2,546	 	1,221	 	683	 	-52.04	% 	 	78.77	% 	 	2,546	 	1,221	 	683	 	-52.04	% 	 	78.77	% 
	 *CONFIDENTIAL
	 	285	 	354	 	215	 	24.21	% 	 	64.42	% 	 	4,944	 	3,773	 	3,245	 	-23.69	% 	 	16.29	% 	 	4,944	 	3,773	 	3,245	 	23.69	% 	 	16.29	% 
	 Total Closing Units
	 	1,253	 	1,177	 	1,445	 	6.07	% 	 	-18.55	% 	 	21,644	 	15,711	 	19,118	 	-26.97	% 	 	-17.80	% 	 	21,514	 	15,711	 	19,113	 	-26.97	% 	 	-17.80	% 
				
	 	 	DECEMBER	 	 	YTD	 	Forecast/Run Rate	 
	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actuals
vs 04
Actuals %
Growth	 	 	Budget vs 04
Actuals %
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actuals vs
04 Actuals %
Growth	 	 	Budget vs
04 Actuals %
Growth	 	 	2003
ACTUALS	 	2004
ACTUALS	 	2004
BUDGET	 	03 Actuals vs
04 Actuals %
Growth	 	 	Budget vs 04
Actuals %
Growth	 
	 *CONFIDENTIAL
	 	1,824	 	1,558	 	1,665	 	-14.58	% 	 	-6.40	% 	 	31,788	 	32,293	 	33,080	 	1.59	% 	 	-2.38	% 	 	31,788	 	32,293	 	33,080	 	1.59	% 	 	-2.38	% 
	 *CONFIDENTIAL
	 	97	 	81	 	89	 	-16.49	% 	 	-8.83	% 	 	2,944	 	1,459	 	1,762	 	-50.44	% 	 	-17.21	% 	 	2,944	 	1,459	 	1,762	 	-50.44	% 	 	-17.21	% 
	 Total Leads
	 	1,921	 	1,639	 	1,763	 	-14.68	% 	 	-6.52	% 	 	34,732	 	33,752	 	34,842	 	-2.82	% 	 	-3.18	% 	 	34,732	 	33,752	 	34,842	 	-2.82	% 	 	-3.13	% 
	 *CONFIDENTIAL
	 	51	 	288	 	407	 	-17.95	% 	 	-29.27	% 	 	5,106	 	4,501	 	5,255	 	-11.85	% 	 	-14.34	% 	 	5,106	 	4,501	 	5,255	 	-11.85	% 	 	-14.34	% 
	 *CONFIDENTIAL
	 	21	 	44	 	11	 	109.52	% 	 	317.77	% 	 	931	 	375	 	163	 	-59.72	% 	 	129.57	% 	 	929	 	375	 	163	 	-59.63	% 	 	129.57	% 
	 *CONFIDENTIAL
	 	372	 	332	 	418	 	-10.75	% 	 	-20.52	% 	 	6,037	 	4,876	 	6,418	 	-19.23	% 	 	-10.00	% 	 	6,035	 	4,876	 	5,418	 	-19.20	% 	 	-10.00	% 
	 *CONFIDENTIAL
	 	25	 	28	 	31	 	12.00	% 	 	-10.20	% 	 	430	 	389	 	333	 	-9.53	% 	 	16.88	% 	 	430	 	389	 	333	 	-9.53	% 	 	16.88	% 
	 *CONFIDENTIAL
	 	4	 	4	 	1	 	0.00	% 	 	400.31	% 	 	112	 	52	 	12	 	-53.57	% 	 	321.71	% 	 	112	 	52	 	12	 	-53.57	% 	 	321.71	% 
	 *CONFIDENTIAL
	 	29	 	32	 	32	 	10.34	% 	 	0.06	% 	 	542	 	441	 	345	 	-18.63	% 	 	27.77	% 	 	542	 	441	 	345	 	-18.63	% 	 	27.77	% 
	 *CONFIDENTIAL
	 	77	 	95	 	44	 	23.38	% 	 	115.02	% 	 	859	 	1,410	 	608	 	64.14	% 	 	131.80	% 	 	859	 	1,410	 	608	 	64.14	% 	 	131.80	% 
	 *CONFIDENTIAL
	 	25	 	34	 	11	 	36.00	% 	 	207.82	% 	 	939	 	610	 	164	 	-35.04	% 	 	272.81	% 	 	939	 	610	 	164	 	-35.04	% 	 	272.81	% 
	 *CONFIDENTIAL
	 	102	 	129	 	55	 	26.47	% 	 	133.58	% 	 	1,798	 	2,020	 	772	 	12.35	% 	 	161.69	% 	 	1,798	 	2,020	 	772	 	12.85	% 	 	161.69	% 
	 Total Closing Units
	 	503	 	493	 	505	 	-1.99	% 	 	-2.38	% 	 	3,377	 	7,337	 	6,535	 	-12.41	% 	 	12.27	% 	 	8,376	 	7,337	 	6,535	 	-12.39	% 	 	12.27	% 
		 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 			 	—  	 	—  	 	—  	 			 		

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 165 









 Confidential Treatment 
  

 

 
  

																																																	
	 	  	January	 	 	February	 	 	March	 	 	First Quarter	 	 	April	 	 	May	 	 	June	 	 	Second Quarter	 
	 	  	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 
	 *CONFIDENTIAL
	  	34,484	  	 	35,293	  	 	36,371	  	 	38,511	  	 	48,686	  	 	58,731	  	 	119,541	  	 	132,535	  	 	52,389	  	 	62,420	  	 	56,455	  	 	62,906	  	 	63,590	  	 	77,911	  	 	172,434	  	 	203,238	  
	 *CONFIDENTIAL
	  	54.21	% 	 	54.24	% 	 	52.29	% 	 	55.64	% 	 	53.04	% 	 	48.40	% 	 	53.15	% 	 	52.06	% 	 	50.11	% 	 	52.56	% 	 	50.62	% 	 	52.74	% 	 	47.98	% 	 	49.69	% 	 	49.49	% 	 	51.51	% 
	 *CONFIDENTIAL
	  	18,694	  	 	19,143	  	 	19,017	  	 	21,429	  	 	25,821	  	 	28,427	  	 	63,632	  	 	68,999	  	 	26,250	  	 	32,805	  	 	28,580	  	 	33,176	  	 	30,512	  	 	38,716	  	 	85,342	  	 	104,697	  
	 *CONFIDENTIAL
	  	5,608	  	 	5,743	  	 	5.705	  	 	6,429	  	 	7,746	  	 	8,528	  	 	19,060	  	 	20,700	  	 	7,875	  	 	9,842	  	 	8,574	  	 	9,953	  	 	9,154	  	 	11,615	  	 	25,603	  	 	31,409	  
	 *CONFIDENTIAL
	  	1,023	  	 	860	  	 	1.132	  	 	932	  	 	1,305	  	 	1,297	  	 	3,460	  	 	3,089	  	 	1,483	  	 	1,489	  	 	1,809	  	 	1,527	  	 	1,943	  	 	1,721	  	 	5,235	  	 	4,737	  
	 *CONFIDENTIAL
	  	5.47	% 	 	4.49	% 	 	5.95	% 	 	4.35	% 	 	5.05	% 	 	4.58	% 	 	5.45	% 	 	4.48	% 	 	5.65	% 	 	4.54	% 	 	6.33	% 	 	4.60	% 	 	6.37	% 	 	4.45	% 	 	8.13	% 	 	4.52	% 
	 *CONFIDENTIAL
	  	28,576	  	 	27,063	  	 	27,631	  	 	27,681	  	 	35,765	  	 	40,378	  	 	91,972	  	 	95,121	  	 	38,211	  	 	43,985	  	 	43,557	  	 	45,350	  	 	46,982	  	 	55,049	  	 	128,750	  	 	144,384	  
	 *CONFIDENTIAL
	  	48.04	% 	 	47.44	% 	 	48.44	% 	 	47.78	% 	 	50.49	% 	 	48.77	% 	 	49.11	% 	 	48.10	% 	 	50.65	% 	 	47.71	% 	 	49.35	% 	 	49.19	% 	 	50.22	% 	 	48.80	% 	 	50.05	% 	 	48.59	% 
	 *CONFIDENTIAL
	  	13,727	  	 	12,839	  	 	13,384	  	 	13,225	  	 	18,056	  	 	19,690	  	 	45,167	  	 	45,754	  	 	19,353	  	 	20,987	  	 	21,498	  	 	22,306	  	 	23,594	  	 	26,865	  	 	64,444	  	 	70,158	  
	 *CONFIDENTIAL
	  	4,118	  	 	3,852	  	 	4,015	  	 	3,967	  	 	5,417	  	 	5,907	  	 	13,550	  	 	13,726	  	 	5,806	  	 	6,296	  	 	6,449	  	 	6,692	  	 	7,078	  	 	8,059	  	 	19,333	  	 	21,047	  
	 *CONFIDENTIAL
	  	2,556	  	 	1,918	  	 	2,638	  	 	2,115	  	 	3,316	  	 	3,151	  	 	8,508	  	 	7,184	  	 	3,617	  	 	3,597	  	 	4,146	  	 	3,748	  	 	4,744	  	 	4,545	  	 	12,507	  	 	11,890	  
	 *CONFIDENTIAL
	  	18.62	% 	 	14.94	% 	 	19.69	% 	 	15.99	% 	 	18.36	% 	 	16.00	% 	 	18.84	% 	 	15.70	% 	 	18.69	% 	 	17.14	% 	 	19.29	% 	 	16.80	% 	 	20.11	% 	 	16.92	% 	 	19.41	% 	 	16.95	% 
	 *CONFIDENTIAL
	  	63,060	  	 	62,356	  	 	64,002	  	 	66,192	  	 	84,451	  	 	99,109	  	 	211,513	  	 	227,656	  	 	90,600	  	 	106,405	  	 	100,012	  	 	108,258	  	 	110,572	  	 	132,960	  	 	301,184	  	 	347,622	  
	 *CONFIDENTIAL
	  	51.41	% 	 	51.29	% 	 	50.63	% 	 	52.35	% 	 	51.96	% 	 	48.55	% 	 	51.39	% 	 	50.41	% 	 	50.33	% 	 	50.55	% 	 	50.07	% 	 	51.25	% 	 	48.93	% 	 	49.32	% 	 	49.73	% 	 	50.30	% 
	 *CONFIDENTIAL
	  	32,421	  	 	31,982	  	 	32,401	  	 	34,654	  	 	43,877	  	 	48,117	  	 	108,699	  	 	114,753	  	 	45,603	  	 	53,792	  	 	50,078	  	 	55,482	  	 	54,106	  	 	65,581	  	 	149,786	  	 	174,855	  
	 *CONFIDENTIAL
	  	9,726	  	 	9,595	  	 	9,720	  	 	10,396	  	 	13,163	  	 	14,435	  	 	32,610	  	 	34,426	  	 	13,681	  	 	16,138	  	 	15,023	  	 	16,645	  	 	16,232	  	 	19,674	  	 	44,936	  	 	52,457	  
	 *CONFIDENTIAL
	  	3,579	  	 	2,778	  	 	3,768	  	 	3,047	  	 	4,621	  	 	4,448	  	 	11,968	  	 	10,273	  	 	5,100	  	 	5,086	  	 	5,955	  	 	5,275	  	 	6,687	  	 	6,268	  	 	17,742	  	 	16,627	  
	 *CONFIDENTIAL
	  	11.04	% 	 	8.69	% 	 	11.63	% 	 	8.79	% 	 	10.53	% 	 	9,24	% 	 	11.01	% 	 	8.95	% 	 	11.18	% 	 	9.45	% 	 	11.89	% 	 	9.51	% 	 	12.36	% 	 	9.55	% 	 	11.84	% 	 	9.51	% 
	 *CONFIDENTIAL
	  	52,541	  	 	50,458	  	 	49,225	  	 	50,182	  	 	61,598	  	 	72,604	  	 	163,364	  	 	173,244	  	 	67,202	  	 	77,987	  	 	74,209	  	 	82,465	  	 	81,946	  	 	93,760	  	 	223,356	  	 	254,213	  
	 *CONFIDENTIAL
	  	48.41	% 	 	50.52	% 	 	51.83	% 	 	54.28	% 	 	51.07	% 	 	51.15	% 	 	50.44	% 	 	51.87	% 	 	50.95	% 	 	53.41	% 	 	52.08	% 	 	49.10	% 	 	48.13	% 	 	50.22	% 	 	50.29	% 	 	50.83	% 
	 *CONFIDENTIAL
	  	25,433	  	 	25,492	  	 	25,513	  	 	27,238	  	 	31,461	  	 	37,135	  	 	82,407	  	 	89,865	  	 	34,241	  	 	41,652	  	 	38,648	  	 	40,488	  	 	39,443	  	 	47,082	  	 	112,332	  	 	129,222	  
	 *CONFIDENTIAL
	  	7,630	  	 	7,848	  	 	7,654	  	 	8,171	  	 	9,438	  	 	11,141	  	 	24,722	  	 	26,960	  	 	10,272	  	 	12,496	  	 	11,594	  	 	12,146	  	 	11,833	  	 	14,125	  	 	33,700	  	 	38,767	  
	 *CONFIDENTIAL
	  	957	  	 	755	  	 	921	  	 	786	  	 	1,129	  	 	1,139	  	 	3,007	  	 	2,680	  	 	1,264	  	 	1,323	  	 	1,441	  	 	1,300	  	 	1,550	  	 	1,392	  	 	4,255	  	 	4,015	  
	 *CONFIDENTIAL
	  	3.76	% 	 	2.96	% 	 	3.61	% 	 	2.89	% 	 	3.59	% 	 	3.07	% 	 	3.65	% 	 	2.98	% 	 	3.69	% 	 	3.18	% 	 	3.73	% 	 	3.21	% 	 	3.93	% 	 	2.96	% 	 	3.79	% 	 	3.11	% 
	 *CONFIDENTIAL
	  	12,159	  	 	10,397	  	 	8,878	  	 	10,440	  	 	12,533	  	 	15,124	  	 	33,570	  	 	35,962	  	 	12,634	  	 	16,836	  	 	13,998	  	 	16,950	  	 	23,322	  	 	21,010	  	 	49,954	  	 	54,796	  
	 *CONFIDENTIAL
	  	42.26	% 	 	55.04	% 	 	61.30	% 	 	61.00	% 	 	52.16	% 	 	55.05	% 	 	50.99	% 	 	56.77	% 	 	58.19	% 	 	56.47	% 	 	58.07	% 	 	56.53	% 	 	37.71	% 	 	52.74	% 	 	48.60	% 	 	55.06	% 
	 *CONFIDENTIAL
	  	5,139	  	 	5,722	  	 	5,442	  	 	6,368	  	 	6,537	  	 	8.326	  	 	17,118	  	 	20,416	  	 	7,352	  	 	9,508	  	 	8,129	  	 	9,581	  	 	8,795	  	 	11,081	  	 	24,278	  	 	30,170	  
	 *CONFIDENTIAL
	  	1,542	  	 	1,717	  	 	1,633	  	 	1,910	  	 	1,961	  	 	2,498	  	 	5,135	  	 	6,125	  	 	2,206	  	 	2,852	  	 	2,439	  	 	2,874	  	 	2,639	  	 	3,324	  	 	7,283	  	 	9,051	  
	 *CONFIDENTIAL
	  	313	  	 	306	  	 	342	  	 	335	  	 	425	  	 	423	  	 	1,080	  	 	1,064	  	 	455	  	 	617	  	 	569	  	 	635	  	 	617	  	 	702	  	 	1,641	  	 	1,954	  
	 *CONFIDENTIAL
	  	6.09	% 	 	5.35	% 	 	6.28	% 	 	5.26	% 	 	6.50	% 	 	5.08	% 	 	6.31	% 	 	5.21	% 	 	6.19	% 	 	6.49	% 	 	7.00	% 	 	6.63	% 	 	7.02	% 	 	6.34	% 	 	6.76	% 	 	6.48	% 
	 *CONFIDENTIAL
	  	127,760	  	 	123,211	  	 	122,104	  	 	126,814	  	 	158,582	  	 	186,837	  	 	408,446	  	 	436,862	  	 	170,438	  	 	201,228	  	 	188,219	  	 	207,673	  	 	215,839	  	 	247,729	  	 	574,494	  	 	656,630	  
	 *CONFIDENTIAL
	  	49.31	% 	 	51.29	% 	 	51.69	% 	 	53.83	% 	 	51.63	% 	 	50.09	% 	 	50.98	% 	 	51.51	% 	 	51.16	% 	 	52.16	% 	 	51.46	% 	 	50.83	% 	 	47.42	% 	 	49.95	% 	 	49.85	% 	 	50.90	% 
	 *CONFIDENTIAL
	  	62,993	  	 	63,196	  	 	63,356	  	 	68,260	  	 	81,875	  	 	93,578	  	 	208,224	  	 	225,034	  	 	87,196	  	 	104,952	  	 	96,855	  	 	105,551	  	 	102,344	  	 	123,744	  	 	286,394	  	 	334,247	  
	 *CONFIDENTIAL
	  	18,898	  	 	18,959	  	 	19,007	  	 	20,478	  	 	24,563	  	 	28,074	  	 	62,467	  	 	67,510	  	 	26,159	  	 	31,486	  	 	29,056	  	 	31,665	  	 	30,703	  	 	37,123	  	 	85,918	  	 	100,274	  
	 *CONFIDENTIAL
	  	5,083	  	 	4,050	  	 	5,237	  	 	4,382	  	 	6,397	  	 	6,340	  	 	16,717	  	 	14,772	  	 	7,088	  	 	7,338	  	 	8.284	  	 	7,482	  	 	9,180	  	 	8,730	  	 	24,552	  	 	23,550	  
	 *CONFIDENTIAL
	  	8.07	% 	 	6.41	% 	 	8.27	% 	 	6.42	% 	 	7.81	% 	 	6.77	% 	 	8.03	% 	 	6.56	% 	 	8.13	% 	 	6.99	% 	 	8.55	% 	 	7.09	% 	 	8.97	% 	 	7.05	% 	 	8.57	% 	 	7.05	% 
	 *CONFIDENTIAL
	  	89,184	  	 	96,148	  	 	94,473	  	 	99,133	  	 	122,817	  	 	146,459	  	 	316,474	  	 	341,741	  	 	132,225	  	 	157,243	  	 	144,662	  	 	162,323	  	 	168,857	  	 	192,680	  	 	445,744	  	 	512,247	  
	 *CONFIDENTIAL
	  	49.67	% 	 	62.37	% 	 	52.90	% 	 	55.52	% 	 	51.96	% 	 	50.45	% 	 	51.52	% 	 	52.46	% 	 	51.31	% 	 	53.40	% 	 	52.09	% 	 	51.28	% 	 	46.64	% 	 	50.28	% 	 	49.79	% 	 	51.56	% 
	 *CONFIDENTIAL
	  	49,266	  	 	50,357	  	 	49,972	  	 	55.035	  	 	63,819	  	 	73,888	  	 	163,057	  	 	179,280	  	 	67,843	  	 	83,965	  	 	75,357	  	 	83,245	  	 	78,750	  	 	96,879	  	 	221,950	  	 	264,089	  
	 *CONFIDENTIAL
	  	14,780	  	 	15,107	  	 	14,992	  	 	16,511	  	 	19,146	  	 	22,166	  	 	48,917	  	 	53,784	  	 	20,353	  	 	25,190	  	 	22,607	  	 	24,974	  	 	23,625	  	 	29,064	  	 	66,585	  	 	79,227	  
	 *CONFIDENTIAL
	  	2,293	  	 	1,921	  	 	2,395	  	 	2,053	  	 	2,859	  	 	2,859	  	 	7,547	  	 	6,833	  	 	3,202	  	 	3,429	  	 	3,819	  	 	3.462	  	 	4.110	  	 	3,815	  	 	11,131	  	 	10,706	  
	 *CONFIDENTIAL
	  	4.65	% 	 	3.81	% 	 	4.79	% 	 	3.73	% 	 	4.48	% 	 	3.87	% 	 	4.63	% 	 	3.81	% 	 	4.72	% 	 	4.08	% 	 	5.07	% 	 	4.16	% 	 	5.22	% 	 	3.94	% 	 	5.02	% 	 	4.05	% 

  

	(1)	*CONFIDENTIAL 


	(2)	*CONFIDENTIAL 


	(3)	*CONFIDENTIAL 


	(4)	*CONFIDENTIAL 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 166 









 Confidential Treatment 
  

 

 
  

																																																							
	 	 	July	 	 	August	 	 	September	 	 	Third Quarter	 	 	October	 	 	November	 	 	December	 	 	Fourth Quarter	 	 	Total Year	 
	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 	 	2003	 	 	2004	 
	 *CONFIDENTIAL
	 	62,325	  	 	68,011	  	 	66,171	  	 	73,211	  	 	65,403	  	 	64,514	  	 	193,899	  	 	205,736	  	 	59,050	  	 	58,848	  	 	55,405	  	 	54,386	  	 	58,015	  	 	60,297	  	 	172,470	  	 	173,531	  	 	658,344	  	 	715,041	  
	 *CONFIDENTIAL
	 	51.81	% 	 	56.13	% 	 	49.82	% 	 	48.86	% 	 	51.71	% 	 	47.91	% 	 	51.10	% 	 	50.97	% 	 	51.14	% 	 	55.15	% 	 	42.98	% 	 	51.05	% 	 	46.55	% 	 	47.56	% 	 	46.98	% 	 	51.23	% 	 	49.97	% 	 	51.39	% 
	 *CONFIDENTIAL
	 	32,293	  	 	38,177	  	 	32,963	  	 	35,770	  	 	33,819	  	 	30,911	  	 	99,075	  	 	104,858	  	 	30,200	  	 	32,455	  	 	23,814	  	 	27,763	  	 	27,005	  	 	28,675	  	 	81,019	  	 	88,893	  	 	328,968	  	 	367,447	  
	 *CONFIDENTIAL
	 	9,688	  	 	11,453	  	 	9,889	  	 	10,731	  	 	10,146	  	 	9,273	  	 	29,723	  	 	31,457	  	 	9,060	  	 	9,737	  	 	7,144	  	 	8,329	  	 	8,102	  	 	8,603	  	 	24,306	  	 	26,668	  	 	96,690	  	 	110,234	  
	 *CONFIDENTIAL
	 	1,990	  	 	1,630	  	 	1,972	  	 	1,580	  	 	1,681	  	 	1,336	  	 	5,643	  	 	4,546	  	 	1,503	  	 	1,210	  	 	1,162	  	 	1,197	  	 	1,208	  	 	1,190	  	 	3,873	  	 	3,597	  	 	18,211	  	 	15,969	  
	 *CONFIDENTIAL
	 	6.16	% 	 	4.27	% 	 	5.98	% 	 	4.42	% 	 	4.97	% 	 	4.32	% 	 	5.70	% 	 	4.34	% 	 	4.98	% 	 	3.73	% 	 	4.88	% 	 	4,31	% 	 	4.47	% 	 	4.15	% 	 	4.78	% 	 	4.05	% 	 	5.54	% 	 	4.35	% 
	 *CONFIDENTIAL
	 	49,075	  	 	50,014	  	 	48,712	  	 	47,785	  	 	44,472	  	 	40,006	  	 	142,259	  	 	137,805	  	 	41,709	  	 	37,412	  	 	33,065	  	 	35,744	  	 	38,872	  	 	38,192	  	 	113,646	  	 	111,349	  	 	476,627	  	 	488,658	  
	 *CONFIDENTIAL
	 	50.82	% 	 	49.79	% 	 	49.80	% 	 	50.13	% 	 	49.34	% 	 	49.17	% 	 	50.01	% 	 	49.73	% 	 	49.48	% 	 	49.02	% 	 	49.47	% 	 	49.70	% 	 	49.58	% 	 	49.25	% 	 	49.50	% 	 	49.32	% 	 	49.73	% 	 	48.98	% 
	 *CONFIDENTIAL
	 	24,938	  	 	24,902	  	 	24,260	  	 	23,957	  	 	21,943	  	 	19,669	  	 	71,141	  	 	68,527	  	 	20,636	  	 	18,339	  	 	16,358	  	 	17,765	  	 	19,266	  	 	18,809	  	 	56,260	  	 	54,913	  	 	237,013	  	 	239,353	  
	 *CONFIDENTIAL
	 	7,482	  	 	7,470	  	 	7,278	  	 	7,187	  	 	6,583	  	 	5,901	  	 	21,342	  	 	20,558	  	 	6,191	  	 	5,502	  	 	4,907	  	 	5,330	  	 	5,780	  	 	5,643	  	 	16,878	  	 	16,474	  	 	71,104	  	 	71,806	  
	 *CONFIDENTIAL
	 	4,782	  	 	3,868	  	 	4,768	  	 	3,600	  	 	3,864	  	 	2,996	  	 	13,414	  	 	10,464	  	 	3,301	  	 	2,891	  	 	2,686	  	 	2,971	  	 	2,833	  	 	2,846	  	 	8,820	  	 	8,708	  	 	43,249	  	 	38,246	  
	 *CONFIDENTIAL
	 	19.18	% 	 	15.53	% 	 	19.65	% 	 	15.03	% 	 	17.61	% 	 	15.23	% 	 	18.86	% 	 	15.27	% 	 	16.00	% 	 	15.76	% 	 	16.42	% 	 	16.72	% 	 	14.70	% 	 	15.13	% 	 	15.68	% 	 	15.86	% 	 	18.25	% 	 	15.98	% 
	 *CONFIDENTIAL
	 	111,400	  	 	118,025	  	 	114,883	  	 	120,996	  	 	109,874	  	 	104,520	  	 	336,157	  	 	343,540	  	 	100,759	  	 	96,260	  	 	88,470	  	 	90,130	  	 	96,887	  	 	98,489	  	 	286,116	  	 	284,880	  	 	1,134,970	  	 	1,203,699	  
	 *CONFIDENTIAL
	 	51.37	% 	 	53.45	% 	 	49.81	% 	 	49.36	% 	 	50.75	% 	 	48.39	% 	 	50.64	% 	 	50.47	% 	 	50.45	% 	 	52.77	% 	 	45.41	% 	 	50.51	% 	 	47.76	% 	 	48.21	% 	 	47.98	% 	 	50.48	% 	 	49.87	% 	 	50.41	% 
	 *CONFIDENTIAL
	 	57,231	  	 	63,079	  	 	57,223	  	 	59,727	  	 	55,762	  	 	50,560	  	 	170,216	  	 	173,385	  	 	50,836	  	 	50,794	  	 	40,172	  	 	45,528	  	 	46,271	  	 	47,484	  	 	137,279	  	 	143,806	  	 	565,981	  	 	606,800	  
	 *CONFIDENTIAL
	 	17,169	  	 	18,924	  	 	17,167	  	 	17,918	  	 	16,729	  	 	15,174	  	 	51,065	  	 	52,016	  	 	15,251	  	 	15,238	  	 	12,052	  	 	13,658	  	 	13,881	  	 	14,245	  	 	41,184	  	 	43,142	  	 	169,794	  	 	182,040	  
	 *CONFIDENTIAL
	 	6,772	  	 	5,498	  	 	6,740	  	 	5,180	  	 	5,545	  	 	4,332	  	 	19,057	  	 	15,010	  	 	4,804	  	 	4,101	  	 	3,848	  	 	4,168	  	 	4,041	  	 	4,036	  	 	12,693	  	 	12,305	  	 	61,460	  	 	54,215	  
	 *CONFIDENTIAL
	 	11.83	% 	 	8.72	% 	 	11.78	% 	 	8.67	% 	 	9.94	% 	 	8.56	% 	 	11.20	% 	 	8.66	% 	 	9.45	% 	 	8.07	% 	 	9.58	% 	 	9.15	% 	 	8.73	% 	 	8.50	% 	 	9.25	% 	 	8.56	% 	 	10.86	% 	 	8.93	% 
	 *CONFIDENTIAL
	 	78,376	  	 	86,620	  	 	76,797	  	 	87,881	  	 	79,102	  	 	78,770	  	 	234,275	  	 	253,271	  	 	81,638	  	 	73,176	  	 	69,531	  	 	68,725	  	 	74,950	  	 	75,766	  	 	226,120	  	 	217,667	  	 	847,114	  	 	898,394	  
	 *CONFIDENTIAL
	 	49.32	% 	 	52.26	% 	 	58.67	% 	 	50.33	% 	 	50.92	% 	 	48.40	% 	 	52.93	% 	 	50.39	% 	 	49.24	% 	 	54.79	% 	 	46.24	% 	 	48,76	% 	 	47.99	% 	 	49.58	% 	 	47.90	% 	 	51.07	% 	 	50.41	% 	 	50.97	% 
	 *CONFIDENTIAL
	 	36,652	  	 	45,265	  	 	45,057	  	 	44,229	  	 	40,282	  	 	38,126	  	 	123,991	  	 	127,620	  	 	40,198	  	 	40,090	  	 	32,152	  	 	33,512	  	 	35,989	  	 	37,564	  	 	108,319	  	 	111,166	  	 	427,049	  	 	457,873	  
	 *CONFIDENTIAL
	 	11,596	  	 	13,580	  	 	13,517	  	 	13,269	  	 	12,085	  	 	11,438	  	 	37,197	  	 	38,286	  	 	12,059	  	 	12,027	  	 	9,646	  	 	10,054	  	 	10,791	  	 	11,269	  	 	32,496	  	 	33,350	  	 	128,115	  	 	137,362	  
	 *CONFIDENTIAL
	 	1,623	  	 	1,319	  	 	1,665	  	 	1,209	  	 	1,464	  	 	1,039	  	 	4,752	  	 	3,567	  	 	1,343	  	 	1,019	  	 	973	  	 	1,000	  	 	1,086	  	 	960	  	 	3,402	  	 	2,979	  	 	15,416	  	 	13,241	  
	 *CONFIDENTIAL
	 	4.20	% 	 	2.91	% 	 	3.70	% 	 	2.73	% 	 	3.63	% 	 	2.73	% 	 	3.83	% 	 	2.80	% 	 	3.34	% 	 	2.54	% 	 	3.03	% 	 	2.98	% 	 	3.02	% 	 	2.56	% 	 	3.14	% 	 	2.68	% 	 	3.61	% 	 	2.89	% 
	 *CONFIDENTIAL
	 	16,799	  	 	18,515	  	 	16,013	  	 	21,380	  	 	17,323	  	 	17,846	  	 	50,135	  	 	57,740	  	 	16,609	  	 	16,766	  	 	14,531	  	 	16,224	  	 	16,178	  	 	18,686	  	 	47,318	  	 	51,676	  	 	180,977	  	 	200,173	  
	 *CONFIDENTIAL
	 	45.91	% 	 	60.14	% 	 	68.68	% 	 	52.53	% 	 	50.81	% 	 	52.02	% 	 	54.88	% 	 	54.81	% 	 	49.80	% 	 	58.91	% 	 	53.33	% 	 	51.68	% 	 	47.10	% 	 	51.11	% 	 	49.96	% 	 	53.82	% 	 	51.14	% 	 	54.98	% 
	 *CONFIDENTIAL
	 	7,712	  	 	11,134	  	 	10,998	  	 	11,230	  	 	8,802	  	 	9,284	  	 	27,512	  	 	31,648	  	 	8,271	  	 	9,877	  	 	7,749	  	 	8,384	  	 	7,619	  	 	9,551	  	 	23,639	  	 	27,812	  	 	92,545	  	 	110,046	  
	 *CONFIDENTIAL
	 	2,314	  	 	3,340	  	 	3,299	  	 	3,369	  	 	2,641	  	 	2,785	  	 	8,254	  	 	9,494	  	 	2,481	  	 	2,963	  	 	2,325	  	 	2,515	  	 	2,286	  	 	2,865	  	 	7,092	  	 	8,344	  	 	27,764	  	 	33,014	  
	 *CONFIDENTIAL
	 	712	  	 	644	  	 	690	  	 	588	  	 	584	  	 	548	  	 	1,986	  	 	1,780	  	 	533	  	 	488	  	 	402	  	 	423	  	 	435	  	 	410	  	 	1,370	  	 	1,321	  	 	6,077	  	 	6,119	  
	 *CONFIDENTIAL
	 	9.23	% 	 	5.78	% 	 	6.27	% 	 	5.24	% 	 	6.63	% 	 	5.90	% 	 	7.22	% 	 	5.62	% 	 	6.44	% 	 	4.94	% 	 	5.19	% 	 	5.05	% 	 	5.71	% 	 	4.29	% 	 	5.80	% 	 	4.75	% 	 	6.57	% 	 	5.56	% 
	 *CONFIDENTIAL
	 	206,575	  	 	223,160	  	 	207,692	  	 	230,257	  	 	206,299	  	 	201,135	  	 	620,567	  	 	654,552	  	 	199,006	  	 	186,202	  	 	172,533	  	 	175,080	  	 	188,015	  	 	192,941	  	 	559,554	  	 	554,223	  	 	2,163,061	  	 	2,302,267	  
	 *CONFIDENTIAL
	 	50.15	% 	 	53.54	% 	 	54.54	% 	 	50.02	% 	 	50.82	% 	 	48.72	% 	 	51.84	% 	 	50.82	% 	 	49.90	% 	 	54.11	% 	 	46.41	% 	 	49.93	% 	 	47.79	% 	 	49.03	% 	 	48.12	% 	 	51.02	% 	 	50.19	% 	 	51.02	% 
	 *CONFIDENTIAL
	 	103,595	  	 	119,478	  	 	113,278	  	 	115,186	  	 	104,846	  	 	97,990	  	 	321,719	  	 	332,653	  	 	99,305	  	 	100,761	  	 	80,073	  	 	87,424	  	 	89,859	  	 	94,599	  	 	269,237	  	 	282,784	  	 	1,085,575	  	 	1,174,719	  
	 *CONFIDENTIAL
	 	31,079 	  	 	35,843 	  	 	33,983 	  	 	34,556 	  	 	31,454 	  	 	29,397 	  	 	96,516 	  	 	99,796	  	 	29,791	  	 	30,228	  	 	24,022	  	 	28,227	  	 	26,958	  	 	28,380	  	 	80,771	  	 	84,835	  	 	325,673	  	 	352,416	  
	 *CONFIDENTIAL
	 	9,474	  	 	7,792	  	 	9,457	  	 	7,336	  	 	7,905	  	 	6,246	  	 	26,836	  	 	21,374	  	 	7,002	  	 	5,844	  	 	5,470	  	 	5,811	  	 	5,806	  	 	5,607	  	 	18,278	  	 	17,262	  	 	86,383	  	 	76,958	  
	 *CONFIDENTIAL
	 	9.15	% 	 	6.52	% 	 	8.35	% 	 	6.37	% 	 	7.54	% 	 	6.37	% 	 	8.34	% 	 	6.43	% 	 	7.05	% 	 	5.80	% 	 	6.83	% 	 	6.65	% 	 	6.46	% 	 	5.93	% 	 	6.79	% 	 	6.10	% 	 	7.96	% 	 	6.55	% 
	 *CONFIDENTIAL
	 	157,500	  	 	173,146	  	 	158,980	  	 	182,472	  	 	161,828	  	 	161,130	  	 	478,308	  	 	516,747	  	 	157,298	  	 	148,790	  	 	139,468	  	 	139,336	  	 	149,143	  	 	154,748	  	 	445,908	  	 	442,874	  	 	1,686,434	  	 	1,813,608	  
	 *CONFIDENTIAL
	 	49.94	% 	 	54.62	% 	 	55.99	% 	 	50.00	% 	 	51.23	% 	 	48.61	% 	 	52.39	% 	 	51.11	% 	 	50.01	% 	 	55.39	% 	 	45.68	% 	 	49.99	% 	 	47.33	% 	 	48.98	% 	 	47.76	% 	 	51.45	% 	 	50.32	% 	 	51.57	% 
	 *CONFIDENTIAL
	 	78,657	  	 	94,576	  	 	89,018	  	 	91,229	  	 	82,903	  	 	78,321	  	 	250,578	  	 	264,126	  	 	78,669	  	 	82,422	  	 	63,715	  	 	69,659	  	 	70,593	  	 	75,790	  	 	212,977	  	 	227,871	  	 	848,562	  	 	935,366	  
	 *CONFIDENTIAL
	 	23,597	  	 	28,373	  	 	26,705	  	 	27,369	  	 	24,871	  	 	23,496	  	 	75,173	  	 	79,238	  	 	23,601	  	 	24,727	  	 	19,115	  	 	20,898	  	 	21,178	  	 	22,737	  	 	63,893	  	 	68,361	  	 	254,569	  	 	280,610	  
	 *CONFIDENTIAL
	 	4,325	  	 	3,593	  	 	4,327	  	 	3,377	  	 	3,729	  	 	2,923	  	 	12,381	  	 	9,893	  	 	3,379	  	 	2,717	  	 	2,537	  	 	2,620	  	 	2,729	  	 	2,560	  	 	8,645	  	 	7,897	  	 	39,704	  	 	35,329	  
	 *CONFIDENTIAL
	 	5.50	% 	 	3.80	% 	 	4.86	% 	 	3.70	% 	 	4.50	% 	 	3.73	% 	 	4.94	% 	 	3.75	% 	 	4.30	% 	 	3.30	% 	 	3.98	% 	 	3.76	% 	 	3.87	% 	 	3.38	% 	 	4.06	% 	 	3.47	% 	 	4.68	% 	 	3.78	% 

  

	(1)	*CONFIDENTIAL 


	(2)	*CONFIDENTIAL 


	(3)	*CONFIDENTIAL 


	(4)	*CONFIDENTIAL 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 167 









 Confidential Treatment 
  

 1355 RE BUSINESS UNIT 
  

																															
	 December
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New Lead
ACD Calls	  	 September
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,199	  	40	  	505	  	2,115	  	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	30,501	  	49	  	622	  	3,598
	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	N/A	  	N/A	  	N/A	  	N/A	  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	17,848	  	31	  	576	  	2,510
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	9,948	  	24	  	415	  	1,486	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	17,970	  	34	  	529	  	2,633
	 North Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,118	  	47	  	534	  	3,647	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	22,803	  	49	  	465	  	3,479
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	13,208	  	33	  	400	  	2,264	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	22,458	  	42	  	535	  	3,611
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,312	  	40	  	533	  	2,937	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	31,175	  	51	  	611	  	3,802
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	11,486	  	27	  	425	  	1,581	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	16,024	  	31	  	517	  	2,260
	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	7,610	  	21	  	362	  	1,451	  	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	13,263	  	31	  	428	  	1,960
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	108,881	  	260	  	419	  	15,481	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	172,042	  	316	  	544	  	23,853
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	13,664	  	29	  	471	  	1,971	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	19,167	  	32	  	599	  	2,491
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	 122,545
	  	289	  	424	  	17,452	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	191,209	  	348	  	549	  	26,344
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
														
	 November
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New Lead
ACD Calls	  	 August
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Mid-Atlantic
	  	*CONFIDENTIAL	  	 	*CONFIDENTIAL	  	 		  		  		  		  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	22,002	  	20	  	1,100	  	3,143
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	13,070	  	26	  	503	  	2,138	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,059	  	21	  	1,003	  	3,044
	 Northeast /Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	16,180	  	52	  	311	  	4,370	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	26,365	  	31	  	850	  	3,919
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,404	  	34	  	835	  	2,803	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	27,585	  	26	  	1,061	  	4,531
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,258	  	42	  	578	  	3,592	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	36,000	  	32	  	1,125	  	4,807
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	14,134	  	30	  	471	  	2,010	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,244	  	19	  	1,065	  	2,447
	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	8,992	  	21	  	428	  	1,436	  	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	14,808	  	26	  	570	  	2,025
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	131,507	  	246	  	535	  	19,448	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	204,096	  	206	  	991	  	28,473
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	15,449	  	30	  	515	  	2,341	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,155	  	26	  	775	  	2,630
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	146,956	  	276	  	532	  	21,789	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	224,251	  	232	  	967	  	31,103
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
														
	 October
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New Lead
ACD Calls	  	 July
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,097	  	43	  	653	  	3,560	  	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	32,414	  	33	  	987	  	4,602
	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	14,648	  	25	  	586	  	2,221	  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,903	  	20	  	1,028	  	3,353
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	15,861	  	31	  	512	  	2,728	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	23,538	  	25	  	955	  	3,567
	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	19,082	  	40	  	477	  	3,268	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,955	  	33	  	798	  	4,106
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	19,526	  	39	  	501	  	3,328	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,059	  	28	  	900	  	4,439
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	30,400	  	44	  	691	  	4,116	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	36,148	  	36	  	996	  	5,100
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	14,602	  	27	  	541	  	2,331	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	18,542	  	21	  	878	  	2,701
	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	10,477	  	24	  	437	  	1,474	  	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	17,454	  	28	  	620	  	2,627
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	152,693	  	273	  	559	  	23,026	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	200,013	  	224	  	894	  	30,495
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	17,939	  	33	  	544	  	2,234	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	15,764	  	25	  	632	  	2,884
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	170,632	  	306	  	558	  	25,260	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	215,777	  	249	  	868	  	33,379
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 168 









 Confidential Treatment 
  

 1355 RE BUSINESS UNIT 
  

																															
	 June
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls	  	 March
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	33,635	  	32	  	1,045	  	5,613 	  	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	42,605	  	36	  	1,200	  	6,787
	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,059	  	22	  	1,145	  	3,436	  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,479	  	21	  	1,188	  	4,519
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	22,205	  	24	  	924	  	3,829	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,989	  	20	  	1,451	  	5,237
	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	26,466
	  	37	  	718	  	5,700	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	41,284	  	26	  	1,614	  	6,310
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,952	  	28	  	1,048	  	4,694	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	37,189	  	26	  	1,426	  	5,914
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,260	  	34	  	594	  	5,350	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,026	  	38	  	740	  	8,589
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,443	  	22	  	913	  	3,369	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,646	  	23	  	1,055	  	4,666
	 Loan Rangers
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	13,900	  	25	  	556	  	3,059	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	228,218	  	190	  	1,202	  	42,022
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	190,920	  	224	  	852	  	35,050	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,857	  	26	  	841	  	3,104
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,826	  	25	  	887	  	3,331	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	250,075	  	216	  	1,159	  	45,126
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	212,746	  	249	  	855	  	38,381	  		  			 			 		  		  		  	
		  			 			 	 	  	 	  	 	  	 	  		  			 			 		  		  		  	
														
	 May
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls	  	 February
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	34,236	  	31	  	1,102	  	5,743	  	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	39,089	  	21	  	1,833	  	5,213
	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,576	  	20	  	1,009	  	3,833	  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,273	  	15	  	1,641	  	3,462
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,493	  	24	  	1,021	  	4,086	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	26,322	  	15	  	1,787	  	3,998
	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	31,700	  	33	  	956	  	5,801	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	35,114	  	20	  	1,782	  	4,683
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	26,000	  	26	  	1,005	  	5,198	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	80,187	  	17	  	4,628	  	4,736
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	23,405	  	31	  	744	  	6,302	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,089	  	26	  	966	  	6,770
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	19,441	  	20	  	951	  	3,703	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	25,122 	  	15	  	1,715	  	4,182
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	179,851	  	186	  	965	  	34,666	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	224,303	  	129	  	1,746	  	33,044
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	17,064	  	24	  	703	  	3,067	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	20,656	  	10	  	2,073	  	2,435
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	196,915	  	211	  	935	  	37,733	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	244,959	  	138	  	1,769	  	35,479
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
														
	 April
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls	  	 January
 Region
	  	Answer
Rate	 	 	Service
Level	 	 	OBG Calls	  	Staffed (>20
ACDs
headcount)	  	Avg. OBG Calls
(Column D /
Column E)	  	New ACD
Calls
	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	33,939	  	37	  	926	  	6,311	  	 Central
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	38,171	  	52	  	734	  	5,797
	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,657	  	24	  	921	  	3,949	  	 Mid-Atlantic
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	23,707	  	82	  	289	  	3,891
	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	26,221	  	28	  	934	  	4,621	  	 Midwest
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	22,879	  	33	  	693	  	3,355
	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	35,879	  	39	  	912	  	6,206	  	 Northeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	33,829 
	  	129	  	262	  	4,502
	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,650	  	29	  	981	  	5,239	  	 Southcentral
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	28,965	  	40	  	724	  	4,996
	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,950	  	41	  	604	  	6,970	  	 Southeast
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	23,451	  	65	  	361	  	6.775
	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,347	  	22	  	952	  	4,157	  	 West
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	24,204	  	31	  	781	  	3,962
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	192,643	  	220	  	874	  	37,453	  	 Subtotal R.E.
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	214,464	  	333	  	644	  	33,278
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	18,744	  	22	  	852	  	3,283	  	 Corp. Client(All)
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	21,987	  	26	  	846	  	2,494
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 
	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	211,387	  	242	  	872	  	40,736	  	 Grand Total
	  	*CONFIDENTIAL	% 	 	*CONFIDENTIAL	% 	 	236,451	  	359	  	659	  	35,772
		  			 			 	 	  	 	  	 	  	 	  		  			 			 	 	  	 	  	 	  	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 169 









 Confidential Treatment 
  


																											
	 *CONFIDENTIAL
	 	Jan	  	Feb	  	Mar	  	Apr	  	May	  	Jun	  	Jul	  	Aug	  	Sep	  	Oct	  	Nov	  	Dec	  	YTD
	*CONFIDENTIAL	 	635	  	732	  	942	  	919	  	916	  	947	  	776	  	743	  	650	  	666	  	606	  	512	  	9,044
	*CONFIDENTIAL	 	923	  	1,091	  	1,472	  	1,380	  	1,484	  	1,295	  	1,385	  	1,318	  	1,124	  	1,091	  	963	  	758	  	14,284
	*CONFIDENTIAL	 	643	  	720	  	990	  	1,001	  	1,043	  	1,031	  	851	  	786	  	763	  	755	  	665	  	566	  	9,812
	*CONFIDENTIAL	 	2	  	3	  	6	  	11	  	4	  	2	  	8	  	3	  	4	  	3	  	4	  	1	  	51
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	0	  	0	  	—  
	*CONFIDENTIAL	 	496	  	533	  	770	  	823	  	802	  	774	  	754	  	732	  	642	  	643	  	546	  	447	  	7,962
	*CONFIDENTIAL	 	452	  	500	  	566	  	505	  	453	  	497	  	457	  	399	  	279	  	334	  	372	  	372	  	5,187
	*CONFIDENTIAL	 	674	  	740	  	870	  	840	  	739	  	884	  	703	  	652	  	525	  	530	  	523	  	460	  	8,139
	*CONFIDENTIAL	 	698	  	689	  	880	  	759	  	719	  	688	  	634	  	602	  	305	  	462	  	491	  	444 	  	7,371
	*CONFIDENTIAL	 	98	  	94	  	124	  	105	  	102	  	128	  	136	  	102	  	104	  	65	  	71	  	64	  	1,193
	*CONFIDENTIAL	 	632	  	712	  	907	  	884	  	860	  	870	  	834	  	724	  	491	  	622	  	608	  	530	  	8,674
	*CONFIDENTIAL	 	371	  	374	  	443	  	375	  	345	  	388	  	350	  	312	  	231	  	236	  	321	  	243	  	3,990
	*CONFIDENTIAL	 	405	  	472	  	555	  	536	  	479	  	493	  	516	  	291	  	264	  	283	  	326	  	304	  	4,923
	*CONFIDENTIAL	 	515	  	548	  	688	  	652	  	629	  	697	  	598	  	528	  	349	  	419	  	455	  	380	  	6,457
	*CONFIDENTIAL	 	1	  	—  	  	—  	  	—  	  	0	  	—  	  	0	  	—  	  	—  	  	—  	  	0	  	0	  	2
	*CONFIDENTIAL	 	209	  	310	  	441	  	436	  	423	  	399	  	442	  	437	  	374	  	341	  	309	  	182	  	4,302
	*CONFIDENTIAL	 	1,314	  	1,636	  	2,340	  	2,193	  	2,202	  	2,229	  	1,793	  	1,758	  	1,562	  	1,604	  	1,397	  	1,155	  	21,183
	*CONFIDENTIAL	 	57	  	70	  	106	  	124	  	130	  	110	  	102	  	88	  	86	  	91	  	80	  	64	  	1,106
	*CONFIDENTIAL	 	507	  	538	  	767	  	773	  	760	  	762	  	651	  	687	  	546	  	574	  	524	  	435	  	7,524
	*CONFIDENTIAL	 	972	  	1,099	  	1,351	  	1,479	  	1,413	  	1,362	  	1,220	  	1,151	  	991	  	958	  	1,000	  	764	  	13,760
	*CONFIDENTIAL	 	196	  	224	  	338	  	346	  	344	  	348	  	303	  	264	  	229	  	269	  	228	  	164	  	3,253
	*CONFIDENTIAL	 	93	  	91	  	113	  	130	  	150	  	135	  	136	  	141	  	128	  	95	  	105	  	81	  	1,398
	*CONFIDENTIAL	 	1,505	  	1,971	  	2,638	  	2,640	  	2,460	  	2,401	  	2,302	  	2,086	  	1,811	  	1,691	  	1,503	  	1,167	  	24,175
	*CONFIDENTIAL	 	283	  	365	  	399	  	416	  	436	  	445	  	433	  	420	  	326	  	359	  	323	  	222	  	4,427
	*CONFIDENTIAL	 	635	  	734	  	1,021	  	1,001	  	961	  	985	  	914	  	862	  	725	  	735	  	682	  	523	  	9,778
	*CONFIDENTIAL	 	941	  	1,137	  	1,898	  	1,961	  	1,719	  	1,623	  	1,470	  	1,521	  	1,156	  	1,345	  	1,024	  	940	  	16,735
	*CONFIDENTIAL	 	365	  	401	  	586	  	584	  	569	  	547	  	697	  	592	  	464	  	497	  	453	  	307	  	6,062
	*CONFIDENTIAL	 	619	  	609	  	831	  	853	  	824	  	807	  	845	  	770	  	624	  	652	  	602	  	488	  	8,524
	*CONFIDENTIAL	 	323	  	389	  	499	  	486	  	456	  	437	  	422	  	382	  	375	  	353	  	380	  	308	  	4,810
	*CONFIDENTIAL	 	353	  	408	  	556	  	575	  	555	  	524	  	495	  	467	  	424	  	368	  	303	  	230	  	5,258
	*CONFIDENTIAL	 	1,023	  	1,176	  	1,627	  	1,661	  	1,548	  	1,451	  	1,318	  	1,276	  	1,068	  	1,019	  	945	  	756	  	14,868
	*CONFIDENTIAL	 	323	  	425	  	512	  	521	  	515	  	453	  	451	  	463	  	423	  	419	  	362	  	266	  	5,132
	*CONFIDENTIAL	 	624	  	819	  	1,102	  	975	  	1,053	  	969	  	885	  	895	  	774	  	793	  	710
	  	531
	  	10,131
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	0	  	0	  	—  
	*CONFIDENTIAL	 	445	  	595	  	673	  	688	  	583	  	664	  	629	  	618	  	544	  	498	  	464	  	337	  	6,737
	*CONFIDENTIAL	 	1,260	  	1,344	  	1,768	  	1,502	  	1,551	  	1,590	  	1,375	  	1,393	  	1,132	  	1,174	  	1,122	  	872	  	16,082
	*CONFIDENTIAL	 	246	  	290	  	369	  	360	  	280	  	256	  	247	  	228	  	170	  	216	  	250	  	167	  	3,077
	*CONFIDENTIAL	 	324	  	348	  	475	  	384	  	392	  	383	  	314	  	314	  	256	  	231	  	261
	  	192
	  	3,872
	*CONFIDENTIAL	 	0	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	0	  	0	  	—  
	*CONFIDENTIAL	 	186	  	225	  	265	  	254	  	265	  	323	  	253	  	222	  	211	  	203	  	188	  	257	  	2,852
	*CONFIDENTIAL	 		  		  	233	  	207	  	186	  	208	  	172	  	197	  	209	  	156	  	367	  	399	  	2,334
		 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	*CONFIDENTIAL	 	19,346	  	22,411	  	30,120	  	29,338	  	28,352	  	28,105	  	25,870	  	24,424	  	20,339	  	20,749	  	19,531	  	15,885	  	284,470
		 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	*CONFIDENTIAL	 	20,080	  	21,088	  	25,542	  	27,107	  	27,242	  	27,812	  	27,318	  	24,011	  	22,536	  	22,665	  	17,753	  	15,804	  	278,958
		 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended 

  

 170 









 Confidential Treatment 
  

 SMALL CORPS 
 December 2004 
 Marshall Gayden / John Hogan Monthly Highlights: 
  

	1)	Sub financial results were impacted by two new accounting policies implemented in December. These policies were implemented to ensure compliance with Sarbanes-Oxley and
GAAP. The first policy establishes a reserve account for early payoffs on loans the Subs sell in the secondary market. If the loans pay off early (generally 90-120 days, depending on the Investor), it is required that any premium the investor paid
for the loan, be refunded. As a group, $*CONFIDENTIAL was reserved in December to account for this. The second policy relates to FAS 91, which requires the deferral of certain revenues and expenses until loans are sold in the secondary market. The
net effect of this deferral, which was posted in December, was to reduce income by $*CONFIDENTIAL million. In both cases, these figures are high due to the implementation of new policies. On a go forward basis, the impact on the income statement
will be minimal as these figures will fluctuate with volume and warehouse balances. 

  

	2)	December EBITDA before Executive Expenses was $*CONFIDENTIAL million (*CONFIDENTIAL bps). YTD is $*CONFIDENTIAL million (*CONFIDENTIAL bps). December Income before the
accounting policy changes would have been $*CONFIDENTIAL million for *CONFIDENTIAL bps, which is one of the stronger months of the year. Figures do not include *CONFIDENTIAL as they are included in Cendant Mortgage results. 


 

	3)	December volume was $790 million, just short of November’s $811 million. December ‘04 volume was *CONFIDENTIAL% higher than December ‘93. Full year
volume is $9.9 billion, *CONFIDENTIAL% ahead of budget. Figures include *CONFIDENTIAL. Without *CONFIDENTIAL, the figures are $*CONFIDENTIAL billion and $*CONFIDENTIAL billion, respectively. 

  

	4)	Purchase volume in December was $549 million, down *CONFIDENTIAL% from November. *CONFIDENTIAL were up *CONFIDENTIAL% from November for the offices covered by the Subs.
Purchases represented *CONFIDENTIAL% of total Sub closings. 

  

	5)	Sub purchase volume in December 2004 was up *CONFIDENTIAL% over December 2003. YTD, Sub purchase volumes are up 11% over the prior year. In both cases, the figures
exclude *CONFIDENTIAL. *CONFIDENTIAL covered by the subs are up *CONFIDENTIAL% year over year. 

  

	6)	Sub volumes delivered to Cendant Mortgage in December via *CONFIDENTIAL were $*CONFIDENTIAL million. This was the fourth consecutive strong increase and is nearly
double the August deliveries of $*CONFIDENTIAL million. The percentage of Sub volume locked with Cendant was *CONFIDENTIAL%, the second consecutive month over *CONFIDENTIAL%. 

  

	7)	Capture rate within the *CONFIDENTIAL offices supported by the subs was *CONFIDENTIAL%. The YTD figure is *CONFIDENTIAL%. 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 171 









 Confidential Treatment 
  

 SMALL CORPS TOTAL 
 Marshall Gayden 
  

																									
	 	 	Actuals	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity Variance	 
	 	 	October	  	November	  	December	  	January ’05	  	February ’05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
	 DRIVERS
	 		  		  		  		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	 	589	  	544	  	475	  	426	  	498	  	491	  	522	  	475	  	475	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	496	  	479	  	459	  	389	  	421	  	415	  	454	  	459	  	459	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	74	  	90	  	82	  	80	  	101	  	73	  	175	  	82	  	82	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	63	  	58	  	70	  	42	  	52	  	59	  	159	  	70	  	70	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	135	  	104	  	85	  	130	  	153	  	104	  	—  	  	83	  	83	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	67	  	69	  	86	  	78	  	72	  	90	  	—  	  	88	  	88	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	655	  	572	  	515	  	453	  	687	  	496	  	363	  	515	  	515	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	488	  	527	  	453	  	352	  	296	  	430	  	457	  	453	  	453	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	78	  	97	  	50	  	46	  	53	  	86	  	290	  	50	  	50	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	116	  	110	  	107	  	46	  	52	  	85	  	87	  	107	  	107	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	356	  	314	  	161	  	179	  	229	  	307	  	323	  	161	  	161	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	283	  	271	  	268	  	180	  	206	  	240	  	294	  	268	  	268	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	209	  	227	  	183	  	196	  	193	  	231	  	324	  	183	  	183	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	229	  	192	  	144	  	146	  	135	  	173	  	227	  	144	  	144	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	582	  	558	  	488	  	391	  	452	  	425	  	340	  	488	  	488	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	505	  	558	  	512	  	374	  	276	  	574	  	533	  	512	  	512	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	522	  	515	  	374	  	416	  	671	  	465	  	739	  	374	  	374	  	—  	  	 	—  	  
	 *CONFIDENTIAL
	 	465	  	456	  	457	  	375	  	317	  	369	  	539	  	452	  	452	  	—  	  	 	—  	  
	
	 SMALL CORPS TOTAL
 Marshall Gayden
	   
   

						
	 	 	Actuals	  	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity Variance	 
	 	 	October	  	November	  	December	  	January ’05	  	February ’05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 
	SUMMARY HEADCOUNT	 		  		  		  		  		  		  		  		  		  			 		
	 *CONFIDENTIAL
	 	49	  	48	  	46	  	50	  	50	  	48	  	48	  	48	  	48	  	(2	) 	 	(2	) 
	 *CONFIDENTIAL
	 	24	  	26	  	26	  	33	  	33	  	26	  	29	  	26	  	29	  	—  	  	 	(3	) 
	 *CONFIDENTIAL
	 	172	  	172	  	171	  	168	  	168	  	172	  	185	  	172	  	185	  	(1	) 	 	(14	) 
	 *CONFIDENTIAL
	 	177	  	175	  	174	  	172	  	172	  	188	  	188	  	188	  	188	  	(14	) 	 	(14	) 
	 *CONFIDENTIAL
	 	63	  	60	  	62	  	57	  	57	  	60	  	—  	  	60	  	—  	  	2	  	 	62	  
	 *CONFIDENTIAL
	 	159	  	159	  	168	  	139	  	140	  	159	  	146	  	159	  	146	  	(1	) 	 	12	  
	 *CONFIDENTIAL
	 	44	  	43	  	44	  	43	  	43	  	43	  	50	  	43	  	50	  	1	  	 	(6	) 
	 *CONFIDENTIAL
	 	93	  	93	  	89	  	93	  	93	  	93	  	100	  	93	  	100	  	(4	) 	 	(11	) 
	 *CONFIDENTIAL
	 	92	  	91	  	91	  	99	  	99	  	93	  	96	  	93	  	96	  	(2	) 	 	(5	) 
	 SUB-CORPORATIONS TOTAL
	 	873	  	867	  	861	  	854	  	855	  	882	  	842	  	882	  	842	  	(21	) 	 	19	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 172 









 Confidential Treatment 
  

 SMALL CORPS TOTAL 
 Marshall Gayden 
  

																													
	 	 	Actuals	 	 	12&0 Forecast	  	December	  	Month Volume Actuals	  	Month Productivity
Variance	 	 	 
	 	 	October	  	November	 	 	December	 	 	January ‘05	  	February ‘05	  	Forecast	  	Budget	  	Forecast	  	Budget	  	Forecast	 	 	Budget	 	 	Explanations of
Budget
Productivity
Variances
	 Indirect Costs
	 		  			 			 		  		  		  		  		  		  			 			 	
	 *CONFIDENTIAL
	 	1,908,606	  	1,918,018	  	 	1,938,061	  	 	1,884,691	  	1,792,238	  	1,979,815	  	1,799,170	  	1,979,815	  	1,799,170	  	(41,754	) 	 	138,891	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	26,194	  	25,305	  	 	34,630	  	 	23,427	  	20,283	  	25,144	  	20,711	  	25,144	  	20,711	  	9,486	  	 	13,919	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	48,722	  	36,323	  	 	41,952	  	 	31,000	  	25,000	  	50,250	  	30,060	  	50,250	  	29,880	  	(8,298	) 	 	12,072	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	1,500	  	1,500	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	524,813	  	452,760	  	 	461,228	  	 	171,174	  	214,103	  	455,960	  	470,127	  	455,960	  	470,127	  	5,268	  	 	(8,899	) 	 	
	 *CONFIDENTIAL
	 	260,165	  	288,089	  	 	400,538	  	 	229,291	  	197,227	  	275,098	  	251,501	  	277,403	  	259,636	  	123,134	  	 	140,902	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	5,695,757	  	6,160,427	  	 	4,552,801	  	 	4,506,750	  	4,263,979	  	5,325,286	  	5,381,376	  	5,459,477	  	5,876,872	  	(906,676	) 	 	(1,324,071	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	576,122	  	533,770	  	 	209,637	  	 	599,299	  	564,818	  	547,600	  	474,078	  	563,150	  	479,811	  	(353,513	) 	 	(270,174	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	269,559	  	276,826	  	 	232,730	  	 	616,714	  	418,822	  	283,249	  	303,757	  	287,786	  	303,133	  	(55,056	) 	 	(70,403	) 	 	*CONFIDENTIAL
		 	 	  	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	 	9,309,937	  	9,691,519	  	 	7,871,676	  	 	8,063,845	  	7,497,971	  	8,942,403	  	8,730,779	  	9,098,986	  	9,239,340	  	(1,227,410	) 	 	(1,367,764	) 	 	*CONFIDENTIAL
		 	 	  	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	18,781	  	6,175	  	 	9,744	  	 	44,500	  	3,500	  	21,500	  	2,000	  	21,500	  	2,000	  	(11,756	) 	 	7,744	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	(17)	  	576	  	 	4,488	  	 	1,050	  	2,550	  	600	  	600	  	600	  	600	  	3,888	  	 	3,888	  	 	
	 *CONFIDENTIAL
	 	126,978	  	131,780	  	 	248,810	  	 	171,127	  	176,219	  	258,654	  	140,054	  	258,654	  	140,054	  	(9,844	) 	 	108,756	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	145,984	  	195,323	  	 	240,816	  	 	89,566	  	138,060	  	132,372	  	126,793	  	132,372	  	126,793	  	108,445	  	 	114,023	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	101,681	  	128,548	  	 	156,666	  	 	99,791	  	96,838	  	100,498	  	100,957	  	104,675	  	100,697	  	51,991	  	 	55,969	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	72,151	  	89,887	  	 	103,955	  	 	63,687	  	52,319	  	87,858	  	71,451	  	91,498	  	69,111	  	12,457	  	 	34,844	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	89,641	  	81,882	  	 	80,553	  	 	44,724	  	44,724	  	102,534	  	68,518	  	102,898	  	68,440	  	(22,345	) 	 	12,113	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	260,406	  	304,086	  	 	301,161	  	 	461,265	  	461,265	  	320,017	  	288,484	  	320,017	  	288,484	  	(18,856	) 	 	12,677	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	16,881	  	25,709	  	 	21,578	  	 	18,317	  	18,317	  	17,575	  	8,684	  	17,575	  	11,626	  	4,003	  	 	9,951	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	9,047	  	5,643	  	 	16,447	  	 	15,969	  	15,969	  	9,006	  	8,506	  	9,006	  	8,506	  	7,441	  	 	7,941	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	47,624	  	51,655	  	 	36,549	  	 	81,272	  	65,892	  	15,632	  	39,503	  	15,968	  	39,191	  	20,581	  	 	(2,642	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	118,665	  	110,913	  	 	110,999	  	 	117,530	  	116,192	  	117,108	  	98,900	  	118,228	  	95,396	  	(7,229	) 	 	15,603	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	1,680	  	1,680	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	1,939	  	1,878	  	 	1,718	  	 	2,141	  	2,447	  	2,750	  	2,750	  	2,750	  	2,750	  	(1,032	) 	 	(1,032	) 	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	17,790	  	20,540	  	1,750	  	1,750	  	1,750	  	1,750	  	(1,750	) 	 	(1,750	) 	 	
	 *CONFIDENTIAL
	 	—  	  	1,547	  	 	228	  	 	912	  	942	  	2,240	  	1,794	  	2,268	  	1,768	  	(2,041	) 	 	(1,541	) 	 	
	 *CONFIDENTIAL
	 	7,868	  	9,580	  	 	8,584	  	 	7,081	  	7,145	  	3,461	  	2,370	  	3,461	  	2,370	  	5,123	  	 	6,214	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	(95)	  	306	  	 	117	  	 	500	  	500	  	174	  	174	  	174	  	174	  	(57	) 	 	(57	) 	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	25,940	  	19,696	  	 	41,191	  	 	14,483	  	12,333	  	25,900	  	19,400	  	25,900	  	19,400	  	15,291	  	 	21,791	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	19,964	  	24,108	  	 	22,636	  	 	32,727	  	24,100	  	25,683	  	13,214	  	25,683	  	13,214	  	(3,048	) 	 	9,421	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	76,871	  	82,530	  	 	81,935	  	 	66,636	  	57,559	  	75,812	  	73,765	  	76,107	  	71,212	  	5,829	  	 	10,724	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	10,268	  	23,576	  	 	14,187	  	 	13,089	  	12,622	  	22,542	  	17,832	  	22,521	  	18,596	  	(8,334	) 	 	(4,410	) 	 	
	 *CONFIDENTIAL
	 	14,097	  	(5,964	) 	 	(383	) 	 	7,965	  	6,321	  	17,890	  	2,500	  	17,890	  	2,500	  	(18,273	) 	 	(2,883	) 	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	(1,000)	  	2,729	  	 	905	  	 	13,950	  	13,294	  	3,000	  	1,500	  	3,000	  	1,500	  	(2,095	) 	 	(595	) 	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	1,800	  	1,800	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	3,264	  	13,828	  	 	12,417	  	 	15,900	  	19,900	  	13,907	  	14,290	  	13,907	  	14,290	  	(1,490	) 	 	(1,873	) 	 	
	 *CONFIDENTIAL
	 	7,588	  	12,830	  	 	11,126	  	 	14,720	  	13,450	  	11,323	  	10,627	  	11,351	  	10,601	  	(225	) 	 	525	  	 	
	 *CONFIDENTIAL
	 	(33,962)	  	5,778	  	 	19,343	  	 	2,944	  	2,339	  	1,001,763	  	18,900	  	1,001,763	  	18,900	  	(982,420	) 	 	443	  	 	
	 *CONFIDENTIAL
	 	1,821	  	1,164	  	 	6,225	  	 	2,351	  	2,227	  	4,378	  	3,334	  	4,378	  	3,430	  	1,847	  	 	2,795	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	 	—  	  	 	
	 *CONFIDENTIAL
	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	—  	  	1,000	  	—  	  	1,000	  	—  	  	 	(1,000	) 	 	
	 *CONFIDENTIAL
	 	37,000	  	37,000	  	 	37,000	  	 	34,062	  	37,039	  	37,000	  	13,500	  	37,000	  	13,500	  	—  	  	 	23,500	  	 	*CONFIDENTIAL
	 *CONFIDENTIAL
	 	5,036	  	(8,638	) 	 	(2,268	) 	 	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	(2,268	) 	 	(2,268	) 	 	
		 	 	  	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	
	Total Indirect Expenses	 	10,494,355	  	11,045,644	  	 	9,458,303	  	 	9,523,374	  	8,926,052	  	11,375,330	  	9,883,928	  	11,541,879	  	10,387,194	  	(2,083,576	) 	 	(928,890	) 	 	
		 	 	  	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 173 









 Confidential Treatment 
  

 SMALL CORPS TOTAL 
 Marshall Gayden 
  

																												
	 	 	DECEMBER YTD	  	Full Year Average
	  	 	 Actuals
	  	Budget	  	Variance	 	 	Budget
Volume
Actuals	  	Budget
Productivity
Variance	  	2004
Forecast	  	2004
Budget	  	Variance	 	 	2003
Actuals	  	Variance	 	 	Budget
Volume
Actuals	  	Budget
Productivity
Variance
	 DRIVERS
	 		  		  			 		  		  		  		  			 		  			 		  	
	 *CONFIDENTIAL
	 	7,494	  	6,395	  	1,099	  	 	7,494	  	—  	  	7,494	  	6,395	  	1,099	  	 	7,885	  	(391	) 	 	7,494	  	—  
	 *CONFIDENTIAL
	 	6,326	  	5,385	  	938	  	 	6,326	  	—  	  	6,326	  	5,388	  	938	  	 	6,868	  	(542	) 	 	6,326	  	—  
	 *CONFIDENTIAL
	 	1,097	  	1,847	  	(750	) 	 	1,097	  	—  	  	1,097	  	1,847	  	(750	) 	 	—  	  	1,097	  	 	1,097	  	—  
	 *CONFIDENTIAL
	 	821	  	1,367	  	(546	) 	 	821	  	—  	  	821	  	1,367	  	(546	) 	 	—  	  	821	  	 	821	  	—  
	 *CONFIDENTIAL
	 	970	  	—  	  	970	  	 	970	  	—  	  	970	  	—  	  	970	  	 	—  	  	970	  	 	970	  	—  
	 *CONFIDENTIAL
	 	776	  	—  	  	776	  	 	776	  	—  	  	776	  	—  	  	776	  	 	—  	  	776	  	 	776	  	—  
	 *CONFIDENTIAL
	 	8,641	  	7,125	  	1,516	  	 	8,641	  	—  	  	8,641	  	7,125	  	1,516	  	 	8,786	  	(145	) 	 	8,641	  	—  
	 *CONFIDENTIAL
	 	6,069	  	5,668	  	401	  	 	6,069	  	—  	  	6,089	  	5,668	  	401	  	 	7,089	  	(1,020	) 	 	6,069	  	—  
	 *CONFIDENTIAL
	 	1,438	  	2,834	  	(1,396	) 	 	1,438	  	—  	  	1,438	  	2,634	  	(1,396	) 	 	1,615	  	(177	) 	 	1,438	  	—  
	 *CONFIDENTIAL
	 	1,590	  	1,162	  	428	  	 	1,590	  	—  	  	1,590	  	1,162	  	428	  	 	1,355	  	235	  	 	1,590	  	—  
	 *CONFIDENTIAL
	 	4,390	  	4,647	  	(257	) 	 	4,390	  	—  	  	4,390	  	4,647	  	(257	) 	 	3,698	  	692	  	 	4,390	  	—  
	 *CONFIDENTIAL
	 	3,706	  	4,353	  	(647	) 	 	3,706	  	—  	  	3,706	  	4,353	  	(647	) 	 	4,838	  	(932	) 	 	3,706	  	—  
	 *CONFIDENTIAL
	 	3,562	  	4,152	  	(590	) 	 	3,562	  	—  	  	3,562	  	4,152	  	(590	) 	 	4,451	  	(889	) 	 	3,562	  	—  
	 *CONFIDENTIAL
	 	2,472	  	2,772	  	(300	) 	 	2,472	  	—  	  	2,472	  	2,772	  	(300	) 	 	3,585	  	(1,113	) 	 	2,472	  	—  
	 *CONFIDENTIAL
	 	8,362	  	9,946	  	(1,584	) 	 	8,362	  	—  	  	8,362	  	9,946	  	(1,584	) 	 	8,854	  	(492	) 	 	8,362	  	—  
	 *CONFIDENTIAL
	 	6,665	  	7,125	  	(460	) 	 	6,665	  	—  	  	6,665	  	7,125	  	(460	) 	 	7,766	  	(1,101	) 	 	6,665	  	—  
	 *CONFIDENTIAL
	 	7,670	  	9,438	  	(1,768	) 	 	7,670	  	—  	  	7,670	  	9,438	  	(1,768	) 	 	11,965	  	(4,295	) 	 	7,670	  	—  
	 *CONFIDENTIAL
	 	6,648	  	7,085	  	(437	) 	 	6,648	  	—  	  	6,160	  	7,085	  	(905	) 	 	10,090	  	(3,910	) 	 	6,180	  	—  

 SMALL CORPS TOTAL 
 Marshall Gayden 
  

																														
	 	 	DECEMBER YTD	 	 	Full Year Average	 
	  	 	 Actuals
	  	Budget	  	Variance	 	 	Budget
Volume
Actuals	  	Budget
Productivity
Variance	 	 	2004
Forecast	  	2004
Budget	  	Variance	 	 	2003
Actuals	  	Variance	 	 	Budget
Volume
Actuals	  	Budget
Productivity
Variance	 
	 SUMMARY HEADCOUNT
	 		  		  			 		  			 		  		  			 		  			 		  		
	 *CONFIDENTIAL
	 	46	  	48	  	(2	) 	 	48	  	(2	) 	 	48	  	48	  	1	  	 	46	  	3	  	 	48	  	1	  
	 *CONFIDENTIAL
	 	26	  	26	  	(3	) 	 	29	  	(3	) 	 	23	  	24	  	(1	) 	 	—  	  	23	  	 	24	  	(1	) 
	 *CONFIDENTIAL
	 	171	  	185	  	(14	) 	 	185	  	(14	) 	 	178	  	185	  	(7	) 	 	169	  	9	  	 	185	  	(7	) 
	 *CONFIDENTIAL
	 	174	  	188	  	(14	) 	 	188	  	(14	) 	 	182	  	186	  	(4	) 	 	196	  	(14	) 	 	186	  	(4	) 
	 *CONFIDENTIAL
	 	62	  	—  	  	62	  	 	—  	  	62	  	 	48	  	—  	  	48	  	 	—  	  	48	  	 	—  	  	48	  
	 *CONFIDENTIAL
	 	158	  	146	  	12	  	 	146	  	12	  	 	153	  	146	  	7	  	 	146	  	7	  	 	146	  	7	  
	 *CONFIDENTIAL
	 	44	  	50	  	(6	) 	 	50	  	(6	) 	 	44	  	48	  	(5	) 	 	46	  	(2	) 	 	48	  	(5	) 
	 *CONFIDENTIAL
	 	89	  	100	  	(11	) 	 	100	  	(11	) 	 	90	  	96	  	(7	) 	 	90	  	0	  	 	96	  	(7	) 
	 *CONFIDENTIAL
	 	91	  	96	  	(5	) 	 	96	  	(5	) 	 	94	  	97	  	(3	) 	 	101	  	(7	) 	 	97	  	(3	) 
	SUB-CORPORATIONS TOTAL	 	861	  	842	  	19	  	 	842	  	19	  	 	851	  	831	  	21	  	 	793	  	59	  	 	831	  	21	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 175 









 Confidential Treatment 
  

 SMALL CORPS TOTAL 
 Marshall Gayden 
  

																															
	 	 	DECEMBER YTD	 	 	Full Year	 
	 	 	Actuals	  	Budget	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 	 	2004 Forecast	 	 	2004 Budget	  	Variance	 	 	2003 Actuals	  	Variance	 	 	Budget Volume
Actuals	  	Budget
Productivity
Variance	 
	 Indirect Costs
	 		  		  			 		  			 			 		  			 		  			 		  		
	 *CONFIDENTIAL
	 	22,736,640	  	20,655,867	  	2,080,773	  	 	20,655,867	  	2,080,773	  	 	22,736,640	  	 	20,655,867	  	2,080,773	  	 	20,628,928	  	2,107,712	  	 	20,655,867	  	2,080,773	  
	*CONFIDENTIAL	 	594,152	  	398,472	  	195,680	  	 	386,052	  	208,100	  	 	594,152	  	 	398,472	  	195,680	  	 	709,861	  	(115,709	) 	 	386,052	  	208,100	  
	*CONFIDENTIAL	 	782,058	  	441,243	  	340,815	  	 	422,433	  	359,625	  	 	782,058	  	 	441,243	  	340,815	  	 	956,688	  	(174,630	) 	 	422,433	  	359,625	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	4,727,259	  	5,401,110	  	(673,852	) 	 	5,401,110	  	(673,852	) 	 	4,727,259	  	 	5,401,110	  	(673,852	) 	 	6,253,954	  	(1,526,695	) 	 	5,401,110	  	(673,852	) 
	*CONFIDENTIAL	 	3,464,199	  	3,022,025	  	442,174	  	 	3,246,986	  	217,213	  	 	3,464,199	  	 	3,022,025	  	442,174	  	 	4,031,449	  	(567,251	) 	 	3,246,986	  	217,213	  
	*CONFIDENTIAL	 	69,821,426	  	66,882,439	  	2,938,987	  	 	75,096,479	  	(5,275,054	) 	 	69,821,426	  	 	66,882,439	  	2,938,987	  	 	79,095,804	  	(9,274,379	) 	 	75,096,479	  	(5,275,054	) 
	*CONFIDENTIAL	 	6,904,747	  	6,293,042	  	611,705	  	 	6,407,731	  	497,016	  	 	6,904,747	  	 	6,293,042	  	611,705	  	 	6,315,074	  	589,673	  	 	6,407,731	  	497,016	  
	*CONFIDENTIAL	 	4,556,505	  	5,092,891	  	(536,386	) 	 	5,237,202	  	(680,697	) 	 	4,556,505	  	 	5,092,891	  	(536,386	) 	 	4,578,563	  	(22,058	) 	 	5,237,202	  	(680,697	) 
		 	 	  	 	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	*CONFIDENTIAL	 	113,586,984	  	108,187,089	  	5,399,895	  	 	116,853,861	  	(3,266,877	) 	 	113,586,984	  	 	108,187,089	  	5,399,895	  	 	122,570,321	  	(8,983,337	) 	 	116,853,861	  	(3,266,877	) 
		 	 	  	 	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	65,862	  	20,076	  	45,786	  	 	20,076	  	45,786	  	 	65,862	  	 	20,076	  	45,786	  	 	27,838	  	38,024	  	 	20,076	  	45,786	  
	*CONFIDENTIAL	 	34,651	  	17,989	  	16,662	  	 	17,989	  	16,662	  	 	34,651	  	 	17,989	  	16,662	  	 	52,368	  	(17,717	) 	 	17,989	  	16,662	  
	*CONFIDENTIAL	 	1,732,115	  	1,736,782	  	(4,667	) 	 	1,736,782	  	(4,667	) 	 	1,732,115	  	 	1,736,782	  	(4,667	) 	 	1,528,123	  	203,992	  	 	1,736,782	  	(4,667	) 
	*CONFIDENTIAL	 	1,767,503	  	1,696,293	  	71,210	  	 	1,696,293	  	71,210	  	 	1,767,503	  	 	1,696,293	  	71,210	  	 	1,608,505	  	158,998	  	 	1,696,293	  	71,210	  
	*CONFIDENTIAL	 	1,561,733	  	1,290,460	  	271,273	  	 	1,285,086	  	276,647	  	 	1,561,733	  	 	1,290,460	  	271,273	  	 	1,809,920	  	(248,187	) 	 	1,285,086	  	276,647	  
	*CONFIDENTIAL	 	1,152,559	  	910,895	  	241,664	  	 	852,665	  	299,894	  	 	1,152,559	  	 	910,895	  	241,664	  	 	1,135,789	  	16,770	  	 	852,665	  	299,894	  
	*CONFIDENTIAL	 	1,048,573	  	876,195	  	172,378	  	 	874,254	  	174,319	  	 	1,048,573	  	 	876,195	  	172,378	  	 	1,010,330	  	38,244	  	 	874,254	  	174,319	  
	*CONFIDENTIAL	 	3,423,223	  	3,504,355	  	(81,132	) 	 	3,504,355	  	(81,132	) 	 	3,423,223	  	 	3,504,355	  	(81,132	) 	 	2,886,116	  	537,107	  	 	3,504,355	  	(81,132	) 
	*CONFIDENTIAL	 	314,307	  	183,161	  	131,146	  	 	199,531	  	114,776	  	 	314,307	  	 	183,161	  	131,146	  	 	247,886	  	66,421	  	 	199,531	  	114,776	  
	*CONFIDENTIAL	 	95,393	  	92,847	  	2,546	  	 	92,847	  	2,546	  	 	95,393	  	 	92,847	  	2,546	  	 	119,049	  	(23,656	) 	 	92,847	  	2,546	  
	*CONFIDENTIAL	 	446,443	  	415,739	  	29,704	  	 	407,975	  	37,468	  	 	445,443	  	 	415,739	  	29,704	  	 	440,646	  	4,797	  	 	407,975	  	37,468	  
	*CONFIDENTIAL	 	1,335,661	  	1,189,884	  	145,777	  	 	1,161,786	  	173,875	  	 	1,335,661	  	 	1,189,884	  	145,777	  	 	1,408,354	  	(72,693	) 	 	1,161,786	  	173,875	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	25,195	  	31,840	  	(6,645	) 	 	31,840	  	(6,645	) 	 	25,195	  	 	31,840	  	(6,645	) 	 	10,174	  	15,020	  	 	31,840	  	(6,645	) 
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	—  	  	17,500	  	(17,500	) 	 	17,500	  	(17,500	) 	 	—  	  	 	17,500	  	(17,500	) 	 	—  	  	—  	  	 	17,500	  	(17,500	) 
	*CONFIDENTIAL	 	16,769	  	34,031	  	(17,262	) 	 	33,384	  	(16,615	) 	 	16,769	  	 	34,031	  	(17,262	) 	 	14,593	  	2,176	  	 	33,384	  	(16,615	) 
	*CONFIDENTIAL	 	97,566	  	61,133	  	36,433	  	 	61,133	  	36,433	  	 	97,566	  	 	61,133	  	36,433	  	 	94,587	  	2,979	  	 	61,133	  	36,433	  
	*CONFIDENTIAL	 	4,434	  	4,770	  	(335	) 	 	4,770	  	(335	) 	 	4,434	  	 	4,770	  	(335	) 	 	3,542	  	893	  	 	4,770	  	(335	) 
	*CONFIDENTIAL	 	314,042	  	179,983	  	134,059	  	 	179,983	  	134,059	  	 	314,042	  	 	179,983	  	134,059	  	 	448,756	  	(134,714	) 	 	179,983	  	134,059	  
	*CONFIDENTIAL	 	290,301	  	162,047	  	128,254	  	 	162,047	  	128,254	  	 	290,301	  	 	162,047	  	128,254	  	 	406,154	  	(115,854	) 	 	162,047	  	128,254	  
	*CONFIDENTIAL	 	950,035	  	908,370	  	41,665	  	 	893,267	  	56,768	  	 	950,035	  	 	908,370	  	41,665	  	 	1,012,482	  	(62,447	) 	 	893,267	  	56,768	  
	*CONFIDENTIAL	 	199,034	  	223,114	  	(24,079	) 	 	233,203	  	(34,168	) 	 	199,034	  	 	223,114	  	(24,079	) 	 	215,463	  	(16,429	) 	 	233,203	  	(34,168	) 
	*CONFIDENTIAL	 	238,931	  	72,854	  	166,077	  	 	72,854	  	166,077	  	 	238,931	  	 	72,854	  	166,077	  	 	140,207	  	98,724	  	 	72,854	  	166,077	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	500	  	(500	) 	 	—  	  	—  	  
	*CONFIDENTIAL	 	26,803	  	20,363	  	6,441	  	 	20,363	  	6,441	  	 	26,803	  	 	20,363	  	6,441	  	 	40,689	  	(13,686	) 	 	20,363	  	6,441	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	396	  	(396	) 	 	—  	  	—  	  
	*CONFIDENTIAL	 	158,539	  	140,365	  	18,173	  	 	140,365	  	18,173	  	 	158,539	  	 	140,365	  	18,173	  	 	144,542	  	13,997	  	 	140,365	  	18,173	  
	*CONFIDENTIAL	 	116,091	  	118,934	  	(2,843	) 	 	118,287	  	(2,196	) 	 	116,091	  	 	118,934	  	(2,843	) 	 	112,853	  	3,237	  	 	118,287	  	(2,196	) 
	*CONFIDENTIAL	 	93,824	  	257,063	  	(163,239	) 	 	257,063	  	(163,239	) 	 	93,824	  	 	257,063	  	(163,239	) 	 	379,380	  	(285,556	) 	 	257,063	  	(163,239	) 
	*CONFIDENTIAL	 	32,546	  	36,692	  	(4,146	) 	 	39,235	  	(6,689	) 	 	32,546	  	 	36,692	  	(4,146	) 	 	47,616	  	(15,070	) 	 	39,235	  	(6,689	) 
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  
	*CONFIDENTIAL	 	—  	  	23,000	  	(23,000	) 	 	23,000	  	(23,000	) 	 	—  	  	 	23,000	  	(23,000	) 	 	—  	  	—  	  	 	23,000	  	(23,000	) 
	*CONFIDENTIAL	 	430,000	  	162,000	  	268,000	  	 	162,000	  	268,000	  	 	430,000	  	 	162,000	  	268,000	  	 	120,000	  	310,000	  	 	162,000	  	268,000	  
	*CONFIDENTIAL	 	(88,260)	  	5,208	  	(93,469	) 	 	5,208	  	(93,469	) 	 	(88,260	) 	 	5,208	  	(93,469	) 	 	658,955	  	(747,215	) 	 	5,208	  	(93,469	) 
		 	 	  	 	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	  	 	 	 	 	  	 	 
	 Total Indirect Expenses
	 	129,469,856	  	122,581,034	  	6,888,823	  	 	131,159,003	  	(1,689,147	) 	 	129,469,856	  	 	122,581,034	  	6,888,823	  	 	138,696,132	  	(9,226,275	) 	 	131,159,003	  	(1,689,147	) 
		 	 	  	 	  	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	  	 	 	 	 	  	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 176 








 Cendant Mortgage Subsidiaries 
 Monthly Variance Report 
 December 2004 
 The Budget is equal to the 0&12 Forecast for the
following pages. 
 

 
  

 176 









 Confidential Treatment 
  


																																													
	 DECEMBER
PROFIT & LOSS
REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	136	  	 	 	523	  	 	 	565	  	 	 	85	  	 	 	650	  	 	 	234	  	 	 	301	  	 	 	606	  	 	 	103	  	 	 	374	  	 	 	2,936	  
	 Total Application Dollars
	 	$	 32,035	  	 	$	218,206	  	 	$	 201,851	  	 	$	14,106	  	 	$	215,957	  	 	$	30,992	  	 	$	56,123	  	 	$	144,081	  	 	$	23,073	  	 	$	89,393	  	 	$	809,860	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	226	  	 	 	517	  	 	 	492	  	 	 	79	  	 	 	571	  	 	 	192	  	 	 	326	  	 	 	622	  	 	 	108	  	 	 	452	  	 	 	3,015	  
	 Total Closing Dollars
	 	$	 52,902	  	 	$	217,532	  	 	$	 168,171	  	 	$	14,397	  	 	$	182,568	  	 	$	22,372	  	 	$	51,873	  	 	$	135,525	  	 	$	25,439	  	 	$	101,382	  	 	$	789,593	  
	 Average Loan Amount
	 	 	234,080	  	 	 	420,759	  	 	 	341,810	  	 	 	182,242	  	 	 	524,052	  	 	 	116,519	  	 	 	159,121	  	 	 	217,885	  	 	 	233,389	  	 	 	224,296	  	 	 	261,888	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	171	  	 	 	345	  	 	 	339	  	 	 	70	  	 	 	409	  	 	 	143	  	 	 	289	  	 	 	538	  	 	 	63	  	 	 	330	  	 	 	2,288	  
	 Purchase Closing Dollars
	 	$	4,006	  	 	$	 136,713	  	 	$	113,988	  	 	$	12,545	  	 	$	126,533	  	 	$	16,074	  	 	$	47,095	  	 	$	115,015	  	 	$	16,827	  	 	$	68,984	  	 	$	531,248	  
	 Average Loan Amount
	 	 	23,425	  	 	 	396,269	  	 	 	336,249	  	 	 	179,210	  	 	 	515,459	  	 	 	112,405	  	 	 	162,960	  	 	 	213,783	  	 	 	267,102	  	 	 	209,043	  	 	 	232,189	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closing - Units
	 	 	55	  	 	 	172	  	 	 	153	  	 	 	9	  	 	 	162	  	 	 	49	  	 	 	37	  	 	 	84	  	 	 	46	  	 	 	122	  	 	 	727	  
	 Refi Closing - Dollars
	 	$	 48,896	  	 	$	80,820	  	 	$	54,182	  	 	$	 1,852	  	 	$	56,034	  	 	$	6,298	  	 	$	4,778	  	 	$	 20,509	  	 	$	8,612	  	 	$	32,398	  	 	$	258,345	  
	 Average Loan Amount
	 	 	889,027	  	 	 	469,881	  	 	 	354,131	  	 	 	205,828	  	 	 	559,959	  	 	 	128,526	  	 	 	129,136	  	 	 	244,159	  	 	 	187,217	  	 	 	265,555	  	 	 	355,358	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	$	33,068	  	 	$	19,613	  	 	$	18,726	  	 	$	1,985	  	 	$	20,712	  	 	$	6,070	  	 	$	10,212	  	 	$	29,498	  	 	$	6,645	  	 	$	95,454	  	 	$	221,302	  
	*CONFIDENTIAL	 	 	92.4	% 	 	 	37.2	% 	 	 	32.2	% 	 	 	12.9	% 	 	 	30.7	% 	 	 	28.2	% 	 	 	9.2	% 	 	 	15.1	% 	 	 	33.9	% 	 	 	32.0	% 	 	 	32.7	% 
	*CONFIDENTIAL	 	 	15.2	% 	 	 	20.7	% 	 	 	19.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	18.6	% 	 	 	16.6	% 	 	 	21.1	% 	 	 	16.1	% 	 	 	24.6	% 	 	 	19.8	% 
	*CONFIDENTIAL	 	 	62.5	% 	 	 	9.0	% 	 	 	11.1	% 	 	 	13.8	% 	 	 	11.3	% 	 	 	27.1	% 	 	 	19.7	% 	 	 	21.8	% 	 	 	26.1	% 	 	 	94.2	% 	 	 	28.0	% 
	*CONFIDENTIAL	 	 	1.37	% 	 	 	1.33	% 	 	 	1.03	% 	 	 	1.39	% 	 	 	1.06	% 	 	 	-0.21	% 	 	 	1.51	% 	 	 	1.35	% 	 	 	1.85	% 	 	 	0.00	% 	 	 	1.09	% 
	*CONFIDENTIAL	 	$	(91	) 	 	$	199	  	 	$	56	  	 	$	22	  	 	$	51	  	 	$	259	  	 	$	30	  	 	$	(250	) 	 	$	151	  	 	$	 —  	  	 	$	11	  
	*CONFIDENTIAL	 	 	49.53	% 	 	 	68.64	% 	 	 	36.37	% 	 	 	29.46	% 	 	 	35.65	% 	 	 	-20.88	% 	 	 	21.79	% 	 	 	19.69	% 	 	 	50.27	% 	 	 	0.00	% 	 	 	52.96	% 
	*CONFIDENTIAL	 	 	0.00	% 	 	 	-0.04	% 	 	 	0.22	% 	 	 	-0.26	% 	 	 	0.19	% 	 	 	0.84	% 	 	 	0.30	% 	 	 	-0.66	% 	 	 	-0.08	% 	 	 	0.00	% 	 	 	-0.04	% 
	*CONFIDENTIAL	 	 	1.39	% 	 	 	1.40	% 	 	 	1.39	% 	 	 	1.37	% 	 	 	1.39	% 	 	 	1.00	% 	 	 	2.13	% 	 	 	0.79	% 	 	 	1.85	% 	 	 	0.00	% 	 	 	1.16	% 
	*CONFIDENTIAL	 	 	0.71	% 	 	 	0.49	% 	 	 	1.02	% 	 	 	0.96	% 	 	 	1.01	% 	 	 	0.96	% 	 	 	1.80	% 	 	 	0.52	% 	 	 	0.96	% 	 	 	-0.74	% 	 	 	0.59	% 
	*CONFIDENTIAL	 	$	3,251	  	 	$	5,893	  	 	$	4,760	  	 	$	2,498	  	 	$	4,447	  	 	$	1,171	  	 	$	3,397	  	 	$	1,713	  	 	$	4,320	  	 	$	—  	  	 	$	3,048	  
	*CONFIDENTIAL	 	$	991	  	 	$	1,257	  	 	$	1,564	  	 	$	1,870	  	 	$	1,606	  	 	$	1,856	  	 	$	1,197	  	 	$	1,216	  	 	$	2,783	  	 	$	1,867	  	 	$	1,473	  
	*CONFIDENTIAL	 	 	0.42	% 	 	 	0.30	% 	 	 	0.46	% 	 	 	1.03	% 	 	 	0.50	% 	 	 	1.59	% 	 	 	0.75	% 	 	 	0.56	% 	 	 	1.19	% 	 	 	0.83	% 	 	 	0.56	% 
	 Loans over 60 days
	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	0	  	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	N/A	  	 	 	6	  
	 Summary Headcount
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	174	  	 	 	861	  
												
	 DECEMBER
PROFIT & LOSS
REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	MORTGAGE	 	 	BURNET	 	 	TOTAL	 
	 Revenue
	 	 	722,261	  	 	 	2,895,264	  	 	 	1,738,622	  	 	 	200,410	  	 	 	1,939,032	  	 	 	(46,293	) 	 	 	785,554	  	 	 	1,831,355	  	 	 	470,014	  	 	 	—  	  	 	 	8,597,187	  
	*CONFIDENTIAL	 	 	55,140	  	 	 	143,546	  	 	 	162,415	  	 	 	24,341	  	 	 	186,756	  	 	 	13,926	  	 	 	134,930	  	 	 	214,768	  	 	 	8,053	  	 	 	—  	  	 	 	575,117	  
	*CONFIDENTIAL	 	 	(20,564	) 	 	 	103,105	  	 	 	27,534	  	 	 	1,712	  	 	 	29,245	  	 	 	49,726	  	 	 	9,735	  	 	 	(155,366	) 	 	 	16,506	  	 	 	—  	  	 	 	32,388	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	(22,149	) 	 	 	(521,244	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7,854	) 	 	 	—  	  	 	 	(551,247	) 
	*CONFIDENTIAL	 	 	0	  	 	 	512,302	  	 	 	35,188	  	 	 	7,999	  	 	 	43,188	  	 	 	20,252	  	 	 	23,853	  	 	 	66,712	  	 	 	3,309	  	 	 	—  	  	 	 	669,615	  
	*CONFIDENTIAL	 	 	—  	  	 	 	(86,164	) 	 	 	378,354	  	 	 	(37,156	) 	 	 	341,197	  	 	 	187,169	  	 	 	153,217	  	 	 	(892,215	) 	 	 	(19,124	) 	 	 	—  	  	 	 	(315,919	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	734,689	  	 	 	3,046,807	  	 	 	2,342,112	  	 	 	197,306	  	 	 	2,539,418	  	 	 	224,781	  	 	 	1,107,288	  	 	 	1,065,254	  	 	 	470,905	  	 	 	—  	  	 	 	9,188,141	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	357,744	  	 	 	1,987,184	  	 	 	632,298	  	 	 	59,046	  	 	 	691,344	  	 	 	9,668	  	 	 	171,199	  	 	 	360,539	  	 	 	226,682	  	 	 	748,441	  	 	 	4,552,801	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	376,945	  	 	 	1,059,624	  	 	 	1,709,814	  	 	 	138,260	  	 	 	1,848,074	  	 	 	215,113	  	 	 	936,088	  	 	 	704,715	  	 	 	244,222	  	 	 	(748,441	) 	 	 	4,636,340	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	 	 	86,591	  	 	 	233,554	  	 	 	355,726	  	 	 	45,426	  	 	 	401,153	  	 	 	170,585	  	 	 	167,195	  	 	 	347,860	  	 	 	148,700	  	 	 	382,422	  	 	 	1,938,061	  
	*CONFIDENTIAL	 	 	169	  	 	 	259	  	 	 	22,773	  	 	 	1,638	  	 	 	24,411	  	 	 	610	  	 	 	744	  	 	 	7,077	  	 	 	1,067	  	 	 	293	  	 	 	34,630	  
	*CONFIDENTIAL	 	 	1,137	  	 	 	—  	  	 	 	23,544	  	 	 	—  	  	 	 	23,544	  	 	 	6,996	  	 	 	—  	  	 	 	7,187	  	 	 	3,088	  	 	 	—  	  	 	 	41,952	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	21,852	  	 	 	64,260	  	 	 	123,847	  	 	 	6,894	  	 	 	130,740	  	 	 	1,898	  	 	 	59,122	  	 	 	14,896	  	 	 	46,112	  	 	 	61,676	  	 	 	400,538	  
	*CONFIDENTIAL	 	 	8,990	  	 	 	7,117	  	 	 	19,430	  	 	 	12,739	  	 	 	32,168	  	 	 	5,905	  	 	 	6,501	  	 	 	22,794	  	 	 	24,484	  	 	 	101,678	  	 	 	209,637	  
	*CONFIDENTIAL	 	 	11,451	  	 	 	36,320	  	 	 	15,782	  	 	 	11,651	  	 	 	27,432	  	 	 	30,362	  	 	 	15,674	  	 	 	51,065	  	 	 	20,922	  	 	 	39,504	  	 	 	232,730	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	891	  	 	 	—  	  	 	 	891	  	 	 	890	  	 	 	—  	  	 	 	—  	  	 	 	1,321	  	 	 	1,386	  	 	 	4,488	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	244	  	 	 	244	  	 	 	500	  	 	 	—  	  	 	 	—  	  	 	 	9,000	  	 	 	—  	  	 	 	9,744	  
	*CONFIDENTIAL	 	 	10,873	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9,053	  	 	 	2,375	  	 	 	2,750	  	 	 	16,140	  	 	 	41,919	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	141,063	  	 	 	341,511	  	 	 	561,992	  	 	 	78,591	  	 	 	640,593	  	 	 	217,746	  	 	 	258,288	  	 	 	453,235	  	 	 	257,455	  	 	 	503,100	  	 	 	2,912,970	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	14,579	  	 	 	69,634	  	 	 	50,389	  	 	 	13,665	  	 	 	64,054	  	 	 	35,208	  	 	 	31,063	  	 	 	26,144	  	 	 	4,926	  	 	 	55,552	  	 	 	301,161	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	4,878	  	 	 	—  	  	 	 	4,878	  	 	 	1,929	  	 	 	—  	  	 	 	9,200	  	 	 	—  	  	 	 	5,570	  	 	 	21,578	  
	*CONFIDENTIAL	 	 	875	  	 	 	7,702	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,090	  	 	 	—  	  	 	 	1,736	  	 	 	3,044	  	 	 	—  	  	 	 	16,447	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	15,454	  	 	 	77,336	  	 	 	55,268	  	 	 	13,665	  	 	 	68,933	  	 	 	40,227	  	 	 	31,063	  	 	 	37,080	  	 	 	7,970	  	 	 	61,123	  	 	 	339,186	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	5,206	  	 	 	4,690	  	 	 	1,490	  	 	 	350	  	 	 	1,840	  	 	 	—  	  	 	 	681	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	12,417	  
	*CONFIDENTIAL	 	 	100	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,429	  	 	 	4,465	  	 	 	7,584	  	 	 	13,006	  	 	 	4,965	  	 	 	36,549	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	5,306	  	 	 	4,690	  	 	 	1,490	  	 	 	350	  	 	 	1,840	  	 	 	6,429	  	 	 	5,146	  	 	 	7,584	  	 	 	13,006	  	 	 	4,965	  	 	 	48,968	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	20,484	  	 	 	15,000	  	 	 	40,210	  	 	 	5,969	  	 	 	46,179	  	 	 	19,473	  	 	 	9,100	  	 	 	14,207	  	 	 	4,403	  	 	 	111,971	  	 	 	240,816	  
	*CONFIDENTIAL	 	 	15,447	  	 	 	67,039	  	 	 	28,308	  	 	 	5,981	  	 	 	34,289	  	 	 	7,571	  	 	 	6,380	  	 	 	110,255	  	 	 	1,490	  	 	 	6,340	  	 	 	248,810	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	35,931	  	 	 	82,039	  	 	 	68,517	  	 	 	11,951	  	 	 	80,468	  	 	 	27,043	  	 	 	15,479	  	 	 	124,462	  	 	 	5,893	  	 	 	118,311	  	 	 	469,626	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	3,822	  	 	 	17,866	  	 	 	17,657	  	 	 	1,994	  	 	 	19,651	  	 	 	30,889	  	 	 	17,116	  	 	 	13,305	  	 	 	3,070	  	 	 	5,321	  	 	 	110,999	  
	*CONFIDENTIAL	 	 	4,398	  	 	 	17,273	  	 	 	22,725	  	 	 	1,237	  	 	 	23,963	  	 	 	3,204	  	 	 	11,654	  	 	 	16,853	  	 	 	2,444	  	 	 	2,147	  	 	 	81,935	  
	*CONFIDENTIAL	 	 	(63	) 	 	 	2,368	  	 	 	4,972	  	 	 	683	  	 	 	5,655	  	 	 	1,452	  	 	 	—  	  	 	 	1,153	  	 	 	1,000	  	 	 	2,621	  	 	 	14,187	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	8,157	  	 	 	37,506	  	 	 	45,354	  	 	 	3,914	  	 	 	49,268	  	 	 	35,545	  	 	 	28,820	  	 	 	31,311	  	 	 	6,514	  	 	 	9,999	  	 	 	207,121	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2,202	  	 	 	39,501	  	 	 	26,219	  	 	 	12,020	  	 	 	38,239	  	 	 	21,131	  	 	 	8,973	  	 	 	24,630	  	 	 	4,976	  	 	 	17,015	  	 	 	156,666	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2,202	  	 	 	39,501	  	 	 	26,219	  	 	 	12,020	  	 	 	38,239	  	 	 	21,131	  	 	 	8,973	  	 	 	24,630	  	 	 	4,976	  	 	 	17,015	  	 	 	156,666	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  	 	 	1,718	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  
	*CONFIDENTIAL	 	 	4,085	  	 	 	1,300	  	 	 	(14,538	) 	 	 	19,850	  	 	 	5,313	  	 	 	3,658	  	 	 	35,851	  	 	 	25,721	  	 	 	2,960	  	 	 	25,069	  	 	 	103,955	  
	*CONFIDENTIAL	 	 	2,322	  	 	 	8,335	  	 	 	965	  	 	 	3,562	  	 	 	4,527	  	 	 	202	  	 	 	1,300	  	 	 	5,949	  	 	 	—  	  	 	 	—  	  	 	 	22,638	  
	*CONFIDENTIAL	 	 	3,584	  	 	 	233	  	 	 	5,846	  	 	 	658	  	 	 	6,504	  	 	 	416	  	 	 	—  	  	 	 	390	  	 	 	—  	  	 	 	—  	  	 	 	11,126	  
	*CONFIDENTIAL	 	 	5,695	  	 	 	40,447	  	 	 	16,965	  	 	 	1,432	  	 	 	18,397	  	 	 	3,016	  	 	 	1,957	  	 	 	3,119	  	 	 	1,023	  	 	 	6,897	  	 	 	80,553	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	15,686	  	 	 	50,315	  	 	 	9,238	  	 	 	27,221	  	 	 	36,459	  	 	 	7,292	  	 	 	39,109	  	 	 	35,179	  	 	 	3,983	  	 	 	31,966	  	 	 	219,989	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	107	  	 	 	—  	  	 	 	107	  	 	 	798	  	 	 	1,404	  	 	 	6,275	  	 	 	—  	  	 	 	—  	  	 	 	8,584	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	228	  	 	 	—  	  	 	 	228	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	228	  
	*CONFIDENTIAL	 	 	—  	  	 	 	16,731	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,004	  	 	 	594	  	 	 	15	  	 	 	(0	) 	 	 	19,343	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	193	  	 	 	9	  	 	 	202	  	 	 	—  	  	 	 	—  	  	 	 	6,023	  	 	 	—  	  	 	 	—  	  	 	 	6,225	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2,268	) 	 	 	(2,268	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	117	  	 	 	117	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	—  	  	 	 	16,731	  	 	 	528	  	 	 	9	  	 	 	537	  	 	 	798	  	 	 	3,408	  	 	 	12,891	  	 	 	15	  	 	 	(2,151	) 	 	 	32,229	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	114	  	 	 	—  	  	 	 	760	  	 	 	—  	  	 	 	760	  	 	 	52	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(1,309	) 	 	 	(383	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	905	  	 	 	905	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	30,000	  	 	 	3,500	  	 	 	—  	  	 	 	33,500	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	114	  	 	 	—  	  	 	 	760	  	 	 	—  	  	 	 	760	  	 	 	52	  	 	 	—  	  	 	 	30,000	  	 	 	3,500	  	 	 	(405	) 	 	 	34,022	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	223,914	  	 	 	649,630	  	 	 	769,366	  	 	 	147,721	  	 	 	917,087	  	 	 	356,263	  	 	 	390,285	  	 	 	756,372	  	 	 	303,302	  	 	 	843,922	  	 	 	4,440,775	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	3,500	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,500	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	227,141	  	 	 	649,630	  	 	 	769,366	  	 	 	147,721	  	 	 	917,087	  	 	 	356,263	  	 	 	390,285	  	 	 	756,372	  	 	 	303,302	  	 	 	843,922	  	 	 	4,444,275	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	149,531	  	 	 	409,994	  	 	 	940,448	  	 	 	(9,460	) 	 	 	930,988	  	 	 	(141,150	) 	 	 	545,803	  	 	 	(51,657	) 	 	 	(59,080	) 	 	 	(1,592,363	) 	 	 	192,065	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 177 









 Confidential Treatment 
  


																																													
	 YTD
 FORECAST
 PROFIT &
 LOSS REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	2,101	  	 	 	7,773	  	 	 	8,871	  	 	 	1,120	  	 	 	9,991	  	 	 	3,880	  	 	 	4,615	  	 	 	9,035	  	 	 	1,035	  	 	 	7,743	  	 	 	46,173	  
	 Total Application Dollars
	 	$	467,172	  	 	$	3,236,918	  	 	$	3,019,662	  	 	$	181,285	  	 	$	3,200,946	  	 	$	500,379	  	 	$	756,576	  	 	$	2,086,193	  	 	$	239,197	  	 	$	1,679,040	  	 	$	12,166,421	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	2,592	  	 	 	6,606	  	 	 	6,464	  	 	 	883	  	 	 	7,347	  	 	 	2,793	  	 	 	3,879	  	 	 	7,813	  	 	 	817	  	 	 	6,648	  	 	 	38,495	  
	 Total Closing Dollars
	 	$	563,941	  	 	$	2,759,138	  	 	$	2,151,704	  	 	$	144,802	  	 	$	2,296,306	  	 	$	327,756	  	 	$	623,627	  	 	$	1,742,216	  	 	$	186,589	  	 	$	1,405,789	  	 	$	9,905,363	  
	 Average Loan Amount
	 	 	217,570	  	 	 	417,671	  	 	 	332,875	  	 	 	163,762	  	 	 	312,550	  	 	 	117,349	  	 	 	160,770	  	 	 	222,989	  	 	 	228,383	  	 	 	211,460	  	 	 	257,316	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	2,080	  	 	 	4,397	  	 	 	4,646	  	 	 	792	  	 	 	5,438	  	 	 	2,163	  	 	 	3,428	  	 	 	6,708	  	 	 	589	  	 	 	5,266	  	 	 	30,069	  
	 Purchase Closing Dollars
	 	$	409,952	  	 	$	1,794,836	  	 	$	1,529,367	  	 	$	126,401	  	 	$	1,655,768	  	 	$	229,487	  	 	$	505,869	  	 	$	1,478,717	  	 	$	128,116	  	 	$	1,085,626	  	 	$	7,288,369	  
	 Average Loan Amount
	 	 	197,092	  	 	 	408,195	  	 	 	329,179	  	 	 	159,598	  	 	 	304,481	  	 	 	106,097	  	 	 	147,570	  	 	 	220,441	  	 	 	217,514	  	 	 	206,158	  	 	 	242,388	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	 	 	512	  	 	 	2,209	  	 	 	1,818	  	 	 	91	  	 	 	1,909	  	 	 	630	  	 	 	451	  	 	 	1,105	  	 	 	228	  	 	 	1,382	  	 	 	8,426	  
	 Refi Closings - Dollars
	 	$	153,989	  	 	 	964,302	  	 	$	622,338	  	 	$	18,201	  	 	$	640,539	  	 	$	98,269	  	 	$	117,759	  	 	$	263,499	  	 	$	58,473	  	 	$	320,163	  	 	$	2,616,993	  
	 Average Loan Amount
	 	 	300,760	  	 	 	436,533	  	 	 	342,320	  	 	 	200,010	  	 	 	335,536	  	 	 	155,983	  	 	 	261,106	  	 	 	238,461	  	 	 	256,462	  	 	 	231,666	  	 	 	310,585	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	269,803	  	 	$	107,394	  	 	$	176,579	  	 	$	12,255	  	 	$	188,834	  	 	$	46,102	  	 	$	30,316	  	 	$	308,241	  	 	$	12,127	  	 	$	1,322,402	  	 	$	2,285,220	  
	 *CONFIDENTIAL
	 	 	27.3	% 	 	 	34.9	% 	 	 	28.9	% 	 	 	12.6	% 	 	 	27.9	% 	 	 	30.0	% 	 	 	18.9	% 	 	 	15.1	% 	 	 	31.3	% 	 	 	22.8	% 	 	 	26.4	% 
	 *CONFIDENTIAL
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 *CONFIDENTIAL
	 	 	47.8	% 	 	 	3.9	% 	 	 	8.2	% 	 	 	8.5	% 	 	 	8.2	% 	 	 	14.1	% 	 	 	4.9	% 	 	 	17.7	% 	 	 	6.5	% 	 	 	94.1	% 	 	 	23.1	% 
	 *CONFIDENTIAL
	 	 	1.51	% 	 	 	1.22	% 	 	 	1.05	% 	 	 	1.38	% 	 	 	1.07	% 	 	 	1.51	% 	 	 	1.43	% 	 	 	1.36	% 	 	 	0.99	% 	 	 	0.00	% 	 	 	1.07	% 
	 *CONFIDENTIAL
	 	$	(23	) 	 	$	216	  	 	$	78	  	 	$	33	  	 	$	73	  	 	$	274	  	 	$	35	  	 	$	(241	) 	 	$	143	  	 	$	—  	  	 	$	27	  
	 *CONFIDENTIAL
	 	 	47.44	% 	 	 	68.50	% 	 	 	55.14	% 	 	 	45.77	% 	 	 	54.39	% 	 	 	73.68	% 	 	 	49.41	% 	 	 	39.24	% 	 	 	94.05	% 	 	 	N/A	  	 	 	65.82	% 
	 *CONFIDENTIAL
	 	 	0.00	% 	 	 	0.06	% 	 	 	0.42	% 	 	 	0.67	% 	 	 	0.44	% 	 	 	0.88	% 	 	 	0.71	% 	 	 	0.07	% 	 	 	0.98	% 	 	 	0.00	% 	 	 	0.22	% 
	 *CONFIDENTIAL
	 	 	1.62	% 	 	 	1.39	% 	 	 	1.64	% 	 	 	2.36	% 	 	 	1.68	% 	 	 	2.72	% 	 	 	2.44	% 	 	 	1.42	% 	 	 	2.04	% 	 	 	0.00	% 	 	 	1.40	% 
	 *CONFIDENTIAL
	 	 	0.91	% 	 	 	0.56	% 	 	 	1.05	% 	 	 	1.73	% 	 	 	1.10	% 	 	 	1.61	% 	 	 	1.73	% 	 	 	0.89	% 	 	 	1.11	% 	 	 	-0.73	% 	 	 	0.70	% 
	 *CONFIDENTIAL
	 	$	3,524	  	 	$	5,815	  	 	$	5,443	  	 	$	3,861	  	 	$	5,253	  	 	$	3,194	  	 	$	3,917	  	 	$	3,168	  	 	$	4,658	  	 	$	—  	  	 	$	3,606	  
	 *CONFIDENTIAL
	 	$	1,051	  	 	$	1,075	  	 	$	1,605	  	 	$	1,864	  	 	$	1,636	  	 	$	1,733	  	 	$	1,433	  	 	$	1,336	  	 	$	3,012	  	 	$	1,465	  	 	$	1,426	  
	 *CONFIDENTIAL
	 	 	0.48	% 	 	 	0.26	% 	 	 	0.48	% 	 	 	1.14	% 	 	 	0.52	% 	 	 	1.48	% 	 	 	0.89	% 	 	 	0.60	% 	 	 	1.32	% 	 	 	0.69	% 	 	 	0.55	% 
	 Loans over 60 days
	 	 	0	  	 	 	2	  	 	 	37	  	 	 	0	  	 	 	0	  	 	 	27	  	 	 	0	  	 	 	95	  	 	 	0	  	 	 	0	  	 	 	N/A	  
	 Summary Headcount (FY Avg)
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	174	  	 	 	861	  
												
	 YTD PROFIT
 PROFIT
&
 LOSS REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	LI MORTGAGE	 	 	BURNET	 	 	TOTAL	 
	 Revenue
	 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	8,488,556	  	 	 	33,561,716	  	 	 	22,656,297	  	 	 	1,989,371	  	 	 	24,645,669	  	 	 	4,955,781	  	 	 	8,945,863	  	 	 	23,627,519	  	 	 	1,853,877	  	 	 	—  	  	 	 	106,078,982	  
	 *CONFIDENTIAL
	 	 	498,980	  	 	 	1,603,096	  	 	 	2,358,718	  	 	 	292,250	  	 	 	2,650,968	  	 	 	(50,476	) 	 	 	1,431,062	  	 	 	1,306,870	  	 	 	96,966	  	 	 	—  	  	 	 	7,537,466	  
	 *CONFIDENTIAL
	 	 	(59,411	) 	 	 	1,425,218	  	 	 	504,883	  	 	 	29,248	  	 	 	534,131	  	 	 	765,487	  	 	 	137,650	  	 	 	(1,879,858	) 	 	 	116,994	  	 	 	—  	  	 	 	1,040,210	  
	 *CONFIDENTIAL
	 	 	(3,586	) 	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	0	  	 	 	(86,067	) 	 	 	—  	  	 	 	(118,186	) 	 	 	5,794	  	 	 	—  	  	 	 	(202,045	) 
	 *CONFIDENTIAL
	 	 	(95,798	) 	 	 	—  	  	 	 	(140,238	) 	 	 	(13,488	) 	 	 	(153,726	) 	 	 	(49,786	) 	 	 	(140,468	) 	 	 	41,625	  	 	 	(28,022	) 	 	 	—  	  	 	 	(426,174	) 
	 *CONFIDENTIAL
	 	 	307,053	  	 	 	(10,708	) 	 	 	66,989	  	 	 	16,472	  	 	 	83,461	  	 	 	2,196	  	 	 	—  	  	 	 	(147,753	) 	 	 	(61,175	) 	 	 	—  	  	 	 	173,074	  
	 *CONFIDENTIAL
	 	 	(378	) 	 	 	125,787	  	 	 	633,202	  	 	 	119,322	  	 	 	752,525	  	 	 	513,338	  	 	 	399,401	  	 	 	749,270	  	 	 	(5,650	) 	 	 	—  	  	 	 	2,534,293	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	1,711,311	  	 	 	9,104,316	  	 	 	976,018	  	 	 	10,080,334	  	 	 	2,871,062	  	 	 	4,419,422	  	 	 	1,170,021	  	 	 	1,827,191	  	 	 	—  	  	 	 	22,079,341	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	9,135,417	  	 	 	38,416,420	  	 	 	36,184,167	  	 	 	3,409,194	  	 	 	38,593,361	  	 	 	8,921,538	  	 	 	15,192,930	  	 	 	24,749,509	  	 	 	3,805,975	  	 	 	—  	  	 	 	138,815,146	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	4,027,097	  	 	 	22,989,903	  	 	 	12,493,196	  	 	 	910,503	  	 	 	13,403,699	  	 	 	3,651,631	  	 	 	4,420,407	  	 	 	9,271,535	  	 	 	1,743,604	  	 	 	10,313,550	  	 	 	69,821,426	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	5,108,319	  	 	 	15,426,517	  	 	 	22,680,971	  	 	 	2,498,692	  	 	 	25,189,662	  	 	 	5,269,904	  	 	 	10,772,523	  	 	 	15,477,974	  	 	 	2,062,371	  	 	 	(10,313,550	) 	 	 	68,993,721	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	1,047,634	  	 	 	2,862,432	  	 	 	3,924,385	  	 	 	459,321	  	 	 	4,383,706	  	 	 	2,106,171	  	 	 	2,210,890	  	 	 	4,317,908	  	 	 	1,403,771	  	 	 	4,404,127	  	 	 	22,736,640	  
	 *CONFIDENTIAL
	 	 	8,594	  	 	 	7,534	  	 	 	286,705	  	 	 	47,303	  	 	 	334,007	  	 	 	10,937	  	 	 	39,066	  	 	 	156,770	  	 	 	6,647	  	 	 	30,596	  	 	 	594,152	  
	 *CONFIDENTIAL
	 	 	3,497	  	 	 	116,506	  	 	 	280,363	  	 	 	8,395	  	 	 	288,758	  	 	 	116,491	  	 	 	77,534	  	 	 	158,970	  	 	 	20,302	  	 	 	—  	  	 	 	782,058	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	205,637	  	 	 	484,519	  	 	 	1,597,934	  	 	 	107,085	  	 	 	1,705,019	  	 	 	16,515	  	 	 	417,719	  	 	 	113,352	  	 	 	86,252	  	 	 	435,186	  	 	 	3,464,199	  
	 *CONFIDENTIAL
	 	 	427,855	  	 	 	370,905	  	 	 	1,285,709	  	 	 	167,968	  	 	 	1,433,677	  	 	 	664,657	  	 	 	664,984	  	 	 	1,300,559	  	 	 	221,797	  	 	 	1,820,312	  	 	 	6,904,747	  
	 *CONFIDENTIAL
	 	 	260,879	  	 	 	254,443	  	 	 	1,031,744	  	 	 	140,706	  	 	 	1,172,449	  	 	 	439,303	  	 	 	446,975	  	 	 	933,625	  	 	 	195,202	  	 	 	853,628	  	 	 	4,556,505	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	(452	) 	 	 	1,981	  	 	 	1,529	  	 	 	5,759	  	 	 	—  	  	 	 	10,499	  	 	 	9,456	  	 	 	7,409	  	 	 	34,651	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	3,212	  	 	 	16,631	  	 	 	19,843	  	 	 	22,661	  	 	 	—  	  	 	 	1,350	  	 	 	21,500	  	 	 	508	  	 	 	65,862	  
	 *CONFIDENTIAL
	 	 	15,879	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	58	  	 	 	—  	  	 	 	33,653	  	 	 	88,940	  	 	 	17,581	  	 	 	157,932	  	 	 	314,042	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	1,969,976	  	 	 	4,096,339	  	 	 	8,389,599	  	 	 	949,446	  	 	 	9,339,045	  	 	 	3,382,494	  	 	 	3,890,821	  	 	 	7,081,974	  	 	 	1,982,509	  	 	 	7,709,698	  	 	 	39,452,855	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	171,906	  	 	 	756,591	  	 	 	579,273	  	 	 	171,450	  	 	 	750,723	  	 	 	399,371	  	 	 	361,962	  	 	 	469,105	  	 	 	94,075	  	 	 	419,490	  	 	 	3,423,223	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	66,787	  	 	 	31,171	  	 	 	97,958	  	 	 	38,484	  	 	 	4,123	  	 	 	136,932	  	 	 	25,035	  	 	 	11,775	  	 	 	314,307	  
	 *CONFIDENTIAL
	 	 	875	  	 	 	45,470	  	 	 	2,033	  	 	 	71	  	 	 	2,103	  	 	 	22,360	  	 	 	2,452	  	 	 	13,686	  	 	 	8,446	  	 	 	—  	  	 	 	95,393	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	172,781	  	 	 	802,061	  	 	 	648,093	  	 	 	202,691	  	 	 	850,784	  	 	 	460,215	  	 	 	368,538	  	 	 	619,723	  	 	 	127,556	  	 	 	431,266	  	 	 	3,832,923	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	11,208	  	 	 	72,612	  	 	 	26,749	  	 	 	3,336	  	 	 	30,085	  	 	 	—  	  	 	 	11,777	  	 	 	10,152	  	 	 	1,092	  	 	 	21,612	  	 	 	158,539	  
	 *CONFIDENTIAL
	 	 	4,119	  	 	 	21,599	  	 	 	—  	  	 	 	2,626	  	 	 	2,626	  	 	 	66,191	  	 	 	60,651	  	 	 	185,024	  	 	 	27,228	  	 	 	78,006	  	 	 	445,443	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	15,327	  	 	 	94,211	  	 	 	26,749	  	 	 	5,962	  	 	 	32,710	  	 	 	66,191	  	 	 	72,428	  	 	 	195,176	  	 	 	28,320	  	 	 	99,618	  	 	 	603,982	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	172,786	  	 	 	24,326	  	 	 	366,969	  	 	 	24,295	  	 	 	391,264	  	 	 	189,538	  	 	 	116,549	  	 	 	196,386	  	 	 	39,921	  	 	 	636,732	  	 	 	1,767,503	  
	 *CONFIDENTIAL
	 	 	84,092	  	 	 	665,976	  	 	 	107,836	  	 	 	66,898	  	 	 	174,734	  	 	 	37,941	  	 	 	130,835	  	 	 	644,940	  	 	 	28,259	  	 	 	(34,661	) 	 	 	1,732,115	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	256,878	  	 	 	690,302	  	 	 	474,805	  	 	 	91,194	  	 	 	565,998	  	 	 	227,479	  	 	 	247,383	  	 	 	841,326	  	 	 	68,180	  	 	 	602,071	  	 	 	3,499,618	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	54,116	  	 	 	220,334	  	 	 	171,300	  	 	 	32,713	  	 	 	204,013	  	 	 	353,886	  	 	 	203,886	  	 	 	164,578	  	 	 	29,048	  	 	 	105,801	  	 	 	1,335,661	  
	 *CONFIDENTIAL
	 	 	65,779	  	 	 	185,235	  	 	 	171,097	  	 	 	19,098	  	 	 	190,195	  	 	 	21,918	  	 	 	136,066	  	 	 	262,946	  	 	 	26,296	  	 	 	61,599	  	 	 	950,035	  
	 *CONFIDENTIAL
	 	 	8,122	  	 	 	33,857	  	 	 	50,325	  	 	 	4,417	  	 	 	54,742	  	 	 	20,998	  	 	 	530	  	 	 	37,242	  	 	 	10,032	  	 	 	33,511	  	 	 	199,034	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	128,017	  	 	 	439,426	  	 	 	392,722	  	 	 	56,229	  	 	 	448,951	  	 	 	396,801	  	 	 	340,482	  	 	 	464,766	  	 	 	65,376	  	 	 	200,911	  	 	 	2,484,730	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	33,651	  	 	 	342,192	  	 	 	265,137	  	 	 	72,565	  	 	 	337,702	  	 	 	198,675	  	 	 	166,768	  	 	 	209,378	  	 	 	42,709	  	 	 	230,659	  	 	 	1,561,733	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	33,651	  	 	 	342,192	  	 	 	265,137	  	 	 	72,565	  	 	 	337,702	  	 	 	198,675	  	 	 	166,768	  	 	 	209,378	  	 	 	42,709	  	 	 	230,659	  	 	 	1,561,733	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	5,432	  	 	 	—  	  	 	 	—  	  	 	 	19,763	  	 	 	19,763	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	25,195	  
	 *CONFIDENTIAL
	 	 	25,904	  	 	 	38,877	  	 	 	(136,463	) 	 	 	196,327	  	 	 	59,865	  	 	 	52,761	  	 	 	394,815	  	 	 	277,822	  	 	 	32,259	  	 	 	270,257	  	 	 	1,152,559	  
	 *CONFIDENTIAL
	 	 	45,210	  	 	 	91,584	  	 	 	2,627	  	 	 	29,883	  	 	 	32,510	  	 	 	6,178	  	 	 	15,439	  	 	 	90,593	  	 	 	8,287	  	 	 	500	  	 	 	290,301	  
	 *CONFIDENTIAL
	 	 	10,755	  	 	 	1,387	  	 	 	71,325	  	 	 	4,577	  	 	 	75,902	  	 	 	10,482	  	 	 	1,105	  	 	 	7,268	  	 	 	796	  	 	 	8,396	  	 	 	116,091	  
	 *CONFIDENTIAL
	 	 	58,815	  	 	 	467,662	  	 	 	219,173	  	 	 	14,803	  	 	 	233,976	  	 	 	30,413	  	 	 	59,966	  	 	 	55,124	  	 	 	25,459	  	 	 	117,159	  	 	 	1,048,573	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	146,116	  	 	 	599,508	  	 	 	156,663	  	 	 	265,353	  	 	 	422,015	  	 	 	99,834	  	 	 	471,325	  	 	 	430,807	  	 	 	66,800	  	 	 	396,312	  	 	 	2,632,719	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	85	  	 	 	—  	  	 	 	703	  	 	 	90	  	 	 	793	  	 	 	7,243	  	 	 	10,252	  	 	 	78,954	  	 	 	240	  	 	 	—  	  	 	 	97,566	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	11,966	  	 	 	—  	  	 	 	11,966	  	 	 	—  	  	 	 	—  	  	 	 	2,554	  	 	 	500	  	 	 	1,749	  	 	 	16,769	  
	 *CONFIDENTIAL
	 	 	40	  	 	 	40,109	  	 	 	1	  	 	 	1,639	  	 	 	1,640	  	 	 	(0	) 	 	 	(10,889	) 	 	 	5,319	  	 	 	50,160	  	 	 	7,444	  	 	 	93,824	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	2,154	  	 	 	1,017	  	 	 	3,171	  	 	 	—  	  	 	 	—  	  	 	 	26,679	  	 	 	—  	  	 	 	2,697	  	 	 	32,546	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(88,260	) 	 	 	(88,260	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	250	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,184	  	 	 	4,434	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	125	  	 	 	40,109	  	 	 	14,823	  	 	 	2,746	  	 	 	17,569	  	 	 	7,493	  	 	 	(637	) 	 	 	113,506	  	 	 	50,901	  	 	 	(72,187	) 	 	 	156,879	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	1,255	  	 	 	—  	  	 	 	6,018	  	 	 	75	  	 	 	6,093	  	 	 	771	  	 	 	—  	  	 	 	117,981	  	 	 	742	  	 	 	112,089	  	 	 	238,931	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	26,803	  	 	 	26,803	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	360,000	  	 	 	28,000	  	 	 	—  	  	 	 	388,000	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	1,255	  	 	 	—  	  	 	 	6,018	  	 	 	75	  	 	 	6,093	  	 	 	771	  	 	 	—  	  	 	 	477,981	  	 	 	28,742	  	 	 	138,892	  	 	 	653,734	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	2,724,126	  	 	 	7,104,150	  	 	 	10,374,608	  	 	 	1,646,260	  	 	 	12,020,868	  	 	 	4,839,951	  	 	 	5,557,108	  	 	 	10,434,636	  	 	 	2,461,093	  	 	 	9,737,240	  	 	 	54,879,172	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	42,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	42,000	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	2,766,126	  	 	 	7,104,150	  	 	 	10,374,608	  	 	 	1,646,260	  	 	 	12,020,868	  	 	 	4,839,951	  	 	 	5,557,108	  	 	 	10,434,636	  	 	 	2,461,093	  	 	 	9,737,240	  	 	 	54,921,172	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses *
	 	 	2,342,193	  	 	 	8,322,367	  	 	 	12,316,363	  	 	 	852,432	  	 	 	13,168,795	  	 	 	429,953	  	 	 	5,215,415	  	 	 	5,043,338	  	 	 	(398,722	) 	 	 	(20,050,790	) 	 	 	14,072,549	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 178 









 Confidential Treatment 
  


																																													
	 DECEMBER
PROFIT & LOSS
REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	136	  	 	 	523	  	 	 	565	  	 	 	85	  	 	 	650	  	 	 	243	  	 	 	301	  	 	 	606	  	 	 	103	  	 	 	374	  	 	 	2,936	  
	 Total Application Dollars
	 	$	32,035	  	 	$	218,206	  	 	$	201,851	  	 	$	14,106	  	 	$	215,957	  	 	$	30,992	  	 	$	56,123	  	 	$	144,081	  	 	$	23,073	  	 	$	89,393	  	 	$	809,860	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	226	  	 	 	517	  	 	 	492	  	 	 	79	  	 	 	571	  	 	 	192	  	 	 	326	  	 	 	622	  	 	 	109	  	 	 	452	  	 	 	3,015	  
	 Total Closing Dollars
	 	$	52,902	  	 	$	217,532	  	 	$	168,170	  	 	$	14,397	  	 	$	182,568	  	 	$	22,372	  	 	$	51,873	  	 	$	135,525	  	 	$	25,439	  	 	$	101,382	  	 	$	789,593	  
	 Average Loan Amount
	 	 	234,080	  	 	 	420,759	  	 	 	341,810	  	 	 	182,242	  	 	 	524,052	  	 	 	116,519	  	 	 	159,121	  	 	 	217,885	  	 	 	233,389	  	 	 	224,296	  	 	 	261,888	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	171	  	 	 	345	  	 	 	339	  	 	 	70	  	 	 	409	  	 	 	143	  	 	 	289	  	 	 	538	  	 	 	63	  	 	 	330	  	 	 	2,288	  
	 Purchase Closing Dollars
	 	$	4,006	  	 	$	136,713	  	 	$	113,988	  	 	$	12,545	  	 	$	126,533	  	 	$	16,074	  	 	$	47,095	  	 	$	115,015	  	 	$	16,827	  	 	$	68,984	  	 	$	531,248	  
	 Average Loan Amount
	 	 	23,425	  	 	 	396,269	  	 	 	336,249	  	 	 	179,210	  	 	 	515,459	  	 	 	112,405	  	 	 	162,960	  	 	 	213,783	  	 	 	267,102	  	 	 	209,043	  	 	 	232,189	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	 	 	55	  	 	 	172	  	 	 	153	  	 	 	9	  	 	 	162	  	 	 	49	  	 	 	37	  	 	 	84	  	 	 	46	  	 	 	112	  	 	 	727	  
	 Refi Closings – Dollars
	 	$	48,896	  	 	$	80,820	  	 	$	54,182	  	 	$	1,852	  	 	$	56,034	  	 	$	6,298	  	 	$	4,778	  	 	$	20,509	  	 	$	8,612	  	 	$	32,398	  	 	$	258,345	  
	 Average Loan Amount
	 	 	889,027	  	 	 	469,881	  	 	 	354,131	  	 	 	205,828	  	 	 	559,959	  	 	 	128,526	  	 	 	129,136	  	 	 	244,159	  	 	 	187,217	  	 	 	265,555	  	 	 	355,358	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	$	33,068	  	 	$	19,613	  	 	$	18,726	  	 	$	1,985	  	 	$	20,712	  	 	$	6,070	  	 	$	10,212	  	 	$	29,497	  	 	$	6,646	  	 	$	95,484	  	 	$	221,302	  
	*CONFIDENTIAL	 	 	92.4	% 	 	 	37.2	% 	 	 	32.2	% 	 	 	12.9	% 	 	 	30.7	% 	 	 	28.2	% 	 	 	9.2	% 	 	 	15.1	% 	 	 	33.9	% 	 	 	32.0	% 	 	 	32.7	% 
	*CONFIDENTIAL	 	 	15.2	% 	 	 	20.7	% 	 	 	19.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	18.6	% 	 	 	16.6	% 	 	 	21.1	% 	 	 	16.1	% 	 	 	24.6	% 	 	 	19.8	% 
	*CONFIDENTIAL	 	 	62.5	% 	 	 	9.0	% 	 	 	11.1	% 	 	 	13.8	% 	 	 	11.3	% 	 	 	27.1	% 	 	 	19.7	% 	 	 	21.8	% 	 	 	26.1	% 	 	 	94.2	% 	 	 	28.0	% 
	*CONFIDENTIAL	 	 	1.37	% 	 	 	1.33	% 	 	 	1.03	% 	 	 	1.39	% 	 	 	1.06	% 	 	 	-0.21	% 	 	 	1.51	% 	 	 	1.35	% 	 	 	1.85	% 	 	 	0.00	% 	 	 	1.09	% 
	*CONFIDENTIAL	 	$	(91	) 	 	$	199	  	 	$	56	  	 	$	22	  	 	$	51	  	 	$	259	  	 	$	30	  	 	$	(250	) 	 	$	151	  	 	$	—  	  	 	$	11	  
	*CONFIDENTIAL	 	 	49.53	% 	 	 	68.64	% 	 	 	36.37	% 	 	 	29.46	% 	 	 	35.65	% 	 	 	-20.88	% 	 	 	21.79	% 	 	 	19.69	% 	 	 	50.27	% 	 	 	0.00	% 	 	 	52.96	% 
	*CONFIDENTIAL	 	 	0.00	% 	 	 	-0.04	% 	 	 	0.22	% 	 	 	-0.26	% 	 	 	0.19	% 	 	 	0.84	% 	 	 	0.30	% 	 	 	-0.66	% 	 	 	-0.08	% 	 	 	0.00	% 	 	 	-0.04	% 
	*CONFIDENTIAL	 	 	1.39	% 	 	 	1.40	% 	 	 	1.39	% 	 	 	1.37	% 	 	 	1.39	% 	 	 	1.00	% 	 	 	2.13	% 	 	 	0.79	% 	 	 	1.85	% 	 	 	0.00	% 	 	 	1.16	% 
	*CONFIDENTIAL	 	 	0.71	% 	 	 	0.49	% 	 	 	1.02	% 	 	 	0.96	% 	 	 	1.01	% 	 	 	0.96	% 	 	 	1.80	% 	 	 	0.52	% 	 	 	0.96	% 	 	 	-0.74	% 	 	 	0.59	% 
	*CONFIDENTIAL	 	$	3,251	  	 	$	5,893	  	 	$	4,760	  	 	$	2,498	  	 	$	4,447	  	 	$	1,171	  	 	$	3,397	  	 	$	1,713	  	 	$	4,320	  	 	$	—  	  	 	$	3,048	  
	*CONFIDENTIAL	 	$	991	  	 	$	1,257	  	 	$	1,564	  	 	$	1,870	  	 	$	1,606	  	 	$	1,856	  	 	$	1,197	  	 	$	1,216	  	 	$	2,783	  	 	$	1,867	  	 	$	1,473	  
	*CONFIDENTIAL	 	 	0.42	% 	 	 	0.30	% 	 	 	0.46	% 	 	 	1.03	% 	 	 	0.50	% 	 	 	1.59	% 	 	 	0.75	% 	 	 	0.56	% 	 	 	1.19	% 	 	 	0.83	% 	 	 	0.56	% 
	 Loans over 60 days
	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	0	  	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	N/A	  	 	 	6	  
	 Summary Headcount
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	174	  	 	 	861	  
												
	 DECEMBER
PROFIT & LOSS
REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE
MOVES	 	 	LI
MORTGAGE	 	 	BURNET	 	 	TOTAL	 
	 Revenue
	 				 				 				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	 	 	136.53	  	 	 	133.10	  	 	 	103.38	  	 	 	139.20	  	 	 	106.21	  	 	 	(20.69	) 	 	 	151.44	  	 	 	135.13	  	 	 	184.76	  	 	 	0.00	  	 	 	108.88	  
	*CONFIDENTIAL	 	 	10.42	  	 	 	6.60	  	 	 	9.66	  	 	 	16.91	  	 	 	10.23	  	 	 	6.22	  	 	 	26.01	  	 	 	15.85	  	 	 	3.17	  	 	 	0.00	  	 	 	9.59	  
	*CONFIDENTIAL	 	 	(3.89	) 	 	 	4.74	  	 	 	1.64	  	 	 	1.19	  	 	 	1.60	  	 	 	22.23	  	 	 	1.88	  	 	 	(11.46	) 	 	 	6.49	  	 	 	0.00	  	 	 	0.41	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	(4.19	) 	 	 	(23.96	) 	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(3.09	) 	 	 	0.00	  	 	 	(6.98	) 
	*CONFIDENTIAL	 	 	0.00	  	 	 	23.55	  	 	 	2.09	  	 	 	5.56	  	 	 	2.37	  	 	 	9.05	  	 	 	4.60	  	 	 	4.92	  	 	 	1.30	  	 	 	0.00	  	 	 	8.48	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	(3.96	) 	 	 	22.50	  	 	 	(25.81	) 	 	 	18.69	  	 	 	83.66	  	 	 	29.54	  	 	 	(65.83	) 	 	 	(7.52	) 	 	 	0.00	  	 	 	(4.00	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	138.88	  	 	 	140.06	  	 	 	139.27	  	 	 	137.04	  	 	 	139.09	  	 	 	100.48	  	 	 	213.46	  	 	 	78.60	  	 	 	185.11	  	 	 	0.00	  	 	 	116.38	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	67.62	  	 	 	91.35	  	 	 	37.60	  	 	 	41.01	  	 	 	37.87	  	 	 	4.32	  	 	 	33.00	  	 	 	26.60	  	 	 	89.11	  	 	 	73.82	  	 	 	57.66	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	71.25	  	 	 	48.71	  	 	 	101.67	  	 	 	96.03	  	 	 	101.23	  	 	 	96.15	  	 	 	180.46	  	 	 	52.00	  	 	 	96.00	  	 	 	(73.82	) 	 	 	58.72	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	 	 	16.37	  	 	 	10.74	  	 	 	21.15	  	 	 	31.55	  	 	 	21.97	  	 	 	76.25	  	 	 	32.23	  	 	 	25.67	  	 	 	58.45	  	 	 	37.72	  	 	 	24.55	  
	*CONFIDENTIAL	 	 	0.03	  	 	 	0.01	  	 	 	1.35	  	 	 	1.14	  	 	 	1.34	  	 	 	0.27	  	 	 	0.14	  	 	 	0.52	  	 	 	0.42	  	 	 	0.03	  	 	 	0.44	  
	*CONFIDENTIAL	 	 	0.21	  	 	 	0.00	  	 	 	1.40	  	 	 	0.00	  	 	 	1.29	  	 	 	3.13	  	 	 	0.00	  	 	 	0.53	  	 	 	1.21	  	 	 	0.00	  	 	 	0.53	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	4.13	  	 	 	2.95	  	 	 	7.36	  	 	 	4.79	  	 	 	7.16	  	 	 	0.85	  	 	 	11.40	  	 	 	1.10	  	 	 	18.13	  	 	 	6.08	  	 	 	5.07	  
	*CONFIDENTIAL	 	 	1.70	  	 	 	0.33	  	 	 	1.16	  	 	 	8.85	  	 	 	1.76	  	 	 	2.64	  	 	 	1.25	  	 	 	1.68	  	 	 	9.62	  	 	 	10.03	  	 	 	2.66	  
	*CONFIDENTIAL	 	 	2.16	  	 	 	1.67	  	 	 	0.94	  	 	 	8.09	  	 	 	1.50	  	 	 	13.57	  	 	 	3.02	  	 	 	3.77	  	 	 	8.22	  	 	 	3.90	  	 	 	2.95	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.05	  	 	 	0.40	  	 	 	0.00	  	 	 	0.00	  	 	 	0.52	  	 	 	0.14	  	 	 	0.06	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.17	  	 	 	0.01	  	 	 	0.22	  	 	 	0.00	  	 	 	0.00	  	 	 	3.54	  	 	 	0.00	  	 	 	0.12	  
	*CONFIDENTIAL	 	 	2.06	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.75	  	 	 	0.18	  	 	 	1.08	  	 	 	1.59	  	 	 	0.52	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	26.66	  	 	 	15.70	  	 	 	33.42	  	 	 	54.59	  	 	 	35.09	  	 	 	97.33	  	 	 	49.79	  	 	 	33.44	  	 	 	101.20	  	 	 	59.49	  	 	 	36.89	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.76	  	 	 	3.20	  	 	 	3.00	  	 	 	9.49	  	 	 	3.51	  	 	 	15.74	  	 	 	5.99	  	 	 	1.93	  	 	 	1.94	  	 	 	5.48	  	 	 	3.81	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.29	  	 	 	0.00	  	 	 	0.27	  	 	 	0.86	  	 	 	0.00	  	 	 	0.68	  	 	 	0.00	  	 	 	0.55	  	 	 	0.27	  
	*CONFIDENTIAL	 	 	0.17	  	 	 	0.35	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.38	  	 	 	0.00	  	 	 	0.13	  	 	 	1.20	  	 	 	0.00	  	 	 	0.21	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.92	  	 	 	3.56	  	 	 	3.29	  	 	 	9.49	  	 	 	3.78	  	 	 	17.98	  	 	 	5.99	  	 	 	2.74	  	 	 	3.13	  	 	 	6.03	  	 	 	4.30	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.98	  	 	 	0.22	  	 	 	0.09	  	 	 	0.24	  	 	 	0.10	  	 	 	0.00	  	 	 	0.13	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.16	  
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	2.87	  	 	 	0.86	  	 	 	0.56	  	 	 	5.11	  	 	 	0.49	  	 	 	0.46	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	1.00	  	 	 	0.22	  	 	 	0.09	  	 	 	0.24	  	 	 	0.10	  	 	 	2.87	  	 	 	0.99	  	 	 	0.56	  	 	 	5.11	  	 	 	0.49	  	 	 	0.62	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	3.87	  	 	 	0.69	  	 	 	2.39	  	 	 	4.15	  	 	 	2.53	  	 	 	8.70	  	 	 	1.75	  	 	 	1.05	  	 	 	1.73	  	 	 	11.04	  	 	 	3.05	  
	*CONFIDENTIAL	 	 	2.92	  	 	 	3.08	  	 	 	1.68	  	 	 	4.15	  	 	 	1.88	  	 	 	3.38	  	 	 	1.23	  	 	 	8.14	  	 	 	0.59	  	 	 	0.63	  	 	 	3.15	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	6.79	  	 	 	3.77	  	 	 	4.07	  	 	 	8.30	  	 	 	4.41	  	 	 	12.08	  	 	 	2.98	  	 	 	9.18	  	 	 	2.32	  	 	 	11.67	  	 	 	6.20	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.72	  	 	 	0.82	  	 	 	1.05	  	 	 	1.38	  	 	 	1.08	  	 	 	13.81	  	 	 	3.31	  	 	 	0.98	  	 	 	1.21	  	 	 	0.52	  	 	 	1.41	  
	*CONFIDENTIAL	 	 	0.83	  	 	 	0.79	  	 	 	1.35	  	 	 	0.86	  	 	 	1.31	  	 	 	1.43	  	 	 	2.25	  	 	 	1.24	  	 	 	0.96	  	 	 	0.21	  	 	 	1.04	  
	*CONFIDENTIAL	 	 	(0.01	) 	 	 	0.11	  	 	 	0.30	  	 	 	0.47	  	 	 	0.31	  	 	 	0.65	  	 	 	0.00	  	 	 	0.09	  	 	 	0.39	  	 	 	0.26	  	 	 	0.18	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	1.54	  	 	 	1.72	  	 	 	2.70	  	 	 	2.72	  	 	 	2.70	  	 	 	15.89	  	 	 	5.56	  	 	 	2.31	  	 	 	2.56	  	 	 	0.99	  	 	 	2.62	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.42	  	 	 	1.82	  	 	 	1.56	  	 	 	8.35	  	 	 	2.09	  	 	 	9.45	  	 	 	1.73	  	 	 	1.82	  	 	 	1.96	  	 	 	1.68	  	 	 	1.98	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.42	  	 	 	1.82	  	 	 	1.56	  	 	 	8.35	  	 	 	2.09	  	 	 	9.45	  	 	 	1.73	  	 	 	1.82	  	 	 	1.96	  	 	 	1.68	  	 	 	1.98	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.19	  	 	 	0.09	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.02	  
	*CONFIDENTIAL	 	 	0.77	  	 	 	0.06	  	 	 	(0.86	) 	 	 	13.79	  	 	 	0.29	  	 	 	1.63	  	 	 	6.91	  	 	 	1.90	  	 	 	1.16	  	 	 	2.47	  	 	 	1.32	  
	*CONFIDENTIAL	 	 	0.44	  	 	 	0.38	  	 	 	0.06	  	 	 	2.47	  	 	 	0.25	  	 	 	0.09	  	 	 	0.25	  	 	 	0.44	  	 	 	0.00	  	 	 	0.00	  	 	 	0.29	  
	*CONFIDENTIAL	 	 	0.68	  	 	 	0.01	  	 	 	0.35	  	 	 	0.46	  	 	 	0.36	  	 	 	0.19	  	 	 	0.00	  	 	 	0.03	  	 	 	0.00	  	 	 	0.00	  	 	 	0.14	  
	*CONFIDENTIAL	 	 	1.08	  	 	 	1.86	  	 	 	1.01	  	 	 	0.99	  	 	 	1.01	  	 	 	1.35	  	 	 	0.38	  	 	 	0.23	  	 	 	0.40	  	 	 	0.68	  	 	 	1.02	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.97	  	 	 	2.31	  	 	 	0.55	  	 	 	18.91	  	 	 	2.00	  	 	 	3.26	  	 	 	7.54	  	 	 	2.60	  	 	 	1.57	  	 	 	3.15	  	 	 	2.79	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.01	  	 	 	0.36	  	 	 	0.27	  	 	 	0.46	  	 	 	0.00	  	 	 	0.00	  	 	 	0.11	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.77	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.39	  	 	 	0.04	  	 	 	0.01	  	 	 	(0.00	) 	 	 	0.24	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.01	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.44	  	 	 	0.00	  	 	 	0.00	  	 	 	0.08	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(0.22	) 	 	 	(0.03	) 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.77	  	 	 	0.03	  	 	 	0.01	  	 	 	0.03	  	 	 	0.36	  	 	 	0.66	  	 	 	0.95	  	 	 	0.01	  	 	 	(0.21	) 	 	 	0.41	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.04	  	 	 	0.02	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(0.13	) 	 	 	(0.00	) 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.09	  	 	 	0.01	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	2.21	  	 	 	1.38	  	 	 	0.00	  	 	 	0.42	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.04	  	 	 	0.02	  	 	 	0.00	  	 	 	2.21	  	 	 	1.38	  	 	 	(0.04	) 	 	 	0.43	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	42.33	  	 	 	29.86	  	 	 	45.75	  	 	 	102.60	  	 	 	50.23	  	 	 	159.25	  	 	 	75.24	  	 	 	55.81	  	 	 	119.23	  	 	 	83.24	  	 	 	56.24	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	0.66	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.04	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	42.99	  	 	 	29.86	  	 	 	45.75	  	 	 	102.60	  	 	 	50.23	  	 	 	159.25	  	 	 	75.24	  	 	 	55.81	  	 	 	119.23	  	 	 	83.24	  	 	 	56.29	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	28.27	  	 	 	18.85	  	 	 	55.92	  	 	 	(6.57	) 	 	 	50.99	  	 	 	(63.09	) 	 	 	105.22	  	 	 	(3.81	) 	 	 	(23.22	) 	 	 	(157.07	) 	 	 	2.43	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 179 









 Confidential Treatment 
  


																																													
	 YTD PROFIT
PROFIT & LOSS
REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	2,101	  	 	 	7,773	  	 	 	8,871	  	 	 	1,120	  	 	 	9,991	  	 	 	3,880	  	 	 	4,615	  	 	 	9,035	  	 	 	1,035	  	 	 	7,743	  	 	 	46,173	  
	 Total Application Dollars
	 	$	467,172	  	 	$	3,236,918	  	 	$	3,019,662	  	 	$	181,285	  	 	$	3,200,946	  	 	$	500,379	  	 	$	756,576	  	 	$	2,086,193	  	 	$	239,197	  	 	$	1,679,040	  	 	$	12,166,421	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	2,592	  	 	 	6,606	  	 	 	6,464	  	 	 	883	  	 	 	7,347	  	 	 	2,793	  	 	 	3,879	  	 	 	7,813	  	 	 	817	  	 	 	6,648	  	 	 	38,495	  
	 Total Closing Dollars
	 	$	563,941	  	 	$	2,759,138	  	 	$	2,151,704	  	 	$	144,602	  	 	$	2,296,306	  	 	$	327,756	  	 	$	623,627	  	 	$	1,742,216	  	 	$	186,589	  	 	$	1,405,789	  	 	$	9,905,363	  
	 Average Loan Amount
	 	 	217,570	  	 	 	417,671	  	 	 	332,875	  	 	 	163,762	  	 	 	312,550	  	 	 	117,349	  	 	 	160,770	  	 	 	222,989	  	 	 	228,383	  	 	 	211,460	  	 	 	257,316	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	2,080	  	 	 	4,397	  	 	 	4,646	  	 	 	792	  	 	 	5,438	  	 	 	2,163	  	 	 	3,428	  	 	 	6,708	  	 	 	589	  	 	 	5,266	  	 	 	30,069	  
	 Purchase Closing Dollars
	 	$	409,952	  	 	$	1,794,836	  	 	$	1,529,367	  	 	$	126,401	  	 	$	1,655,768	  	 	$	229,487	  	 	$	505,869	  	 	$	1,478,717	  	 	$	128,116	  	 	$	1,085,626	  	 	$	7,288,369	  
	 Average Loan Amount
	 	 	197,092	  	 	 	408,195	  	 	 	329,179	  	 	 	159,598	  	 	 	304,481	  	 	 	106,097	  	 	 	147,570	  	 	 	220,441	  	 	 	217,514	  	 	 	206,158	  	 	 	242,388	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	 	 	512	  	 	 	2,209	  	 	 	1,818	  	 	 	91	  	 	 	1,909	  	 	 	630	  	 	 	451	  	 	 	1,105	  	 	 	228	  	 	 	1,382	  	 	 	8,426	  
	 Refi Closings – Dollars
	 	$	153,989	  	 	$	964,302	  	 	$	622,338	  	 	$	18,201	  	 	$	640,539	  	 	$	98,269	  	 	$	117,759	  	 	$	263,499	  	 	$	58,473	  	 	$	320,163	  	 	$	2,616,993	  
	 Average Loan Amount
	 	 	300,760	  	 	 	436,533	  	 	 	342,320	  	 	 	200,010	  	 	 	335,536	  	 	 	155,983	  	 	 	261,106	  	 	 	238,461	  	 	 	256,462	  	 	 	231,666	  	 	 	310,585	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	269,803	  	 	$	107,394	  	 	$	176,579	  	 	$	12,255	  	 	$	188,834	  	 	$	46,102	  	 	$	30,316	  	 	$	308,241	  	 	$	12,127	  	 	$	1,322,402	  	 	$	2,285,220	  
	 *CONFIDENTIAL
	 	 	27.3	% 	 	 	34.9	% 	 	 	28.9	% 	 	 	12.6	% 	 	 	27.9	% 	 	 	30.0	% 	 	 	18.9	% 	 	 	15.1	% 	 	 	31.3	% 	 	 	22.8	% 	 	 	26.4	% 
	 *CONFIDENTIAL
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 *CONFIDENTIAL
	 	 	47.8	% 	 	 	3.9	% 	 	 	8.2	% 	 	 	8.5	% 	 	 	8.2	% 	 	 	14.1	% 	 	 	4.9	% 	 	 	17.7	% 	 	 	6.5	% 	 	 	94.1	% 	 	 	23.1	% 
	 *CONFIDENTIAL
	 	 	1.51	% 	 	 	1.22	% 	 	 	1.05	% 	 	 	1.38	% 	 	 	1.07	% 	 	 	1.51	% 	 	 	1.43	% 	 	 	1.36	% 	 	 	0.99	% 	 	 	0.00	% 	 	 	1.07	% 
	 *CONFIDENTIAL
	 	$	(23	) 	 	$	216	  	 	$	78	  	 	$	33	  	 	$	73	  	 	$	274	  	 	$	35	  	 	$	(241	) 	 	$	143	  	 	$	—  	  	 	$	27	  
	 *CONFIDENTIAL
	 	 	47.44	% 	 	 	68.50	% 	 	 	55.14	% 	 	 	45.77	% 	 	 	54.39	% 	 	 	73.68	% 	 	 	49.41	% 	 	 	39.24	% 	 	 	94.05	% 	 	 	N/A	  	 	 	65.82	  
	 *CONFIDENTIAL
	 	 	0.00	% 	 	 	0.06	% 	 	 	0.42	% 	 	 	0.67	% 	 	 	0.44	% 	 	 	0.88	% 	 	 	0.71	% 	 	 	0.07	% 	 	 	0.98	% 	 	 	0.00	% 	 	 	0.22	% 
	 *CONFIDENTIAL
	 	 	1.62	% 	 	 	1.39	% 	 	 	1.64	% 	 	 	2.36	% 	 	 	1.68	% 	 	 	2.72	% 	 	 	2.44	% 	 	 	1.42	% 	 	 	2.04	% 	 	 	0.00	% 	 	 	1.40	% 
	 *CONFIDENTIAL
	 	 	0.91	% 	 	 	0.56	% 	 	 	1.05	% 	 	 	1.73	% 	 	 	1.10	% 	 	 	1.61	% 	 	 	1.73	% 	 	 	0.89	% 	 	 	1.11	% 	 	 	-0.73	% 	 	 	0.70	% 
	 *CONFIDENTIAL
	 	$	3,524	  	 	$	5,815	  	 	$	5,443	  	 	$	3,861	  	 	$	5,253	  	 	$	3,194	  	 	$	3,917	  	 	$	3,168	  	 	$	4,658	  	 	$	—  	  	 	$	3,606	  
	 *CONFIDENTIAL
	 	$	1,051	  	 	$	1,075	  	 	$	1,605	  	 	$	1,864	  	 	$	1,636	  	 	$	1,733	  	 	$	1,433	  	 	$	1,336	  	 	$	3,012	  	 	$	1,462	  	 	$	1,426	  
	 *CONFIDENTIAL
	 	 	0.48	% 	 	 	0.26	% 	 	 	0.48	% 	 	 	1.14	% 	 	 	0.52	% 	 	 	1.48	% 	 	 	0.89	% 	 	 	0.60	% 	 	 	1.32	% 	 	 	0.69	% 	 	 	0.55	% 
	 Loans over 60 days
	 	 	0	  	 	 	2	  	 	 	37	  	 	 	0	  	 	 	0	  	 	 	27	  	 	 	0	  	 	 	95	  	 	 	0	  	 	 	0	  	 	 	N/A	  
	 Summary Headcount
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	174	  	 	 	861	  
												
	 YTD PROFIT
PROFIT & LOSS
REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	LI MORTGAGE	 	 	BURNET	 	 	TOTAL	 
	 Revenue
	 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	150.52	  	 	 	121.64	  	 	 	105.29	  	 	 	137.58	  	 	 	107.33	  	 	 	151.20	  	 	 	143.45	  	 	 	135.62	  	 	 	99.36	  	 	 	0.00	  	 	 	107.09	  
	 *CONFIDENTIAL
	 	 	8.85	  	 	 	5.81	  	 	 	10.96	  	 	 	20.21	  	 	 	11.54	  	 	 	(1.54	) 	 	 	22.95	  	 	 	7.50	  	 	 	5.20	  	 	 	0.00	  	 	 	7.61	  
	 *CONFIDENTIAL
	 	 	(1.05	) 	 	 	5.17	  	 	 	2.35	  	 	 	2.02	  	 	 	2.33	  	 	 	23.36	  	 	 	2.21	  	 	 	(10.79	) 	 	 	6.27	  	 	 	0.00	  	 	 	1.05	  
	 *CONFIDENTIAL
	 	 	(0.06	) 	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(2.63	) 	 	 	0.00	  	 	 	(0.68	) 	 	 	0.31	  	 	 	0.00	  	 	 	(0.20	) 
	 *CONFIDENTIAL
	 	 	(1.70	) 	 	 	0.00	  	 	 	(0.65	) 	 	 	(0.93	) 	 	 	(0.67	) 	 	 	(1.52	) 	 	 	(2.25	) 	 	 	0.24	  	 	 	(1.50	) 	 	 	0.00	  	 	 	(0.43	) 
	 *CONFIDENTIAL
	 	 	5.44	  	 	 	(0.04	) 	 	 	0.31	  	 	 	1.14	  	 	 	0.36	  	 	 	0.07	  	 	 	0.00	  	 	 	(0.85	) 	 	 	(3.28	) 	 	 	0.00	  	 	 	0.17	  
	 *CONFIDENTIAL
	 	 	(0.01	) 	 	 	0.46	  	 	 	2.94	  	 	 	8.25	  	 	 	3.28	  	 	 	15.66	  	 	 	6.40	  	 	 	4.30	  	 	 	(0.30	) 	 	 	0.00	  	 	 	2.56	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	6.20	  	 	 	42.31	  	 	 	67.50	  	 	 	43.90	  	 	 	87.60	  	 	 	70.87	  	 	 	6.72	  	 	 	97.93	  	 	 	0.00	  	 	 	22.29	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	161.99	  	 	 	139.23	  	 	 	163.52	  	 	 	235.76	  	 	 	168.07	  	 	 	272.20	  	 	 	243.62	  	 	 	142.06	  	 	 	203.98	  	 	 	0.00	  	 	 	140.14	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	71.41	  	 	 	83.32	  	 	 	58.06	  	 	 	62.97	  	 	 	58.37	  	 	 	111.41	  	 	 	70.88	  	 	 	53.22	  	 	 	93.45	  	 	 	73.36	  	 	 	70.49	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	90.58	  	 	 	55.91	  	 	 	105.46	  	 	 	172.80	  	 	 	109.70	  	 	 	160.79	  	 	 	172.74	  	 	 	88.84	  	 	 	110.53	  	 	 	(73.36	) 	 	 	69.65	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	18.58	  	 	 	10.37	  	 	 	18.24	  	 	 	31.76	  	 	 	19.09	  	 	 	64.26	  	 	 	35.45	  	 	 	24.78	  	 	 	75.23	  	 	 	31.33	  	 	 	22.95	  
	 *CONFIDENTIAL
	 	 	0.15	  	 	 	0.03	  	 	 	1.33	  	 	 	3.27	  	 	 	1.45	  	 	 	0.33	  	 	 	0.63	  	 	 	0.90	  	 	 	0.36	  	 	 	0.22	  	 	 	0.60	  
	 *CONFIDENTIAL
	 	 	0.06	  	 	 	0.42	  	 	 	1.30	  	 	 	0.58	  	 	 	1.26	  	 	 	3.55	  	 	 	1.24	  	 	 	0.91	  	 	 	1.09	  	 	 	0.00	  	 	 	0.79	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	 *CONFIDENTIAL
	 	 	3.65	  	 	 	1.76	  	 	 	7.43	  	 	 	7.41	  	 	 	7.43	  	 	 	0.50	  	 	 	6.70	  	 	 	0.65	  	 	 	4.62	  	 	 	3.10	  	 	 	3.50	  
	 *CONFIDENTIAL
	 	 	7.59	  	 	 	1.34	  	 	 	5.88	  	 	 	11.62	  	 	 	6.24	  	 	 	20.28	  	 	 	10.66	  	 	 	7.46	  	 	 	11.89	  	 	 	12.95	  	 	 	6.97	  
	 *CONFIDENTIAL
	 	 	4.63	  	 	 	0.92	  	 	 	4.80	  	 	 	9.73	  	 	 	5.11	  	 	 	13.40	  	 	 	7.17	  	 	 	5.36	  	 	 	10.46	  	 	 	6.07	  	 	 	4.60	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	(0.00	) 	 	 	0.14	  	 	 	0.01	  	 	 	0.18	  	 	 	0.00	  	 	 	0.06	  	 	 	0.51	  	 	 	0.05	  	 	 	0.03	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	1.15	  	 	 	0.09	  	 	 	0.69	  	 	 	0.00	  	 	 	0.01	  	 	 	1.15	  	 	 	0.00	  	 	 	0.07	  
	 *CONFIDENTIAL
	 	 	0.28	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.54	  	 	 	0.51	  	 	 	0.94	  	 	 	1.12	  	 	 	0.32	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	34.93	  	 	 	14.85	  	 	 	38.99	  	 	 	65.66	  	 	 	40.67	  	 	 	103.20	  	 	 	62.39	  	 	 	40.65	  	 	 	106.25	  	 	 	54.84	  	 	 	39.63	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	3.05	  	 	 	2.74	  	 	 	2.69	  	 	 	11.86	  	 	 	3.27	  	 	 	12.18	  	 	 	5.80	  	 	 	2.69	  	 	 	5.04	  	 	 	2.98	  	 	 	3.46	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.31	  	 	 	2.16	  	 	 	0.43	  	 	 	1.17	  	 	 	0.07	  	 	 	0.79	  	 	 	1.34	  	 	 	0.08	  	 	 	0.32	  
	 *CONFIDENTIAL
	 	 	0.02	  	 	 	0.16	  	 	 	0.01	  	 	 	0.00	  	 	 	0.01	  	 	 	0.68	  	 	 	0.04	  	 	 	0.08	  	 	 	0.45	  	 	 	0.00	  	 	 	0.10	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	3.06	  	 	 	2.91	  	 	 	3.01	  	 	 	14.02	  	 	 	3.71	  	 	 	14.04	  	 	 	5.91	  	 	 	3.56	  	 	 	6.84	  	 	 	3.07	  	 	 	3.87	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.20	  	 	 	0.26	  	 	 	0.12	  	 	 	0.23	  	 	 	0.13	  	 	 	0.00	  	 	 	0.19	  	 	 	0.06	  	 	 	0.06	  	 	 	0.15	  	 	 	0.16	  
	 *CONFIDENTIAL
	 	 	0.07	  	 	 	0.08	  	 	 	0.00	  	 	 	0.18	  	 	 	0.01	  	 	 	2.02	  	 	 	0.97	  	 	 	1.06	  	 	 	1.46	  	 	 	0.55	  	 	 	0.45	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.27	  	 	 	0.34	  	 	 	0.12	  	 	 	0.41	  	 	 	0.14	  	 	 	2.02	  	 	 	1.16	  	 	 	1.12	  	 	 	1.52	  	 	 	0.71	  	 	 	0.61	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	3.06	  	 	 	0.09	  	 	 	1.71	  	 	 	1.68	  	 	 	1.70	  	 	 	5.78	  	 	 	1.87	  	 	 	1.13	  	 	 	2.14	  	 	 	4.53	  	 	 	1.78	  
	 *CONFIDENTIAL
	 	 	1.49	  	 	 	2.41	  	 	 	0.50	  	 	 	4.63	  	 	 	0.76	  	 	 	1.16	  	 	 	2.10	  	 	 	3.70	  	 	 	1.51	  	 	 	(0.25	) 	 	 	1.75	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	4.56	  	 	 	2.50	  	 	 	2.21	  	 	 	6.31	  	 	 	2.46	  	 	 	6.94	  	 	 	3.97	  	 	 	4.83	  	 	 	3.65	  	 	 	4.28	  	 	 	3.53	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.96	  	 	 	0.80	  	 	 	0.80	  	 	 	2.26	  	 	 	0.89	  	 	 	10.80	  	 	 	3.27	  	 	 	0.94	  	 	 	1.56	  	 	 	0.75	  	 	 	1.35	  
	 *CONFIDENTIAL
	 	 	1.17	  	 	 	0.67	  	 	 	0.80	  	 	 	1.32	  	 	 	0.83	  	 	 	0.67	  	 	 	2.18	  	 	 	1.51	  	 	 	1.41	  	 	 	0.44	  	 	 	0.96	  
	 *CONFIDENTIAL
	 	 	0.14	  	 	 	0.12	  	 	 	0.23	  	 	 	0.31	  	 	 	0.24	  	 	 	0.64	  	 	 	0.01	  	 	 	0.21	  	 	 	0.54	  	 	 	0.24	  	 	 	0.20	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2.27	  	 	 	1.59	  	 	 	1.83	  	 	 	3.89	  	 	 	1.96	  	 	 	12.11	  	 	 	5.46	  	 	 	2.67	  	 	 	3.50	  	 	 	1.43	  	 	 	2.51	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.60	  	 	 	1.24	  	 	 	1.23	  	 	 	5.02	  	 	 	1.47	  	 	 	6.06	  	 	 	2.67	  	 	 	1.20	  	 	 	2.29	  	 	 	1.64	  	 	 	1.58	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.60	  	 	 	1.24	  	 	 	1.23	  	 	 	5.02	  	 	 	1.47	  	 	 	6.06	  	 	 	2.67	  	 	 	1.20	  	 	 	2.29	  	 	 	1.64	  	 	 	1.58	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.10	  	 	 	0.00	  	 	 	0.00	  	 	 	1.37	  	 	 	0.09	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.03	  
	 *CONFIDENTIAL
	 	 	0.46	  	 	 	0.14	  	 	 	(0.63	) 	 	 	13.58	  	 	 	0.26	  	 	 	1.61	  	 	 	6.33	  	 	 	1.59	  	 	 	1.73	  	 	 	1.92	  	 	 	1.16	  
	 *CONFIDENTIAL
	 	 	0.80	  	 	 	0.33	  	 	 	0.01	  	 	 	2.07	  	 	 	0.14	  	 	 	0.19	  	 	 	0.25	  	 	 	0.52	  	 	 	0.44	  	 	 	0.00	  	 	 	0.29	  
	 *CONFIDENTIAL
	 	 	0.19	  	 	 	0.01	  	 	 	0.33	  	 	 	0.32	  	 	 	0.33	  	 	 	0.32	  	 	 	0.02	  	 	 	0.04	  	 	 	0.04	  	 	 	0.06	  	 	 	0.12	  
	 *CONFIDENTIAL
	 	 	1.04	  	 	 	1.69	  	 	 	1.02	  	 	 	1.02	  	 	 	1.02	  	 	 	0.93	  	 	 	0.96	  	 	 	0.32	  	 	 	1.36	  	 	 	0.83	  	 	 	1.06	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2.59	  	 	 	2.17	  	 	 	0.73	  	 	 	18.35	  	 	 	1.84	  	 	 	3.05	  	 	 	7.56	  	 	 	2.47	  	 	 	3.58	  	 	 	2.82	  	 	 	2.66	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.22	  	 	 	0.16	  	 	 	0.45	  	 	 	0.01	  	 	 	0.00	  	 	 	0.10	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.06	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.03	  	 	 	0.01	  	 	 	0.02	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.15	  	 	 	0.00	  	 	 	0.11	  	 	 	0.01	  	 	 	(0.00	) 	 	 	(0.17	) 	 	 	0.03	  	 	 	2.69	  	 	 	0.05	  	 	 	0.09	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.07	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.15	  	 	 	0.00	  	 	 	0.02	  	 	 	0.03	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(0.63	) 	 	 	(0.09	) 
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.03	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.15	  	 	 	0.07	  	 	 	0.19	  	 	 	0.08	  	 	 	0.23	  	 	 	(0.01	) 	 	 	0.65	  	 	 	2.73	  	 	 	(0.51	) 	 	 	0.16	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.02	  	 	 	0.00	  	 	 	0.03	  	 	 	0.01	  	 	 	0.03	  	 	 	0.02	  	 	 	0.00	  	 	 	0.68	  	 	 	0.04	  	 	 	0.80	  	 	 	0.24	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.19	  	 	 	0.03	  
	 *CONFIDENTIAL
	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	2.07	  	 	 	1.50	  	 	 	0.00	  	 	 	0.39	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	0.02	  	 	 	0.00	  	 	 	0.03	  	 	 	0.01	  	 	 	0.03	  	 	 	0.02	  	 	 	0.00	  	 	 	2.74	  	 	 	1.54	  	 	 	0.99	  	 	 	0.66	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	48.31	  	 	 	25.75	  	 	 	48.22	  	 	 	113.85	  	 	 	52.35	  	 	 	147.67	  	 	 	89.11	  	 	 	59.89	  	 	 	131.90	  	 	 	69.27	  	 	 	55.40	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	0.74	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.04	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	49.05	  	 	 	25.75	  	 	 	48.22	  	 	 	113.85	  	 	 	52.35	  	 	 	147.67	  	 	 	89.11	  	 	 	59.89	  	 	 	131.90	  	 	 	69.27	  	 	 	55.45	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	41.53	  	 	 	30.16	  	 	 	57.24	  	 	 	58.95	  	 	 	57.35	  	 	 	13.12	  	 	 	83.63	  	 	 	28.95	  	 	 	(21.37	) 	 	 	(142.63	) 	 	 	14.21	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 180 









 Confidential Treatment 
  


																																									
	 DECEMBER
PROFIT & LOSS
REVIEW
	  	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	136	  	 	 	523	  	 	 	565	  	 	 	85	  	 	 	650	  	 	 	243	  	 	 	301	  	 	 	606	  	 	 	103	  	 	 	2,562	  
	 Total Application Dollars
	  	$	32,035	  	 	$	218,206	  	 	$	201,851	  	 	$	14,106	  	 	$	215,957	  	 	$	30,992	  	 	$	56,123	  	 	$	144,081	  	 	$	23,073	  	 	$	720,467	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	226	  	 	 	517	  	 	 	492	  	 	 	79	  	 	 	571	  	 	 	192	  	 	 	326	  	 	 	622	  	 	 	109	  	 	 	2,563	  
	 Total Closing Dollars
	  	$	52,902	  	 	$	217,532	  	 	$	168,170	  	 	$	143,997	  	 	$	182,568	  	 	$	22,372	  	 	$	51,873	  	 	$	135,525	  	 	$	25,439	  	 	$	688,211	  
	 Average Loan Amounts
	  	 	234,080	  	 	 	420,759	  	 	 	341,810	  	 	 	182,242	  	 	 	524,052	  	 	 	116,519	  	 	 	159,121	  	 	 	217,885	  	 	 	233,389	  	 	 	268,518	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	171	  	 	 	345	  	 	 	339	  	 	 	70	  	 	 	409	  	 	 	143	  	 	 	289	  	 	 	538	  	 	 	63	  	 	 	1,958	  
	 Purchase Closing Dollars
	  	$	4,006	  	 	$	136,713	  	 	$	113,988	  	 	$	12,545	  	 	$	126,533	  	 	$	16,074	  	 	$	47,095	  	 	$	115,015	  	 	$	16,827	  	 	$	462,264	  
	 Average Loan Amount
	  	 	23,425	  	 	 	396,269	  	 	 	336,249	  	 	 	179,210	  	 	 	515,459	  	 	 	112,405	  	 	 	162,960	  	 	 	213,783	  	 	 	267,102	  	 	 	236,090	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	  	 	55	  	 	 	172	  	 	 	153	  	 	 	9	  	 	 	162	  	 	 	49	  	 	 	37	  	 	 	84	  	 	 	46	  	 	 	605	  
	 Refi Closings – Dollars
	  	$	48,896	  	 	$	80,820	  	 	$	54,182	  	 	$	1,852	  	 	$	56,034	  	 	$	6,298	  	 	$	4,778	  	 	$	20,509	  	 	$	8,612	  	 	$	225,948	  
	 Average Loan Amount
	  	 	889,027	  	 	 	469,881	  	 	 	354,131	  	 	 	205,828	  	 	 	559,959	  	 	 	128,526	  	 	 	129,136	  	 	 	244,159	  	 	 	187,217	  	 	 	373,467	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	33,068	  	 	$	19,613	  	 	$	18,726	  	 	$	1,985	  	 	$	20,712	  	 	$	6,070	  	 	$	10,212	  	 	$	29,497	  	 	$	6,646	  	 	$	125,818	  
	 *CONFIDENTIAL
	  	 	92.4	% 	 	 	37.2	% 	 	 	32.2	% 	 	 	12.9	% 	 	 	30.7	% 	 	 	28.2	% 	 	 	9.2	% 	 	 	15.1	% 	 	 	33.9	% 	 	 	32.8	% 
	 *CONFIDENTIAL
	  	 	15.2	% 	 	 	20.7	% 	 	 	19.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	18.6	% 	 	 	16.6	% 	 	 	21.1	% 	 	 	16.1	% 	 	 	N/A	  
	 *CONFIDENTIAL
	  	 	62.5	% 	 	 	9.0	% 	 	 	11.1	% 	 	 	13.8	% 	 	 	11.3	% 	 	 	27.1	% 	 	 	19.7	% 	 	 	21.8	% 	 	 	26.1	% 	 	 	18.3	% 
	 *CONFIDENTIAL
	  	 	1.37	% 	 	 	1.33	% 	 	 	1.03	% 	 	 	1.39	% 	 	 	1.06	% 	 	 	-0.21	% 	 	 	1.51	% 	 	 	1.35	% 	 	 	1.85	% 	 	 	1.25	% 
	 *CONFIDENTIAL
	  	$	(91	) 	 	$	199	  	 	$	56	  	 	$	22	  	 	$	51	  	 	$	259	  	 	$	30	  	 	$	(250	) 	 	$	151	  	 	$	13	  
	 *CONFIDENTIAL
	  	 	49.53	% 	 	 	68.64	% 	 	 	36.37	% 	 	 	29.46	% 	 	 	35.65	% 	 	 	-20.88	% 	 	 	21.79	% 	 	 	19.69	% 	 	 	50.27	% 	 	 	44.25	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	-0.04	% 	 	 	0.22	% 	 	 	-0.26	% 	 	 	0.19	% 	 	 	0.84	% 	 	 	0.30	% 	 	 	-0.66	% 	 	 	-0.08	% 	 	 	-0.05	% 
	 *CONFIDENTIAL
	  	 	1.39	% 	 	 	1.40	% 	 	 	1.39	% 	 	 	1.37	% 	 	 	1.39	% 	 	 	1.00	% 	 	 	2.13	% 	 	 	0.79	% 	 	 	1.85	% 	 	 	1.34	% 
	 *CONFIDENTIAL
	  	 	0.71	% 	 	 	0.49	% 	 	 	1.02	% 	 	 	0.96	% 	 	 	1.01	% 	 	 	0.96	% 	 	 	1.80	% 	 	 	0.52	% 	 	 	0.96	% 	 	 	0.78	% 
	 *CONFIDENTIAL
	  	$	3,251	  	 	$	5,893	  	 	$	4,760	  	 	$	2,498	  	 	$	4,447	  	 	$	1,171	  	 	$	3,397	  	 	$	1,713	  	 	$	4,320	  	 	$	3,585	  
	 *CONFIDENTIAL
	  	$	991	  	 	$	1,257	  	 	$	1,564	  	 	$	1,870	  	 	$	1,606	  	 	$	1,856	  	 	$	1,197	  	 	$	1,216	  	 	$	2,783	  	 	$	1,403	  
	 *CONFIDENTIAL
	  	 	0.42	% 	 	 	0.30	% 	 	 	0.46	% 	 	 	1.03	% 	 	 	0.50	% 	 	 	1.59	% 	 	 	0.75	% 	 	 	0.56	% 	 	 	1.19	% 	 	 	0.52	% 
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	0	  	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	6	  
	 Summary Headcount
	  	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	687	  
											
	 DECEMBER
PROFIT & LOSS
REVIEW
	  	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	LI MORTGAGE	 	 	TOTAL
Ex Bumet	 
	 Revenue
	  				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	722,261	  	 	 	2,895,264	  	 	 	1,738,622	  	 	 	200,410	  	 	 	1,939,032	  	 	 	(46,293	) 	 	 	785,554	  	 	 	1,831,355	  	 	 	470,014	  	 	 	8,597,187	  
	 *CONFIDENTIAL
	  	 	55,140	  	 	 	143,546	  	 	 	162,415	  	 	 	24,341	  	 	 	186,756	  	 	 	13,926	  	 	 	134,930	  	 	 	214,768	  	 	 	8,053	  	 	 	757,117	  
	 *CONFIDENTIAL
	  	 	(20,564	) 	 	 	103,105	  	 	 	27,534	  	 	 	1,712	  	 	 	29,245	  	 	 	49,726	  	 	 	9,735	  	 	 	(155,366	) 	 	 	16,506	  	 	 	32,388	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(22,149	) 	 	 	(521,224	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7,854	) 	 	 	(551,247	) 
	 *CONFIDENTIAL
	  	 	0	  	 	 	512,302	  	 	 	35,188	  	 	 	7,999	  	 	 	43,188	  	 	 	20,252	  	 	 	23,853	  	 	 	66,712	  	 	 	3,309	  	 	 	669,615	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	(86,164	) 	 	 	378,354	  	 	 	(31,156	) 	 	 	341,197	  	 	 	187,169	  	 	 	153,217	  	 	 	(892,215	) 	 	 	(19,124	) 	 	 	(315,919	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	734,689	  	 	 	3,046,807	  	 	 	2,345,112	  	 	 	197,306	  	 	 	2,539,418	  	 	 	224,781	  	 	 	1,107,288	  	 	 	1,065,254	  	 	 	470,905	  	 	 	9,188,141	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	357,744	  	 	 	1,987,184	  	 	 	632,298	  	 	 	59,046	  	 	 	691,344	  	 	 	9,668	  	 	 	171,199	  	 	 	360,539	  	 	 	226,682	  	 	 	3,804,360	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	376,945	  	 	 	1,059,624	  	 	 	1,709,814	  	 	 	13,260	  	 	 	1,848,074	  	 	 	215,113	  	 	 	936,088	  	 	 	704,715	  	 	 	244,222	  	 	 	5,384,781	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	86,591	  	 	 	233,554	  	 	 	355,726	  	 	 	45,426	  	 	 	401,153	  	 	 	170,585	  	 	 	167,195	  	 	 	347,860	  	 	 	148,700	  	 	 	1,555,639	  
	 *CONFIDENTIAL
	  	 	196	  	 	 	259	  	 	 	22,773	  	 	 	1,638	  	 	 	24,411	  	 	 	610	  	 	 	744	  	 	 	7,077	  	 	 	1,067	  	 	 	34,337	  
	 *CONFIDENTIAL
	  	 	1,137	  	 	 	—  	  	 	 	23,544	  	 	 	—  	  	 	 	23,544	  	 	 	6,996	  	 	 	—  	  	 	 	7,187	  	 	 	3,088	  	 	 	41,952	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	21,852	  	 	 	64,260	  	 	 	123,847	  	 	 	6,894	  	 	 	130,740	  	 	 	1,898	  	 	 	59,122	  	 	 	14,876	  	 	 	46,112	  	 	 	338,861	  
	 *CONFIDENTIAL
	  	 	8,990	  	 	 	7,117	  	 	 	19,430	  	 	 	12,739	  	 	 	32,168	  	 	 	5,905	  	 	 	6,501	  	 	 	22,794	  	 	 	24,484	  	 	 	107,960	  
	 *CONFIDENTIAL
	  	 	11,451	  	 	 	36,320	  	 	 	15,782	  	 	 	11,651	  	 	 	27,432	  	 	 	30,362	  	 	 	15,674	  	 	 	51,065	  	 	 	20,922	  	 	 	193,226	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	891	  	 	 	—  	  	 	 	891	  	 	 	890	  	 	 	—  	  	 	 	—  	  	 	 	1,321	  	 	 	3,102	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	244	  	 	 	244	  	 	 	500	  	 	 	—  	  	 	 	—  	  	 	 	9,000	  	 	 	9,744	  
	 *CONFIDENTIAL
	  	 	10,873	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9,053	  	 	 	2,375	  	 	 	2,750	  	 	 	25,051	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	141,063	  	 	 	341,511	  	 	 	561,992	  	 	 	78,591	  	 	 	640,583	  	 	 	217,745	  	 	 	258,288	  	 	 	453,235	  	 	 	257,445	  	 	 	2,309,871	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,579	  	 	 	69,634	  	 	 	50,389	  	 	 	13,665	  	 	 	64,054	  	 	 	35,208	  	 	 	31,063	  	 	 	26,144	  	 	 	4,926	  	 	 	245,609	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	4,878	  	 	 	—  	  	 	 	4,878	  	 	 	1,929	  	 	 	—  	  	 	 	9,200	  	 	 	—  	  	 	 	16,008	  
	 *CONFIDENTIAL
	  	 	875	  	 	 	7,702	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,090	  	 	 	—  	  	 	 	1,736	  	 	 	3,044	  	 	 	16,447	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,454	  	 	 	77,338	  	 	 	55,268	  	 	 	13,665	  	 	 	68,933	  	 	 	40,227	  	 	 	31,063	  	 	 	37,080	  	 	 	7,970	  	 	 	278,063	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,206	  	 	 	4,690	  	 	 	1,490	  	 	 	350	  	 	 	1,840	  	 	 	—  	  	 	 	681	  	 	 	—  	  	 	 	—  	  	 	 	12,417	  
	 *CONFIDENTIAL
	  	 	100	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,429	  	 	 	4,465	  	 	 	7,584	  	 	 	13,006	  	 	 	31,584	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,306	  	 	 	4,690	  	 	 	1,490	  	 	 	350	  	 	 	1,840	  	 	 	6,429	  	 	 	5,148	  	 	 	7,584	  	 	 	13,006	  	 	 	44,001	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	20,484	  	 	 	15,00	  	 	 	40,210	  	 	 	5,969	  	 	 	46,179	  	 	 	19,473	  	 	 	9,100	  	 	 	14,207	  	 	 	4,403	  	 	 	128,846	  
	 *CONFIDENTIAL
	  	 	15,447	  	 	 	67,039	  	 	 	28,308	  	 	 	5,981	  	 	 	34,289	  	 	 	7,571	  	 	 	6,380	  	 	 	110,255	  	 	 	1,490	  	 	 	242,470	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	35,931	  	 	 	82,039	  	 	 	68,517	  	 	 	11,951	  	 	 	80,468	  	 	 	27,043	  	 	 	15,479	  	 	 	124,462	  	 	 	5,893	  	 	 	371,315	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,822	  	 	 	17,866	  	 	 	17,657	  	 	 	1,994	  	 	 	19,651	  	 	 	30,889	  	 	 	17,166	  	 	 	13,305	  	 	 	3,070	  	 	 	105,768	  
	 *CONFIDENTIAL
	  	 	4,398	  	 	 	17,273	  	 	 	22,725	  	 	 	1,237	  	 	 	23,963	  	 	 	3,204	  	 	 	11,654	  	 	 	16,853	  	 	 	2,444	  	 	 	79,789	  
	 *CONFIDENTIAL
	  	 	(63	) 	 	 	2,368	  	 	 	4,972	  	 	 	683	  	 	 	5,655	  	 	 	1,452	  	 	 	—  	  	 	 	1,153	  	 	 	1,000	  	 	 	11,565	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,157	  	 	 	37,506	  	 	 	45,354	  	 	 	3,914	  	 	 	49,268	  	 	 	35,545	  	 	 	28,820	  	 	 	31,311	  	 	 	6,514	  	 	 	197,122	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,202	  	 	 	39,501	  	 	 	26,219	  	 	 	12,020	  	 	 	38,239	  	 	 	21,131	  	 	 	8,973	  	 	 	24,630	  	 	 	4,976	  	 	 	139,651	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,202	  	 	 	39,501	  	 	 	26,219	  	 	 	12,020	  	 	 	38,239	  	 	 	21,131	  	 	 	8,973	  	 	 	24,630	  	 	 	4,976	  	 	 	139,651	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  	 	 	1,718	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  
	 *CONFIDENTIAL
	  	 	4,085	  	 	 	1,300	  	 	 	(14,538	) 	 	 	19,850	  	 	 	5,313	  	 	 	3,658	  	 	 	35,851	  	 	 	25,721	  	 	 	2,960	  	 	 	78,887	  
	 *CONFIDENTIAL
	  	 	2,322	  	 	 	8,335	  	 	 	965	  	 	 	3,562	  	 	 	4,527	  	 	 	202	  	 	 	1,300	  	 	 	5,949	  	 	 	—  	  	 	 	22,636	  
	 *CONFIDENTIAL
	  	 	3,584	  	 	 	233	  	 	 	5,846	  	 	 	658	  	 	 	6,504	  	 	 	416	  	 	 	—  	  	 	 	390	  	 	 	—  	  	 	 	11,126	  
	 *CONFIDENTIAL
	  	 	5,695	  	 	 	40,447	  	 	 	16,965	  	 	 	1,432	  	 	 	18,397	  	 	 	3,016	  	 	 	1,957	  	 	 	3,119	  	 	 	1,023	  	 	 	73,655	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,686	  	 	 	50,315	  	 	 	9,238	  	 	 	27,221	  	 	 	36,459	  	 	 	7,292	  	 	 	39,109	  	 	 	35,179	  	 	 	3,983	  	 	 	188,022	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	107	  	 	 	—  	  	 	 	107	  	 	 	798	  	 	 	1,404	  	 	 	6,275	  	 	 	—  	  	 	 	8,584	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	228	  	 	 	—  	  	 	 	228	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	228	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	16,731	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,004	  	 	 	594	  	 	 	15	  	 	 	19,343	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	193	  	 	 	9	  	 	 	202	  	 	 	—  	  	 	 	—  	  	 	 	6,023	  	 	 	—  	  	 	 	6,225	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	16,731	  	 	 	528	  	 	 	9	  	 	 	537	  	 	 	798	  	 	 	3,408	  	 	 	12,891	  	 	 	15	  	 	 	34,380	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	114	  	 	 	—  	  	 	 	760	  	 	 	—  	  	 	 	760	  	 	 	52	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	927	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	30,000	  	 	 	3,500	  	 	 	33,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	114	  	 	 	—  	  	 	 	760	  	 	 	—  	  	 	 	760	  	 	 	52	  	 	 	—  	  	 	 	30,000	  	 	 	3,500	  	 	 	34,427	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	223,914	  	 	 	649,630	  	 	 	769,366	  	 	 	147,721	  	 	 	917,087	  	 	 	356,263	  	 	 	390,285	  	 	 	756,372	  	 	 	303,302	  	 	 	3,596,853	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	3,500	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	227,414	  	 	 	649,630	  	 	 	769,366	  	 	 	147,721	  	 	 	917,087	  	 	 	356,236	  	 	 	390,285	  	 	 	756,372	  	 	 	303,302	  	 	 	3,600,353	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	149,531	  	 	 	409,994	  	 	 	940,448	  	 	 	(9,460	) 	 	 	930,988	  	 	 	(141,150	) 	 	 	545,803	  	 	 	(51,657	) 	 	 	(59,080	) 	 	 	1,784,429	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 181 









 Confidential Treatment 
  


																																									
	 DECEMBER
 PROFIT &
 LOSS
 REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	136	  	 	 	523	  	 	 	565	  	 	 	85	  	 	 	650	  	 	 	243	  	 	 	301	  	 	 	606	  	 	 	103	  	 	 	2,562	  
	 Total Application Dollars
	 	$	32,035	  	 	$	218,206	  	 	$	201,851	  	 	$	14,106	  	 	$	215,957	  	 	$	30,992	  	 	$	56,123	  	 	$	144,081	  	 	$	23,073	  	 	$	720,467	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	226	  	 	 	517	  	 	 	492	  	 	 	79	  	 	 	571	  	 	 	192	  	 	 	326	  	 	 	622	  	 	 	109	  	 	 	2,563	  
	 Total Closing Dollars
	 	$	52,902	  	 	$	217,532	  	 	$	168,170	  	 	$	14,397	  	 	$	182,568	  	 	$	22,372	  	 	$	51,873	  	 	$	135,525	  	 	$	25,439	  	 	$	688,211	  
	 Average Loan Amount
	 	 	234,080	  	 	 	420,759	  	 	 	341,810	  	 	 	182,242	  	 	 	524,052	  	 	 	116,519	  	 	 	159,121	  	 	 	217,885	  	 	 	233,389	  	 	 	268,518	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	171	  	 	 	345	  	 	 	339	  	 	 	70	  	 	 	409	  	 	 	143	  	 	 	289	  	 	 	538	  	 	 	63	  	 	 	1,958	  
	 Purchase Closing Dollars
	 	$	4,006	  	 	$	136,713	  	 	$	113,988	  	 	$	12,545	  	 	$	126,533	  	 	$	16,074	  	 	$	47,095	  	 	$	115,015	  	 	$	16,827	  	 	$	462,264	  
	 Average Loan Amount
	 	 	23,425	  	 	 	396,269	  	 	 	336,249	  	 	 	179,210	  	 	 	515,459	  	 	 	112,405	  	 	 	162,960	  	 	 	213,783	  	 	 	267,102	  	 	 	236,090	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	 	 	55	  	 	 	172	  	 	 	153	  	 	 	9	  	 	 	162	  	 	 	49	  	 	 	37	  	 	 	84	  	 	 	46	  	 	 	605	  
	 Refi Closings – Dollars
	 	$	48,896	  	 	$	80,820	  	 	$	54,182	  	 	$	1,852	  	 	$	56,034	  	 	$	6,298	  	 	$	4,778	  	 	$	20,509	  	 	$	8,612	  	 	$	225,948	  
	 Average Loan Amount
	 	 	889,027	  	 	 	469,881	  	 	 	354,131	  	 	 	205,828	  	 	 	559,959	  	 	 	128,526	  	 	 	129,136	  	 	 	244,159	  	 	 	187,217	  	 	 	373,467	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	$	33,068	  	 	$	19,613	  	 	$	18,726	  	 	$	1,985	  	 	$	20,712	  	 	$	6,070	  	 	$	10,212	  	 	$	29,497	  	 	$	6,646	  	 	$	125,818	  
	*CONFIDENTIAL	 	 	92.4	% 	 	 	37.2	% 	 	 	32.2	% 	 	 	12.9	% 	 	 	30.7	% 	 	 	28.2	% 	 	 	9.2	% 	 	 	15.1	% 	 	 	33.9	% 	 	 	32.8	% 
	*CONFIDENTIAL	 	 	15.2	% 	 	 	20.7	% 	 	 	19.3	% 	 	 	6.4	% 	 	 	0.0	% 	 	 	18.6	% 	 	 	16.6	% 	 	 	21.1	% 	 	 	16.1	% 	 	 	N/A	  
	*CONFIDENTIAL	 	 	62.5	% 	 	 	9.0	% 	 	 	11.1	% 	 	 	13.8	% 	 	 	11.3	% 	 	 	27.1	% 	 	 	19.7	% 	 	 	21.8	% 	 	 	26.1	% 	 	 	18.3	% 
	*CONFIDENTIAL	 	 	1.37	% 	 	 	1.33	% 	 	 	1.03	% 	 	 	1.39	% 	 	 	1.06	% 	 	 	-0.21	% 	 	 	1.51	% 	 	 	1.35	% 	 	 	1.85	% 	 	 	1.25	% 
	*CONFIDENTIAL	 	$	(91	) 	 	$	199	  	 	$	58	  	 	$	22	  	 	$	51	  	 	$	259	  	 	$	30	  	 	$	(250	) 	 	$	151	  	 	$	13	  
	*CONFIDENTIAL	 	 	49.53	% 	 	 	68.64	% 	 	 	36.37	% 	 	 	29.46	% 	 	 	35.65	% 	 	 	-20.88	% 	 	 	21.79	% 	 	 	19.69	% 	 	 	50.27	% 	 	 	44.25	% 
	*CONFIDENTIAL	 	 	0.00	% 	 	 	-0.04	% 	 	 	0.22	% 	 	 	-0.26	% 	 	 	0.19	% 	 	 	0.84	% 	 	 	0.30	% 	 	 	-0.66	% 	 	 	-0.80	% 	 	 	-0.05	% 
	*CONFIDENTIAL	 	 	1.39	% 	 	 	1.40	% 	 	 	1.39	% 	 	 	1.37	% 	 	 	1.39	% 	 	 	1.00	% 	 	 	2.13	% 	 	 	0.79	% 	 	 	1.85	% 	 	 	1.34	% 
	*CONFIDENTIAL	 	 	0.71	% 	 	 	0.49	% 	 	 	1.02	% 	 	 	0.96	% 	 	 	1.01	% 	 	 	0.96	% 	 	 	1.80	% 	 	 	0.52	% 	 	 	0.96	% 	 	 	0.78	% 
	*CONFIDENTIAL	 	$	3,251	  	 	$	5,893	  	 	$	4,760	  	 	$	2,498	  	 	$	4,447	  	 	$	1,171	  	 	$	3,397	  	 	$	1,713	  	 	$	4,320	  	 	$	3,585	  
	*CONFIDENTIAL	 	$	991	  	 	$	1,257	  	 	$	1,564	  	 	$	1,870	  	 	$	1,606	  	 	$	1,856	  	 	$	1,197	  	 	$	1,216	  	 	$	2,783	  	 	$	1,403	  
	*CONFIDENTIAL	 	 	0.42	% 	 	 	0.30	% 	 	 	0.46	% 	 	 	1.03	% 	 	 	0.50	% 	 	 	1.59	% 	 	 	0.75	% 	 	 	0.56	% 	 	 	1.19	% 	 	 	0.52	% 
	 Loans over 60 days
	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	0	  	 	 	N/A	  	 	 	N/A	  	 	 	3	  	 	 	N/A	  	 	 	6	  
	 Summary Headcount
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	687	  
											
	 DECEMBER
 PROFIT &
 LOSS
 REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	LJ MORTGAGE	 	 	TOTAL
Ex Burnet	 
	 Revenue
	 	 	136.53	  	 	 	133.10	  	 	 	103.38	  	 	 	139.20	  	 	 	106.21	  	 	 	(20.69	) 	 	 	151.44	  	 	 	135.13	  	 	 	184.76	  	 	 	124.92	  
	*CONFIDENTIAL	 	 	10.42	  	 	 	6.60	  	 	 	9.66	  	 	 	16.91	  	 	 	10.23	  	 	 	6.22	  	 	 	26.01	  	 	 	15.85	  	 	 	3.17	  	 	 	11.00	  
	*CONFIDENTIAL	 	 	(3.89	) 	 	 	4.74	  	 	 	1.64	  	 	 	1.19	  	 	 	1.60	  	 	 	22.23	  	 	 	1.88	  	 	 	(11.46	) 	 	 	6.49	  	 	 	0.47	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	(4.19	) 	 	 	(23.96	) 	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	(3.09	) 	 	 	(8.01	) 
	*CONFIDENTIAL	 	 	0.00	  	 	 	23.55	  	 	 	2.09	  	 	 	5.56	  	 	 	2.37	  	 	 	9.05	  	 	 	4.60	  	 	 	4.92	  	 	 	1.30	  	 	 	9.73	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	(3.96	) 	 	 	22.50	  	 	 	(25.81	) 	 	 	18.69	  	 	 	83.66	  	 	 	29.54	  	 	 	(65.83	) 	 	 	(7.52	) 	 	 	(4.59	) 
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	135.85	  	 	 	140.06	  	 	 	139.27	  	 	 	137.04	  	 	 	139.09	  	 	 	100.48	  	 	 	213.46	  	 	 	78.60	  	 	 	185.11	  	 	 	133.52	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	67.62	  	 	 	91.35	  	 	 	37.60	  	 	 	41.01	  	 	 	37.87	  	 	 	4.32	  	 	 	33.00	  	 	 	26.60	  	 	 	89.11	  	 	 	55.28	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	71.25	  	 	 	48.71	  	 	 	101.67	  	 	 	96.03	  	 	 	101.23	  	 	 	96.15	  	 	 	180.46	  	 	 	52.00	  	 	 	96.00	  	 	 	78.24	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 	 	16.37	  	 	 	10.74	  	 	 	21.15	  	 	 	31.55	  	 	 	21.97	  	 	 	76.25	  	 	 	32.23	  	 	 	25.67	  	 	 	58.45	  	 	 	22.60	  
	*CONFIDENTIAL	 	 	0.03	  	 	 	0.01	  	 	 	1.35	  	 	 	1.14	  	 	 	1.34	  	 	 	0.27	  	 	 	0.14	  	 	 	0.52	  	 	 	0.42	  	 	 	0.50	  
	*CONFIDENTIAL	 	 	0.21	  	 	 	0.00	  	 	 	1.40	  	 	 	0.00	  	 	 	1.29	  	 	 	3.13	  	 	 	0.00	  	 	 	0.53	  	 	 	1.21	  	 	 	0.61	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	4.13	  	 	 	2.95	  	 	 	7.36	  	 	 	4.79	  	 	 	7.16	  	 	 	0.85	  	 	 	11.40	  	 	 	1.10	  	 	 	18.13	  	 	 	4.92	  
	*CONFIDENTIAL	 	 	1.70	  	 	 	0.33	  	 	 	1.16	  	 	 	8.85	  	 	 	1.76	  	 	 	2.64	  	 	 	1.25	  	 	 	1.68	  	 	 	9.62	  	 	 	1.57	  
	*CONFIDENTIAL	 	 	2.16	  	 	 	1.67	  	 	 	0.94	  	 	 	8.09	  	 	 	1.50	  	 	 	13.57	  	 	 	3.02	  	 	 	3.77	  	 	 	8.22	  	 	 	2.81	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.05	  	 	 	0.40	  	 	 	0.00	  	 	 	0.00	  	 	 	0.52	  	 	 	0.05	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.17	  	 	 	0.01	  	 	 	0.22	  	 	 	0.00	  	 	 	0.00	  	 	 	3.54	  	 	 	0.14	  
	*CONFIDENTIAL	 	 	2.06	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.75	  	 	 	0.18	  	 	 	1.08	  	 	 	0.36	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	26.66	  	 	 	15.70	  	 	 	33.42	  	 	 	54.59	  	 	 	35.09	  	 	 	97.33	  	 	 	19.79	  	 	 	33.44	  	 	 	101.20	  	 	 	33.56	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.76	  	 	 	3.20	  	 	 	3.00	  	 	 	9.49	  	 	 	3.51	  	 	 	15.74	  	 	 	5.99	  	 	 	1.93	  	 	 	1.94	  	 	 	3.57	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.29	  	 	 	0.00	  	 	 	0.27	  	 	 	0.86	  	 	 	0.00	  	 	 	0.68	  	 	 	0.00	  	 	 	0.23	  
	*CONFIDENTIAL	 	 	0.17	  	 	 	0.35	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.38	  	 	 	0.00	  	 	 	0.13	  	 	 	1.20	  	 	 	0.24	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.92	  	 	 	3.58	  	 	 	3.29	  	 	 	9.49	  	 	 	3.78	  	 	 	17.98	  	 	 	5.99	  	 	 	2.74	  	 	 	3.13	  	 	 	4.04	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.98	  	 	 	0.22	  	 	 	0.09	  	 	 	0.24	  	 	 	0.10	  	 	 	0.00	  	 	 	0.13	  	 	 	0.00	  	 	 	0.00	  	 	 	0.18	  
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	2.87	  	 	 	0.86	  	 	 	0.56	  	 	 	5.11	  	 	 	0.46	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	1.00	  	 	 	0.22	  	 	 	0.09	  	 	 	0.24	  	 	 	0.10	  	 	 	2.87	  	 	 	0.99	  	 	 	0.56	  	 	 	5.11	  	 	 	0.64	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	3.87	  	 	 	0.69	  	 	 	2.39	  	 	 	4.15	  	 	 	2.53	  	 	 	8.70	  	 	 	1.75	  	 	 	1.05	  	 	 	1.73	  	 	 	1.87	  
	*CONFIDENTIAL	 	 	2.92	  	 	 	3.08	  	 	 	1.68	  	 	 	4.15	  	 	 	1.88	  	 	 	3.38	  	 	 	1.23	  	 	 	8.14	  	 	 	0.59	  	 	 	3.52	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	6.79	  	 	 	3.77	  	 	 	4.07	  	 	 	8.30	  	 	 	4.41	  	 	 	12.09	  	 	 	2.98	  	 	 	9.18	  	 	 	2.92	  	 	 	5.40	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.72	  	 	 	0.82	  	 	 	1.05	  	 	 	1.38	  	 	 	1.08	  	 	 	13.81	  	 	 	3.31	  	 	 	0.98	  	 	 	1.21	  	 	 	1.54	  
	*CONFIDENTIAL	 	 	0.83	  	 	 	0.79	  	 	 	1.35	  	 	 	0.86	  	 	 	1.31	  	 	 	1.43	  	 	 	2.25	  	 	 	1.24	  	 	 	0.96	  	 	 	1.16	  
	*CONFIDENTIAL	 	 	(0.01	) 	 	 	0.11	  	 	 	0.30	  	 	 	0.47	  	 	 	0.31	  	 	 	0.65	  	 	 	0.00	  	 	 	0.09	  	 	 	0.39	  	 	 	0.17	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	1.54	  	 	 	1.72	  	 	 	2.70	  	 	 	2.72	  	 	 	2.70	  	 	 	15.89	  	 	 	5.56	  	 	 	2.31	  	 	 	2.56	  	 	 	2.86	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.42	  	 	 	1.82	  	 	 	1.56	  	 	 	8.35	  	 	 	2.09	  	 	 	9.45	  	 	 	1.73	  	 	 	1.82	  	 	 	1.96	  	 	 	2.03	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.42	  	 	 	1.82	  	 	 	1.56	  	 	 	8.35	  	 	 	2.09	  	 	 	9.45	  	 	 	1.73	  	 	 	1.82	  	 	 	1.96	  	 	 	2.03	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	1.19	  	 	 	0.09	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.02	  
	*CONFIDENTIAL	 	 	0.77	  	 	 	0.06	  	 	 	(0.86	) 	 	 	13.79	  	 	 	0.29	  	 	 	1.63	  	 	 	6.91	  	 	 	1.90	  	 	 	1.16	  	 	 	1.15	  
	*CONFIDENTIAL	 	 	0.44	  	 	 	0.38	  	 	 	0.06	  	 	 	2.47	  	 	 	0.25	  	 	 	0.09	  	 	 	0.25	  	 	 	0.44	  	 	 	0.00	  	 	 	0.33	  
	*CONFIDENTIAL	 	 	0.68	  	 	 	0.01	  	 	 	0.35	  	 	 	0.46	  	 	 	0.36	  	 	 	0.19	  	 	 	0.00	  	 	 	0.03	  	 	 	0.00	  	 	 	0.16	  
	*CONFIDENTIAL	 	 	1.08	  	 	 	1.86	  	 	 	1.01	  	 	 	0.99	  	 	 	1.01	  	 	 	1.35	  	 	 	0.38	  	 	 	0.23	  	 	 	0.40	  	 	 	1.07	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	2.97	  	 	 	2.31	  	 	 	0.55	  	 	 	18.91	  	 	 	2.00	  	 	 	3.26	  	 	 	7.54	  	 	 	2.60	  	 	 	1.57	  	 	 	2.73	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.01	  	 	 	0.36	  	 	 	0.27	  	 	 	0.46	  	 	 	0.00	  	 	 	0.12	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.77	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.39	  	 	 	0.04	  	 	 	0.01	  	 	 	0.28	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  	 	 	0.01	  	 	 	0.01	  	 	 	0.00	  	 	 	0.00	  	 	 	0.44	  	 	 	0.00	  	 	 	0.09	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.77	  	 	 	0.03	  	 	 	0.01	  	 	 	0.03	  	 	 	0.36	  	 	 	0.66	  	 	 	0.95	  	 	 	0.01	  	 	 	0.50	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.04	  	 	 	0.02	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.01	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  
	*CONFIDENTIAL	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	2.21	  	 	 	1.38	  	 	 	0.49	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	 	 	0.02	  	 	 	0.00	  	 	 	0.05	  	 	 	0.00	  	 	 	0.04	  	 	 	0.02	  	 	 	0.00	  	 	 	2.21	  	 	 	1.38	  	 	 	0.50	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	42.33	  	 	 	29.86	  	 	 	45.75	  	 	 	102.60	  	 	 	50.23	  	 	 	159.25	  	 	 	75.24	  	 	 	55.81	  	 	 	119.23	  	 	 	52.26	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	0.66	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.00	  	 	 	0.05	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	42.99	  	 	 	29.86	  	 	 	45.75	  	 	 	102.60	  	 	 	50.23	  	 	 	159.25	  	 	 	75.24	  	 	 	55.81	  	 	 	119.23	  	 	 	52.31	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	28.27	  	 	 	18.85	  	 	 	55.92	  	 	 	(6.57	) 	 	 	50.99	  	 	 	(63.09	) 	 	 	105.22	  	 	 	(3.81	) 	 	 	(23.22	) 	 	 	25.93	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 182 








 Confidential Treatment 
  

																																									
	 YTD PROFIT &
LOSS REVIEW
	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	*CONFIDENTIAL	 	 	TOTAL	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	2,101	  	 	 	7,773	  	 	 	8,871	  	 	 	1,120	  	 	 	9,991	  	 	 	3,880	  	 	 	4,615	  	 	 	9,035	  	 	 	1,035	  	 	 	38,430	  
	 Total Application Dollars
	 	$	467,172	  	 	$	3,236,918	  	 	$	3,019,662	  	 	$	181,285	  	 	$	3,200,946	  	 	$	500,379	  	 	$	756,576	  	 	$	2,086,193	  	 	$	239,197	  	 	$	10,487,381	  
	 Total Closing Units
	 	 	2,592	  	 	 	6,606	  	 	 	6,464	  	 	 	883	  	 	 	7,347	  	 	 	2,793	  	 	 	3,879	  	 	 	7,813	  	 	 	817	  	 	 	31,847	  
	 Total Closing Dollars
	 	$	563,941	  	 	$	2,759,138	  	 	$	2,151,704	  	 	$	144,602	  	 	$	2,296,306	  	 	$	327,756	  	 	$	623,627	  	 	$	1,742,216	  	 	$	186,589	  	 	$	8,499,574	  
	 Average Loan Amount
	 	 	217,570	  	 	 	417,671	  	 	 	332,875	  	 	 	163,762	  	 	 	312,550	  	 	 	117,349	  	 	 	160,770	  	 	 	222,989	  	 	 	228,383	  	 	 	266,888	  
	 Purchase Closing Units
	 	 	2,080	  	 	 	4,397	  	 	 	4,646	  	 	 	792	  	 	 	5,438	  	 	 	2,163	  	 	 	3,428	  	 	 	6,708	  	 	$	589	  	 	 	24,803	  
	 Purchase Closing Dollars
	 	$	409,952	  	 	$	1,794,836	  	 	$	1,529,367	  	 	$	126,401	  	 	$	1,655,768	  	 	$	229,487	  	 	$	505,869	  	 	$	1,478,717	  	 	$	128,116	  	 	$	6,202,743	  
	 Average Loan Amount
	 	 	197,092	  	 	 	408,195	  	 	 	329,179	  	 	 	159,598	  	 	 	304,481	  	 	 	106,097	  	 	 	147,570	  	 	 	220,441	  	 	 	217,514	  	 	 	250,080	  
	 Refi Closings - Units
	 	 	512	  	 	 	2,209	  	 	 	1,818	  	 	 	91	  	 	 	1,909	  	 	 	630	  	 	 	451	  	 	 	1,105	  	 	 	228	  	 	 	7,044	  
	 Refi Closings - Dollars
	 	$	153,989	  	 	$	964,302	  	 	$	622,338	  	 	$	18,201	  	 	$	640,539	  	 	$	98,269	  	 	$	117,759	  	 	$	263,499	  	 	$	58,473	  	 	$	2,296,830	  
	 Average Loan Amount
	 	 	300,760	  	 	 	436,533	  	 	 	342,320	  	 	 	200,010	  	 	 	335,536	  	 	 	155,983	  	 	 	261,106	  	 	 	238,461	  	 	 	256,462	  	 	 	326,069	  
	 *CONFIDENTIAL
	 	$	269,803	  	 	$	107,394	  	 	$	176,579	  	 	$	12,255	  	 	$	188,834	  	 	$	46,102	  	 	$	30,316	  	 	$	308,241	  	 	$	12,127	  	 	$	962,818	  
	 *CONFIDENTIAL
	 	 	27.3	% 	 	 	34.9	% 	 	 	28.9	% 	 	 	12.6	% 	 	 	27.9	% 	 	 	30.0	% 	 	 	18.9	% 	 	 	15.1	% 	 	 	31.3	% 	 	 	27.0	% 
	 *CONFIDENTIAL
	 	 	18.0	% 	 	 	22.2	% 	 	 	19.4	% 	 	 	5.4	% 	 	 	0.0	% 	 	 	17.0	% 	 	 	16.5	% 	 	 	21.9	% 	 	 	15.9	% 	 	 	N/A	  
	 *CONFIDENTIAL
	 	 	47.8	% 	 	 	3.9	% 	 	 	8.2	% 	 	 	8.5	% 	 	 	8.2	% 	 	 	14.1	% 	 	 	4.9	% 	 	 	17.7	% 	 	 	6.5	% 	 	 	11.3	% 
	 *CONFIDENTIAL
	 	 	1.51	% 	 	 	1.22	% 	 	 	1.05	% 	 	 	1.38	% 	 	 	1.07	% 	 	 	1.51	% 	 	 	1.43	% 	 	 	1.36	% 	 	 	0.99	% 	 	 	1.25	% 
	 *CONFIDENTIAL
	 	$	(23	) 	 	$	216	  	 	$	78	  	 	$	33	  	 	$	73	  	 	$	274	  	 	$	35	  	 	$	(241	) 	 	$	143	  	 	$	33	  
	 *CONFIDENTIAL
	 	 	47.44	% 	 	 	68.50	% 	 	 	55.14	% 	 	 	45.77	% 	 	 	54.39	% 	 	 	73.68	% 	 	 	49.41	% 	 	 	39.24	% 	 	 	94.05	% 	 	 	56.10	% 
	 *CONFIDENTIAL
	 	 	0.00	% 	 	 	0.06	% 	 	 	0.42	% 	 	 	0.67	% 	 	 	0.44	% 	 	 	0.88	% 	 	 	0.71	% 	 	 	0.07	% 	 	 	0.98	% 	 	 	0.26	% 
	 *CONFIDENTIAL
	 	 	1.62	% 	 	 	1.39	% 	 	 	1.64	% 	 	 	2.36	% 	 	 	1.68	% 	 	 	2.72	% 	 	 	2.44	% 	 	 	1.42	% 	 	 	2.04	% 	 	 	1.63	% 
	 *CONFIDENTIAL
	 	 	0.91	% 	 	 	0.56	% 	 	 	1.05	% 	 	 	1.73	% 	 	 	1.10	% 	 	 	1.61	% 	 	 	1.73	% 	 	 	0.89	% 	 	 	1.11	% 	 	 	0.93	% 
	 *CONFIDENTIAL
	 	$	3,524	  	 	$	5,815	  	 	$	5,443	  	 	$	3,861	  	 	$	5,253	  	 	$	3,194	  	 	$	3,917	  	 	$	3,168	  	 	$	4,658	  	 	$	4,359	  
	 *CONFIDENTIAL
	 	$	1,051	  	 	$	1.075	  	 	$	1,605	  	 	$	1,864	  	 	$	1,636	  	 	$	1,733	  	 	$	1,433	  	 	$	1,336	  	 	$	3,012	  	 	$	1,417	  
	 *CONFIDENTIAL
	 	 	0.48	% 	 	 	0.26	% 	 	 	0.48	% 	 	 	1.14	% 	 	 	0.52	% 	 	 	1.48	% 	 	 	0.89	% 	 	 	0.60	% 	 	 	1.32	% 	 	 	0.53	% 
	 Loans over 60 days
	 	 	N/A	  	 	 	2	  	 	 	37	  	 	 	0	  	 	 	0	  	 	 	27	  	 	 	0	  	 	 	95	  	 	 	0	  	 	 	161	  
	 Summary Headcount
	 	 	44	  	 	 	46	  	 	 	158	  	 	 	26	  	 	 	184	  	 	 	91	  	 	 	89	  	 	 	171	  	 	 	62	  	 	 	687	  
											
	 YTD PROFIT &
LOSS REVIEW
	 	PREFERRED	 	 	FIRST CAPITAL	 	 	PRINCETON	 	 	LANDOVER	 	 	PRINCETON
CONSOLIDATED	 	 	AXIOM	 	 	SUNBELT	 	 	NE MOVES	 	 	LI MORTGAGE	 	 	TOTAL Ex
Burnet	 
	 Revenue
	 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	8,488,556	  	 	 	33,561,716	  	 	 	22,656,297	  	 	 	1,989,371	  	 	 	24,645,669	  	 	 	4,955,781	  	 	 	8,945,863	  	 	 	23,627,519	  	 	 	1,853,877	  	 	 	106,078,982	  
	 *CONFIDENTIAL
	 	 	498,980	  	 	 	1,603,096	  	 	 	2,358,718	  	 	 	292,250	  	 	 	2,650,968	  	 	 	(50,476	) 	 	 	1,431,062	  	 	 	1,306,870	  	 	 	96,966	  	 	 	7,537,466	  
	 *CONFIDENTIAL
	 	 	(59,411	) 	 	 	1,425,218	  	 	 	504,883	  	 	 	29,248	  	 	 	534,131	  	 	 	765,487	  	 	 	137,650	  	 	 	(1,879,858	) 	 	 	116,994	  	 	 	1,040,210	  
	 *CONFIDENTIAL
	 	 	(3,586	) 	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	0	  	 	 	(86,067	) 	 	 	—  	  	 	 	(118,186	) 	 	 	5,794	  	 	 	(202,045	) 
	 *CONFIDENTIAL
	 	 	(95,798	) 	 	 	—  	  	 	 	(140,238	) 	 	 	(13,488	) 	 	 	(153,726	) 	 	 	(49,786	) 	 	 	(140,468	) 	 	 	41,625	  	 	 	(28,022	) 	 	 	(426,174	) 
	 *CONFIDENTIAL
	 	 	307,053	  	 	 	(10,708	) 	 	 	66,989	  	 	 	16,472	  	 	 	83,461	  	 	 	2,196	  	 	 	—  	  	 	 	(147,753	) 	 	 	(61,175	) 	 	 	173,074	  
	 *CONFIDENTIAL
	 	 	(378	) 	 	 	125,787	  	 	 	633,202	  	 	 	119,322	  	 	 	752,525	  	 	 	513,338	  	 	 	399,401	  	 	 	749,270	  	 	 	(5,650	) 	 	 	2,534,293	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	1,711,311	  	 	 	9,104,316	  	 	 	976,018	  	 	 	10,080,334	  	 	 	2,871,062	  	 	 	4,419,422	  	 	 	1,170,021	  	 	 	1,827,191	  	 	 	22,079,341	  
	 Gross Revenue
	 	 	9,135,417	  	 	 	38,416,420	  	 	 	35,184,167	  	 	 	3,409,194	  	 	 	38,593,361	  	 	 	8,921,536	  	 	 	15,192,930	  	 	 	24,749,509	  	 	 	3,805,975	  	 	 	138,815,146	  
	 Commissions
	 	 	4,027,097	  	 	 	22,989,903	  	 	 	12,493,196	  	 	 	910,503	  	 	 	13,403,699	  	 	 	3,651,631	  	 	 	4,420,407	  	 	 	9,271,535	  	 	 	1,743,604	  	 	 	59,507,875	  
	 Net Revenue
	 	 	5,108,319	  	 	 	15,426,517	  	 	 	22,690,971	  	 	 	2,498,692	  	 	 	25,189,662	  	 	 	5,269,904	  	 	 	10,772,523	  	 	 	15,477,974	  	 	 	2,062,371	  	 	 	79,307,271	  
	 Indirect Costs
	 				 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	1,047,634	  	 	 	2,862,432	  	 	 	3,924,385	  	 	 	459,321	  	 	 	4,383,706	  	 	 	2,106,171	  	 	 	2,210,890	  	 	 	4,317,908	  	 	 	1,403,771	  	 	 	18,332,513	  
	 *CONFIDENTIAL
	 	 	8,594	  	 	 	7,534	  	 	 	286,705	  	 	 	47,303	  	 	 	334,007	  	 	 	10,937	  	 	 	39,066	  	 	 	156,770	  	 	 	6,647	  	 	 	563,556	  
	 *CONFIDENTIAL
	 	 	3,497	  	 	 	116,506	  	 	 	280,363	  	 	 	8,395	  	 	 	288,758	  	 	 	116,491	  	 	 	77,534	  	 	 	158,970	  	 	 	20,302	  	 	 	782,058	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	205,637	  	 	 	484,519	  	 	 	1,597,934	  	 	 	107,085	  	 	 	1,705,019	  	 	 	16,515	  	 	 	417,719	  	 	 	113,352	  	 	 	86,252	  	 	 	3,029,013	  
	 *CONFIDENTIAL
	 	 	427,855	  	 	 	370,905	  	 	 	1,265,709	  	 	 	167,968	  	 	 	1,433,677	  	 	 	664,657	  	 	 	664,984	  	 	 	1,300,559	  	 	 	221,797	  	 	 	5,084,434	  
	 *CONFIDENTIAL
	 	 	260,879	  	 	 	254,443	  	 	 	1,031,744	  	 	 	140,706	  	 	 	1,172,449	  	 	 	439,303	  	 	 	446,975	  	 	 	933,625	  	 	 	195,202	  	 	 	3,702,877	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	(452	) 	 	 	1,981	  	 	 	1,529	  	 	 	5,759	  	 	 	—  	  	 	 	10,499	  	 	 	9,456	  	 	 	27,242	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	3,212	  	 	 	16,631	  	 	 	19,843	  	 	 	22,661	  	 	 	—  	  	 	 	1,350	  	 	 	21,500	  	 	 	65,354	  
	 *CONFIDENTIAL
	 	 	15,879	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	58	  	 	 	—  	  	 	 	33,653	  	 	 	88,940	  	 	 	17,581	  	 	 	156,110	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	1,969,976	  	 	 	4,096,339	  	 	 	8,389,599	  	 	 	949,446	  	 	 	9,339,045	  	 	 	3,382,494	  	 	 	3,890,821	  	 	 	7,081,974	  	 	 	1,982,509	  	 	 	31,743,158	  
	 *CONFIDENTIAL
	 	 	171,906	  	 	 	756,591	  	 	 	579,273	  	 	 	171,450	  	 	 	750,723	  	 	 	399,371	  	 	 	361,962	  	 	 	469,105	  	 	 	94,075	  	 	 	3,003,732	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	66,787	  	 	 	31,171	  	 	 	97,958	  	 	 	38,484	  	 	 	4,123	  	 	 	136,932	  	 	 	25,035	  	 	 	302,532	  
	 *CONFIDENTIAL
	 	 	875	  	 	 	45,470	  	 	 	2,033	  	 	 	71	  	 	 	2,103	  	 	 	22,360	  	 	 	2,452	  	 	 	13,686	  	 	 	8,446	  	 	 	95,393	  
	 *CONFIDENTIAL
	 	 	172,781	  	 	 	802,061	  	 	 	648,093	  	 	 	202,691	  	 	 	850,784	  	 	 	460,215	  	 	 	368,538	  	 	 	619,723	  	 	 	127,656	  	 	 	3,401,657	  
	 *CONFIDENTIAL
	 	 	11,208	  	 	 	72,612	  	 	 	26,749	  	 	 	3,336	  	 	 	30,085	  	 	 	—  	  	 	 	11,777	  	 	 	10,152	  	 	 	1,092	  	 	 	136,926	  
	 *CONFIDENTIAL
	 	 	4,119	  	 	 	21,599	  	 	 	—  	  	 	 	2,626	  	 	 	2,626	  	 	 	66,191	  	 	 	60,651	  	 	 	185,024	  	 	 	27,228	  	 	 	367,437	  
	 *CONFIDENTIAL
	 	 	15,327	  	 	 	94,211	  	 	 	26,749	  	 	 	5,962	  	 	 	32,710	  	 	 	66,191	  	 	 	72,428	  	 	 	195,176	  	 	 	28,320	  	 	 	504,363	  
	 *CONFIDENTIAL
	 	 	172,786	  	 	 	24,326	  	 	 	366,969	  	 	 	24,295	  	 	 	391,264	  	 	 	189,538	  	 	 	116,549	  	 	 	196,386	  	 	 	39,921	  	 	 	1,130,771	  
	 *CONFIDENTIAL
	 	 	84,092	  	 	 	665,976	  	 	 	107,836	  	 	 	66,898	  	 	 	174,734	  	 	 	37,941	  	 	 	130,835	  	 	 	644,940	  	 	 	28,259	  	 	 	1,766,776	  
	 *CONFIDENTIAL
	 	 	256,878	  	 	 	690,302	  	 	 	474,805	  	 	 	91,194	  	 	 	565,998	  	 	 	227,479	  	 	 	247,383	  	 	 	841,326	  	 	 	68,180	  	 	 	2,897,547	  
	 *CONFIDENTIAL
	 	 	54,116	  	 	 	220,334	  	 	 	171,300	  	 	 	32,713	  	 	 	204,013	  	 	 	353,886	  	 	 	203,886	  	 	 	164,578	  	 	 	29,048	  	 	 	1,229,860	  
	 *CONFIDENTIAL
	 	 	65,779	  	 	 	185,235	  	 	 	171,097	  	 	 	19,098	  	 	 	190,195	  	 	 	21,918	  	 	 	136,066	  	 	 	262,946	  	 	 	26,296	  	 	 	888,435	  
	 *CONFIDENTIAL
	 	 	8,122	  	 	 	33,857	  	 	 	50,325	  	 	 	4,417	  	 	 	54,742	  	 	 	20,998	  	 	 	530	  	 	 	37,242	  	 	 	10,032	  	 	 	165,524	  
	 *CONFIDENTIAL
	 	 	128,017	  	 	 	439,426	  	 	 	392,722	  	 	 	56,229	  	 	 	446,951	  	 	 	396,801	  	 	 	340,482	  	 	 	464,766	  	 	 	65,376	  	 	 	2,283,819	  
	 *CONFIDENTIAL
	 	 	33,651	  	 	 	342,192	  	 	 	265,137	  	 	 	72,565	  	 	 	337,702	  	 	 	198,675	  	 	 	166,768	  	 	 	209,378	  	 	 	42,709	  	 	 	1,331,074	  
	 *CONFIDENTIAL
	 	 	33,651	  	 	 	342,192	  	 	 	265,137	  	 	 	72,565	  	 	 	337,702	  	 	 	198,675	  	 	 	166,768	  	 	 	209,378	  	 	 	42,709	  	 	 	1,331,074	  
	 *CONFIDENTIAL
	 	 	5,432	  	 	 	—  	  	 	 	—  	  	 	 	19,763	  	 	 	19,763	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	25,195	  
	 *CONFIDENTIAL
	 	 	25,904	  	 	 	38,877	  	 	 	(136,463	) 	 	 	196,327	  	 	 	59,865	  	 	 	52,761	  	 	 	394,815	  	 	 	277,822	  	 	 	32,259	  	 	 	882,302	  
	 *CONFIDENTIAL
	 	 	45,210	  	 	 	91,584	  	 	 	2,627	  	 	 	29,883	  	 	 	32,510	  	 	 	6,178	  	 	 	15,439	  	 	 	90,593	  	 	 	8,287	  	 	 	289,801	  
	 *CONFIDENTIAL
	 	 	10,755	  	 	 	1,387	  	 	 	71,325	  	 	 	4,577	  	 	 	75,902	  	 	 	10,482	  	 	 	1,105	  	 	 	7,268	  	 	 	796	  	 	 	107,695	  
	 *CONFIDENTIAL
	 	 	58,815	  	 	 	467,662	  	 	 	219,173	  	 	 	14,803	  	 	 	233,976	  	 	 	30,413	  	 	 	59,966	  	 	 	55,124	  	 	 	25,459	  	 	 	931,414	  
	 *CONFIDENTIAL
	 	 	146,116	  	 	 	599,509	  	 	 	156,663	  	 	 	265,353	  	 	 	422,015	  	 	 	99,834	  	 	 	471,325	  	 	 	430,807	  	 	 	68,800	  	 	 	2,238,406	  
	 *CONFIDENTIAL
	 	 	85	  	 	 	—  	  	 	 	703	  	 	 	90	  	 	 	793	  	 	 	7,243	  	 	 	10,252	  	 	 	78,954	  	 	 	240	  	 	 	97,566	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	11,966	  	 	 	—  	  	 	 	11,966	  	 	 	—  	  	 	 	—  	  	 	 	2,554	  	 	 	500	  	 	 	15,020	  
	 *CONFIDENTIAL
	 	 	40	  	 	 	40,109	  	 	 	1	  	 	 	1,639	  	 	 	1,640	  	 	 	(0	) 	 	 	(10,889	) 	 	 	5,319	  	 	 	50,160	  	 	 	86,380	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	2,154	  	 	 	1,017	  	 	 	3,171	  	 	 	—  	  	 	 	—  	  	 	 	26,679	  	 	 	—  	  	 	 	29,850	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	250	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	250	  
	 *CONFIDENTIAL
	 	 	125	  	 	 	40,109	  	 	 	14,823	  	 	 	2,746	  	 	 	17,569	  	 	 	7,493	  	 	 	(637	) 	 	 	113,506	  	 	 	50,901	  	 	 	229,066	  
	 *CONFIDENTIAL
	 	 	1,255	  	 	 	—  	  	 	 	6,018	  	 	 	75	  	 	 	6,093	  	 	 	771	  	 	 	—  	  	 	 	117,981	  	 	 	742	  	 	 	126,842	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	360,000	  	 	 	28,000	  	 	 	388,000	  
	 *CONFIDENTIAL
	 	 	1,255	  	 	 	—  	  	 	 	6,018	  	 	 	75	  	 	 	6,093	  	 	 	771	  	 	 	—  	  	 	 	477,981	  	 	 	28,742	  	 	 	514,842	  
	 Total Expenses
	 	 	2,724,126	  	 	 	7,104,150	  	 	 	10,374,608	  	 	 	1,646,260	  	 	 	12,020,868	  	 	 	4,839,951	  	 	 	5,557,108	  	 	 	10,434,636	  	 	 	2,461,093	  	 	 	45,141,932	  
	 Other Corporate Allocations
	 	 	42,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	42,000	  
	 Total Controllable Expenses
	 	 	2,766,126	  	 	 	7,104,150	  	 	 	10,374,608	  	 	 	1,646,260	  	 	 	12,020,868	  	 	 	4,839,951	  	 	 	5,557,108	  	 	 	10,434,636	  	 	 	2,461,093	  	 	 	45,183,932	  
	 EBITDA before Executive Expenses
	 	 	2,342,193	  	 	 	8,322,367	  	 	 	12,316,363	  	 	 	852,432	  	 	 	13,168,795	  	 	 	429,953	  	 	 	5,215,415	  	 	 	5,043,338	  	 	 	(398,722	) 	 	 	34,123,339	  

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 183 









 Confidential Treatment 
  

  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	136	  	 	 	290	  	 	 	172	  	 	 	138	  	 	 	(154	) 	 	 	—  	  
	 Total Application Dollars
	  	$	32,035	  	 	$	56,613	  	 	$	38,000	  	 	$	32,035	  	 	$	(24,578	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	226	  	 	 	174	  	 	 	165	  	 	 	226	  	 	 	52	  	 	 	—  	  
	 Total Closing Dollars
	  	$	52,902	  	 	$	33,930	  	 	$	35,600	  	 	$	52,902	  	 	$	18,972	  	 	$	—  	  
	 Average Loan Amount
	  	 	234,080	  	 	 	195,000	  	 	 	215,758	  	 	 	234,080	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	171	  	 	 	153	  	 	 	124	  	 	 	171	  	 	 	18	  	 	 	—  	  
	 Purchase Closing Dollars
	  	$	4,006	  	 	$	29,852	  	 	$	26,788	  	 	$	4,006	  	 	$	(25,847	) 	 	$	—  	  
	 Average Loan Amount
	  	 	23,425	  	 	 	195,000	  	 	 	218,471	  	 	 	23,425	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	55	  	 	 	21	  	 	 	41	  	 	 	55	  	 	 	34	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	48,898	  	 	$	4,076	  	 	$	8,812	  	 	$	48,896	  	 	$	44,819	  	 	$	—  	  
	 Average Loan Amount
	  	 	889,027	  	 	 	195,000	  	 	 	213,619	  	 	 	889,027	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	33,068	  	 				 	$	17,200	  	 				 				 			
	 *CONFIDENTIAL
	  	 	92.4	% 	 	 	12.0	% 	 	 	24.8	% 	 	 	92.4	% 	 				 			
	 *CONFIDENTIAL
	  	 	15.2	% 	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	62.5	% 	 				 	 	48.3	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	1.37	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 				 			
	 *CONFIDENTIAL
	  	 	(91	) 	 	 	(45	) 	 	 	(50	) 	 	 	(54	) 	 				 			
	 *CONFIDENTIAL
	  	 	49.53	% 	 	 	42.00	% 	 	 	48.00	% 	 	 	42.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.39	% 	 	 	1.71	% 	 	 	1.64	% 	 	 	1.71	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.71	% 	 	 	1.08	% 	 	 	0.92	% 	 	 	1.08	% 	 				 			
	 *CONFIDENTIAL
	  	$	3,251	  	 	$	3,336	  	 	$	3,548	  	 	$	4,004	  	 				 			
	 *CONFIDENTIAL
	  	$	991	  	 	$	1,425	  	 	$	1,349	  	 	$	1,220	  	 				 			
	 *CONFIDENTIAL
	  	 	0.42	% 	 	 	0.73	% 	 	 	0.63	% 	 	 	0.52	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	44	  	 	 	50	  	 	 	43	  	 	 	50	  	 	 	(6	) 	 	 	(6	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue
	  	 	722,261	  	 	 	508,950	  	 	 	534,000	  	 	 	793,532	  	 	 	213,311	  	 	 	(71,271	) 
	 *CONFIDENTIAL
	  	 	55,140	  	 	 	50,830	  	 	 	31,139	  	 	 	79,252	  	 	 	4,310	  	 	 	(24,112	) 
	 *CONFIDENTIAL
	  	 	(20,564	) 	 	 	(7,830	) 	 	 	(8,250	) 	 	 	(12,208	) 	 	 	(12,734	) 	 	 	(8,355	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(22,149	) 	 	 	16,500	  	 	 	28,500	  	 	 	25,726	  	 	 	(38,649	) 	 	 	(47,875	) 
	 *CONFIDENTIAL
	  	 	0	  	 	 	12,000	  	 	 	—  	  	 	 	18,710	  	 	 	(12,000	) 	 	 	(18,710	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	734,689	  	 	 	580,450	  	 	 	585,359	  	 	 	905,012	  	 	 	154,239	  	 	 	(170,323	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	357,744	  	 	 	213,759	  	 	 	256,320	  	 	 	333,283	  	 	 	143,985	  	 	 	24,460	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	376,946	  	 	 	366,691	  	 	 	329,069	  	 	 	571,728	  	 	 	10,254	  	 	 	(194,763	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	86,591	  	 	 	100,555	  	 	 	93,373	  	 	 	100,555	  	 	 	(13,984	) 	 	 	(13,964	) 
	 *CONFIDENTIAL
	  	 	169	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	169	  	 	 	169	  
	 *CONFIDENTIAL
	  	 	1,137	  	 	 	250	  	 	 	250	  	 	 	390	  	 	 	887	  	 	 	747	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	21,582	  	 	 	13,003	  	 	 	18.838	  	 	 	20,274	  	 	 	8,549	  	 	 	1,579	  
	 *CONFIDENTIAL
	  	 	8,990	  	 	 	25,145	  	 	 	24.478	  	 	 	25,145	  	 	 	(16,155	) 	 	 	(16,155	) 
	 *CONFIDENTIAL
	  	 	11,451	  	 	 	30,359	  	 	 	15.141	  	 	 	30,359	  	 	 	(18,908	) 	 	 	(18,908	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	10,873	  	 	 	5,500	  	 	 	5,500	  	 	 	5,500	  	 	 	5,373	  	 	 	5,373	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	141,063	  	 	 	174,812	  	 	 	157,580	  	 	 	182,222	  	 	 	(33,748	) 	 	 	(41,159	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,579	  	 	 	15,125	  	 	 	15,125	  	 	 	15,125	  	 	 	(546	) 	 	 	(546	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	875	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	875	  	 	 	875	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,454	  	 	 	15,125	  	 	 	15,125	  	 	 	15,125	  	 	 	329	  	 	 	329	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,206	  	 	 	1,500	  	 	 	1,500	  	 	 	1,500	  	 	 	3,706	  	 	 	3,706	  
	 *CONFIDENTIAL
	  	 	100	  	 	 	4,950	  	 	 	4,900	  	 	 	4,950	  	 	 	(4,850	) 	 	 	(4,850	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,306	  	 	 	6,450	  	 	 	6,400	  	 	 	6,450	  	 	 	(1,144	) 	 	 	(1,144	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	20,484	  	 	 	8,100	  	 	 	12,000	  	 	 	12,629	  	 	 	12,384	  	 	 	7,855	  
	 *CONFIDENTIAL
	  	 	15,447	  	 	 	7,250	  	 	 	7,250	  	 	 	7,250	  	 	 	6,197	  	 	 	8,197	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	35,931	  	 	 	15,350	  	 	 	19,250	  	 	 	19,879	  	 	 	20,581	  	 	 	16,052	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,822	  	 	 	12,320	  	 	 	4,500	  	 	 	19,209	  	 	 	(8.498	) 	 	 	(15,387	) 
	 *CONFIDENTIAL
	  	 	4,398	  	 	 	7,169	  	 	 	5,002	  	 	 	11,178	  	 	 	(2,771	) 	 	 	(6,779	) 
	 *CONFIDENTIAL
	  	 	(63	) 	 	 	1,200	  	 	 	1,200	  	 	 	1,871	  	 	 	(1,263	) 	 	 	(1,934	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,157	  	 	 	20,689	  	 	 	10,702	  	 	 	32,258	  	 	 	(12,532	) 	 	 	(24,101	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,202	  	 	 	7,106	  	 	 	2,975	  	 	 	11,079	  	 	 	(4,904	) 	 	 	(8,877	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,202	  	 	 	7,106	  	 	 	2,975	  	 	 	11,079	  	 	 	(4,904	) 	 	 	(8,877	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	750	  	 	 	750	  	 	 	1,169	  	 	 	(750	) 	 	 	(1,169	) 
	 *CONFIDENTIAL
	  	 	4,085	  	 	 	2,308	  	 	 	2,308	  	 	 	2,308	  	 	 	1,777	  	 	 	1,777	  
	 *CONFIDENTIAL
	  	 	2,322	  	 	 	—  	  	 	 	2,500	  	 	 	—  	  	 	 	2,322	  	 	 	2,322	  
	 *CONFIDENTIAL
	  	 	3,584	  	 	 	650	  	 	 	650	  	 	 	650	  	 	 	2,934	  	 	 	2,934	  
	 *CONFIDENTIAL
	  	 	5,695	  	 	 	4,380	  	 	 	4,158	  	 	 	4,380	  	 	 	1,315	  	 	 	1,315	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,686	  	 	 	8,088	  	 	 	10,366	  	 	 	8,507	  	 	 	7,598	  	 	 	7,179	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	250	  	 	 	250	  	 	 	250	  	 	 	250	  	 	 	250	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	250	  	 	 	250	  	 	 	250	  	 	 	(250	) 	 	 	(250	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	114	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	114	  	 	 	114	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	114	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	114	  	 	 	114	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	223,914	  	 	 	247,870	  	 	 	222,648	  	 	 	275,771	  	 	 	(23,956	) 	 	 	(51,857	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Allocation
	  	 	3,500	  	 	 	—  	  	 	 	3,500	  	 	 	—  	  	 	 	3,500	  	 	 	3,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	227,414	  	 	 	247,870	  	 	 	226,148	  	 	 	275,771	  	 	 	(20,456	) 	 	 	(48,357	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	149,531	  	 	 	118,821	  	 	 	102,920	  	 	 	295,957	  	 	 	30,710	  	 	 	(146,426	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	28.27	  	 	 	22.46	  	 	 	19.45	  	 	 	55.94	  	 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 184 









 Confidential Treatment 
  


	*	YTD total only includes actual expenses. 

  

																																					
	 *CONFIDENTIAL
 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	161	  	 	 	159	  	 	 	270	  	 	 	133	  	 	 	131	  	 	 	197	  	 	 	164	  	 	 	224	  	 	 	191	  
	 Total Application Dollars
	  	$	32,087	  	 	$	34,584	  	 	$	56,877	  	 	$	31,817	  	 	$	26,089	  	 	$	42,698	  	 	$	35,469	  	 	$	48,198	  	 	$	48,748	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	118	  	 	 	166	  	 	 	222	  	 	 	255	  	 	 	278	  	 	 	272	  	 	 	249	  	 	 	195	  	 	 	209	  
	 Total Closing Dollars
	  	$	21,424	  	 	$	32,926	  	 	$	44,051	  	 	$	51,871	  	 	$	60,851	  	 	$	65,207	  	 	$	55,163	  	 	$	42,707	  	 	$	45,739	  
	 Average Loan Amount
	  	 	181,559	  	 	 	198,351	  	 	 	198,428	  	 	 	202,633	  	 	 	218,888	  	 	 	239,731	  	 	 	221,536	  	 	 	219,008	  	 	 	218,848	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	95	  	 	 	121	  	 	 	159	  	 	 	184	  	 	 	215	  	 	 	237	  	 	 	238	  	 	 	173	  	 	 	172	  
	 Purchase Closing Dollars
	  	$	16,846	  	 	$	24,107	  	 	$	29,609	  	 	$	35,88	  	 	$	44,539	  	 	$	58,314	  	 	$	53,207	  	 	$	38,184	  	 	$	36,332	  
	 Average Loan Amount
	  	 	177,326	  	 	 	199,234	  	 	 	186,223	  	 	 	195,006	  	 	 	207,157	  	 	 	237,611	  	 	 	223,558	  	 	 	220,718	  	 	 	211,231	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	  	 	23	  	 	 	45	  	 	 	63	  	 	 	71	  	 	 	63	  	 	 	35	  	 	 	11	  	 	 	22	  	 	 	37	  
	 Refi Closings – Dollars
	  	$	4,578	  	 	$	8,819	  	 	$	14,442	  	 	$	15,790	  	 	$	16,312	  	 	$	8,893	  	 	$	1,956	  	 	$	4,522	  	 	$	9,407	  
	 Average Loan Amount
	  	 	199,043	  	 	 	195,978	  	 	 	229,233	  	 	 	222,399	  	 	 	258,925	  	 	 	254,082	  	 	 	177,800	  	 	 	205,567	  	 	 	254,255	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	9,687	  	 	$	9,336	  	 	$	13,696	  	 	$	21,452	  	 	$	26,977	  	 	$	32,251	  	 	$	27,595	  	 	$	23,513	  	 	$	23,759	  
	 *CONFIDENTIAL
	  	 	21.4	% 	 	 	26.8	% 	 	 	32.8	% 	 	 	30.6	% 	 	 	26.8	% 	 	 	13.6	% 	 	 	3.5	% 	 	 	10.6	% 	 	 	20.6	% 
	 *CONFIDENTIAL
	  	 	19.1	% 	 	 	17.5	% 	 	 	18.3	% 	 	 	19.4	% 	 	 	19.4	% 	 	 	16.1	% 	 	 	18.3	% 	 	 	14.7	% 	 	 	19.5	% 
	 *CONFIDENTIAL
	  	 	45.2	% 	 	 	28.4	% 	 	 	31.1	% 	 	 	41.5	% 	 	 	44.3	% 	 	 	49.5	% 	 	 	50.0	% 	 	 	55.1	% 	 	 	51.9	% 
	 *CONFIDENTIAL
	  	 	1.77	% 	 	 	1.70	% 	 	 	1.59	% 	 	 	1.44	% 	 	 	1.45	% 	 	 	1.33	% 	 	 	1.51	% 	 	 	1.70	% 	 	 	1.53	% 
	 *CONFIDENTIAL
	  	 	3	  	 	 	(0	) 	 	 	(2	) 	 	 	(3	) 	 	 	1	  	 	 	(1	) 	 	 	(13	) 	 	 	(25	) 	 	 	(14	) 
	 *CONFIDENTIAL
	  	 	48.06	% 	 	 	43.45	% 	 	 	44,27	% 	 	 	50.15	% 	 	 	45.82	% 	 	 	53.03	% 	 	 	48.11	% 	 	 	48.88	% 	 	 	47.95	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 *CONFIDENTIAL
	  	 	2.05	% 	 	 	1.86	% 	 	 	1.68	% 	 	 	1.61	% 	 	 	1.53	% 	 	 	1.53	% 	 	 	1.62	% 	 	 	1.71	% 	 	 	1.62	% 
	 *CONFIDENTIAL
	  	 	1.20	% 	 	 	1.12	% 	 	 	0.98	% 	 	 	0.89	% 	 	 	0.86	% 	 	 	0.82	% 	 	 	0.90	% 	 	 	0.92	% 	 	 	0.89	% 
	 *CONFIDENTIAL
	  	$	3,728	  	 	$	3,681	  	 	$	3,341	  	 	$	3,259	  	 	$	3,345	  	 	$	3,662	  	 	$	3,598	  	 	$	3,751	  	 	$	3,547	  
	 *CONFIDENTIAL
	  	$	1,788	  	 	$	1,218	  	 	$	1,135	  	 	$	949	  	 	 	852	  	 	$	991	  	 	$	1,016	  	 	$	990	  	 	$	1,058	  
	 *CONFIDENTIAL
	  	 	0.98	% 	 	 	0.61	% 	 	 	0.57	% 	 	 	0.47	% 	 	 	0.39	% 	 	 	0.41	% 	 	 	0.48	% 	 	 	0.45	% 	 	 	0.46	% 
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 Summary Headcount
	  	 	43	  	 	 	44	  	 	 	44	  	 	 	45	  	 	 	44	  	 	 	44	  	 	 	42	  	 	 	43	  	 	 	43	  
										
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue
	  	 	379,766	  	 	 	559,581	  	 	 	699,811	  	 	 	744,577	  	 	 	881,556	  	 	 	869,223	  	 	 	835,479	  	 	 	728,087	  	 	 	698,059	  
	 *CONFIDENTIAL
	  	 	14,316	  	 	 	28,277	  	 	 	47,251	  	 	 	51,848	  	 	 	52,978	  	 	 	54,519	  	 	 	38,901	  	 	 	39,815	  	 	 	40,925	  
	 *CONFIDENTIAL
	  	 	325	  	 	 	(1	) 	 	 	(464	) 	 	 	(688	) 	 	 	218	  	 	 	(190	) 	 	 	(3,172	) 	 	 	(4,803	) 	 	 	(2,993	) 
	 *CONFIDENTIAL
	  	 	(1,993	) 	 	 	425	  	 	 	(790	) 	 	 	(120	) 	 	 	(1,065	) 	 	 	(43	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	(12,475	) 	 	 	(13,258	) 	 	 	(12,572	) 	 	 	(12,573	) 	 	 	(10,996	) 	 	 	(506	) 	 	 	(30,175	) 	 	 	(3,245	) 
	 *CONFIDENTIAL
	  	 	26,700	  	 	 	13,469	  	 	 	52,111	  	 	 	48,179	  	 	 	8,744	  	 	 	83,459	  	 	 	25,127	  	 	 	457	  	 	 	8,483	  
	 *CONFIDENTIAL
	  	 	20,738	  	 	 	21,802	  	 	 	(42,916	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(0	) 	 	 	(1	) 
	 *CONFIDENTIAL
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	439,852	  	 	 	811,078	  	 	 	741,747	  	 	 	831,046	  	 	 	929,658	  	 	 	995,972	  	 	 	895,829	  	 	 	731,361	  	 	 	741,229	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	182,523	  	 	 	243,146	  	 	 	309,792	  	 	 	373,407	  	 	 	403,918	  	 	 	460,917	  	 	 	401,908	  	 	 	340,381	  	 	 	334,698	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	257,329	  	 	 	367,932	  	 	 	431,965	  	 	 	457,639	  	 	 	525,940	  	 	 	535,055	  	 	 	493,922	  	 	 	390,980	  	 	 	406,530	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	86,803	  	 	 	74,742	  	 	 	95,608	  	 	 	79,231	  	 	 	82,817	  	 	 	95,249	  	 	 	83,115	  	 	 	90,546	  	 	 	93,170	  
	 *CONFIDENTIAL
	  	 	6552	  	 	 	23	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	76	  	 	 	804	  	 	 	382	  	 	 	203	  
	 *CONFIDENTIAL
	  	 	64	  	 	 	—  	  	 	 	—  	  	 	 	640	  	 	 	533	  	 	 	—  	  	 	 	—  	  	 	 	203	  	 	 	148	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	11,352	  	 	 	8,744	  	 	 	16,094	  	 	 	16,606	  	 	 	19,139	  	 	 	25,964	  	 	 	25,033	  	 	 	15,953	  	 	 	18,164	  
	 *CONFIDENTIAL
	  	 	35,866	  	 	 	31,961	  	 	 	36,819	  	 	 	43,767	  	 	 	42,909	  	 	 	47,987	  	 	 	44,794	  	 	 	37,744	  	 	 	31,416	  
	 *CONFIDENTIAL
	  	 	34,564	  	 	 	20,495	  	 	 	23,634	  	 	 	29,318	  	 	 	29,367	  	 	 	31,858	  	 	 	24,528	  	 	 	18,431	  	 	 	13,770	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(75	) 	 	 	975	  	 	 	25	  	 	 	399	  	 	 	2,578	  	 	 	3,503	  	 	 	1,244	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	175,128	  	 	 	136,940	  	 	 	172,150	  	 	 	169,960	  	 	 	177,343	  	 	 	204,635	  	 	 	179,516	  	 	 	363,258	  	 	 	156,871	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,981	  	 	 	13,981	  	 	 	13,981	  	 	 	14,978	  	 	 	14,180	  	 	 	14,180	  	 	 	28,659	  	 	 	(351	) 	 	 	14,579	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,981	  	 	 	13,981	  	 	 	13,981	  	 	 	14,976	  	 	 	14,180	  	 	 	14,180	  	 	 	28,659	  	 	 	(351	) 	 	 	14,579	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	879	  	 	 	—  	  	 	 	579	  	 	 	310	  	 	 	(0	) 	 	 	1,707	  	 	 	—  	  	 	 	—  	  	 	 	600	  
	 *CONFIDENTIAL
	  	 	(4,028	) 	 	 	1,355	  	 	 	1,088	  	 	 	50	  	 	 	2,059	  	 	 	698	  	 	 	1,191	  	 	 	24	  	 	 	149	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(3,149	) 	 	 	1,365	  	 	 	1,697	  	 	 	360	  	 	 	2,053	  	 	 	2,404	  	 	 	1,191	  	 	 	24	  	 	 	749	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,996	  	 	 	17,061	  	 	 	11,590	  	 	 	11,851	  	 	 	13,113	  	 	 	14,443	  	 	 	15,323	  	 	 	11,783	  	 	 	14,927	  
	 *CONFIDENTIAL
	  	 	2,368	  	 	 	14,562	  	 	 	11,693	  	 	 	7,249	  	 	 	5,425	  	 	 	3,870	  	 	 	4,041	  	 	 	2,919	  	 	 	8,129	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,364	  	 	 	31,624	  	 	 	23,283	  	 	 	19,100	  	 	 	16,538	  	 	 	18,314	  	 	 	19,365	  	 	 	14,702	  	 	 	23,058	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,530	  	 	 	3,512	  	 	 	7,286	  	 	 	3,737	  	 	 	4,248	  	 	 	5,101	  	 	 	4,678	  	 	 	2,724	  	 	 	5,256	  
	 *CONFIDENTIAL
	  	 	2,775	  	 	 	4,745	  	 	 	7,266	  	 	 	7,745	  	 	 	7,626	  	 	 	5,659	  	 	 	4,883	  	 	 	3,762	  	 	 	5,082	  
	 *CONFIDENTIAL
	  	 	694	  	 	 	907	  	 	 	272	  	 	 	1,814	  	 	 	—  	  	 	 	309	  	 	 	871	  	 	 	442	  	 	 	500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,899	  	 	 	9,164	  	 	 	14,824	  	 	 	13,295	  	 	 	11,874	  	 	 	11,069	  	 	 	10,432	  	 	 	6,928	  	 	 	10,838	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,801	  	 	 	2,646	  	 	 	2,981	  	 	 	3,778	  	 	 	4,699	  	 	 	4,172	  	 	 	2,665	  	 	 	1,689	  	 	 	1,648	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,801	  	 	 	2,646	  	 	 	2,981	  	 	 	3,778	  	 	 	4,699	  	 	 	4,172	  	 	 	2,665	  	 	 	1,689	  	 	 	1,648	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,561	  	 	 	1,477	  	 	 	895	  	 	 	522	  	 	 	287	  	 	 	—  	  	 	 	—  	  	 	 	389	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	1,150	  	 	 	1,150	  	 	 	1,150	  	 	 	2,760	  	 	 	1,150	  	 	 	1,150	  	 	 	1,677	  	 	 	2,140	  	 	 	3,224	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	100	  	 	 	13,683	  	 	 	6,851	  	 	 	2,737	  	 	 	6,081	  	 	 	2,222	  	 	 	2,222	  	 	 	2,222	  
	 *CONFIDENTIAL
	  	 	120	  	 	 	1,285	  	 	 	3,398	  	 	 	988	  	 	 	664	  	 	 	623	  	 	 	198	  	 	 	(1,152	) 	 	 	461	  
	 *CONFIDENTIAL
	  	 	1,719	  	 	 	2,496	  	 	 	3,938	  	 	 	7,393	  	 	 	3,280	  	 	 	6,870	  	 	 	7,141	  	 	 	3,094	  	 	 	7,342	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,850	  	 	 	8,508	  	 	 	23,064	  	 	 	20,514	  	 	 	8,119	  	 	 	14,724	  	 	 	11,239	  	 	 	6,694	  	 	 	13,269	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(2	) 	 	 	(14	) 	 	 	—  	  	 	 	88	  	 	 	—  	  	 	 	12	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(0	) 	 	 	—  	  	 	 	39	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(2	) 	 	 	(14	) 	 	 	39	  	 	 	88	  	 	 	—  	  	 	 	12	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7	  	 	 	46	  	 	 	24	  	 	 	1	  	 	 	57	  	 	 	30	  	 	 	15	  	 	 	28	  	 	 	41	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7	  	 	 	46	  	 	 	24	  	 	 	1	  	 	 	57	  	 	 	30	  	 	 	15	  	 	 	28	  	 	 	41	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	210,979	  	 	 	202,251	  	 	 	252,044	  	 	 	242,074	  	 	 	236,863	  	 	 	269,539	  	 	 	253,081	  	 	 	192,973	  	 	 	221,051	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Allocation
	  	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	214,479	  	 	 	205,751	  	 	 	255,544	  	 	 	245,574	  	 	 	240,363	  	 	 	273,039	  	 	 	256,581	  	 	 	196,473	  	 	 	224,551	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	42,850	  	 	 	162,181	  	 	 	176,411	  	 	 	212,085	  	 	 	285,577	  	 	 	262,016	  	 	 	237,341	  	 	 	194,507	  	 	 	181,980	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	20.00	  	 	 	49.26	  	 	 	40.05	  	 	 	41.04	  	 	 	46.93	  	 	 	40.18	  	 	 	43.03	  	 	 	45.55	  	 	 	39.79	  

  

																																	
	 YTD PROFIT & LOSS
REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	148	  	 	 	187	  	 	 	136	  	 	 	2,101	  	 	 	3,004	  	 	 	2,101	  	 	 	(903	) 	 	 	—  	  
	 Total Application Dollars
	  	$	34,421	  	 	$	44,150	  	 	$	32,035	  	 	$	467,172	  	 	$	585,794	  	 	$	467,172	  	 	$	(118,622	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	193	  	 	 	209	  	 	 	226	  	 	 	2,592	  	 	 	2,343	  	 	 	2,592	  	 	 	249	  	 	 	—  	  
	 Total Closing Dollars
	  	$	42,697	  	 	$	46,603	  	 	$	52,902	  	 	$	563,941	  	 	$	456,885	  	 	$	563,941	  	 	$	107,056	  	 	$	—  	  
	 Average Loan Amount
	  	 	221,228	  	 	 	232,550	  	 	 	234,080	  	 	 	217,570	  	 	 	195,000	  	 	 	217,570	  	 	 	22,570	  	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	154	  	 	 	161	  	 	 	171	  	 	 	2,080	  	 	 	2,153	  	 	 	2,080	  	 	 	(73	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	33,483	  	 	$	37,444	  	 	$	4,006	  	 	$	409,952	  	 	$	419,799	  	 	$	409,952	  	 	$	(9,847	) 	 	$	—  	  
	 Average Loan Amount
	  	 	217,420	  	 	 	232,574	  	 	 	23,425	  	 	 	197,092	  	 	 	195,000	  	 	 	197,092	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings – Units
	  	 	39	  	 	 	48	  	 	 	55	  	 	 	512	  	 	 	190	  	 	 	512	  	 	 	322	  	 	 	—  	  
	 Refi Closings – Dollars
	  	$	9,214	  	 	$	11,159	  	 	$	48,896	  	 	$	153,989	  	 	$	37,086	  	 	$	153,989	  	 	$	116,903	  	 	$	—  	  
	 Average Loan Amount
	  	 	236,264	  	 	 	232,470	  	 	 	889,027	  	 	 	300,760	  	 	 	195,000	  	 	 	300,760	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	20,367	  	 	$	28,102	  	 	$	33,068	  	 	$	269,803	  	 				 				 				 			
	 *CONFIDENTIAL
	  	 	21.6	% 	 	 	23.0	% 	 	 	92.4	% 	 	 	27.3	% 	 	 	8.1	% 	 	 	27.3	% 	 				 			
	 *CONFIDENTIAL
	  	 	18.4	% 	 	 	22.4	% 	 	 	15.2	% 	 	 	18.0	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	47.7	% 	 	 	57.8	% 	 	 	62.5	% 	 	 	47.8	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	1.48	% 	 	 	1.52	% 	 	 	1.37	% 	 	 	1.51	% 	 	 	1.50	% 	 	 	1.50	% 	 				 			
	 *CONFIDENTIAL
	  	 	(75	) 	 	 	(61	) 	 	 	(91	) 	 	 	(23	) 	 	 	—  	  	 	 	—  	  	 				 			
	 *CONFIDENTIAL
	  	 	45.01	% 	 	 	45.15	% 	 	 	49.53	% 	 	 	47.44	% 	 	 	42.00	% 	 	 	42.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.66	% 	 	 	1.59	% 	 	 	1.39	% 	 	 	1.62	% 	 	 	1.70	% 	 	 	1.70	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.99	% 	 	 	0.91	% 	 	 	0.71	% 	 	 	0.91	% 	 	 	1.07	% 	 	 	1.07	% 	 				 			
	 *CONFIDENTIAL
	  	$	3,672	  	 	$	3,704	  	 	$	3,251	  	 	$	3,524	  	 	$	3,318	  	 	$	3,702	  	 				 			
	 *CONFIDENTIAL
	  	$	1,147	  	 	$	947	  	 	$	991	  	 	$	1,051	  	 	$	1,194	  	 	$	1,124	  	 				 			
	 *CONFIDENTIAL
	  	 	0.52	% 	 	 	0.41	% 	 	 	0.42	% 	 	 	0.48	% 	 	 	0.61	% 	 	 	0.52	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	44	  	 	 	43	  	 	 	44	  	 	 	44	  	 	 	50	  	 	 	50	  	 	 	—  	  	 	 	(6	) 
									
	 YTD PROFIT & LOSS
REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue
	  	 	633,972	  	 	 	738,204	  	 	 	722,281	  	 	 	8,488,556	  	 	 	6,853,275	  	 	 	8,459,113	  	 	 	1,635,281	  	 	 	29,443	  
	 *CONFIDENTIAL
	  	 	37,875	  	 	 	37,335	  	 	 	55,140	  	 	 	498,980	  	 	 	691,165	  	 	 	853,141	  	 	 	(192,205	) 	 	 	(354,161	) 
	 *CONFIDENTIAL
	  	 	(14,398	) 	 	 	(12,704	) 	 	 	(20,564	) 	 	 	(59,411	) 	 	 	—  	  	 	 	—  	  	 	 	(59,411	) 	 	 	(59,411	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3,586	) 	 	 	(6,000	) 	 	 	(7,408	) 	 	 	2,414	  	 	 	3,820	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(95,798	) 	 	 	(105,435	) 	 	 	(130,140	) 	 	 	9,637	  	 	 	34,343	  
	 *CONFIDENTIAL
	  	 	51,213	  	 	 	11,260	  	 	 	(22,149	) 	 	 	307,053	  	 	 	198,000	  	 	 	244,395	  	 	 	109,053	  	 	 	62,658	  
	 *CONFIDENTIAL
	  	 	(0	) 	 	 	(0	) 	 	 	0	  	 	 	(378	) 	 	 	144,000	  	 	 	177,742	  	 	 	(144,378	) 	 	 	(178,120	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	708,662	  	 	 	774,095	  	 	 	734,689	  	 	 	9,135,417	  	 	 	7,775,025	  	 	 	9,596,844	  	 	 	1,380,392	  	 	 	(461,428	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	285,361	  	 	 	333,301	  	 	 	357,744	  	 	 	4,027,097	  	 	 	2,878,376	  	 	 	3,552,827	  	 	 	1,148,722	  	 	 	474,270	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	423,300	  	 	 	440,794	  	 	 	376,945	  	 	 	5,108,319	  	 	 	4,895,650	  	 	 	6,044,017	  	 	 	211,670	  	 	 	(935,698	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	91,508	  	 	 	88,254	  	 	 	66,591	  	 	 	1,047,634	  	 	 	1,129,704	  	 	 	1,129,704	  	 	 	(82,070	) 	 	 	(82,070	) 
	 *CONFIDENTIAL
	  	 	241	  	 	 	145	  	 	 	169	  	 	 	6,594	  	 	 	—  	  	 	 	—  	  	 	 	8,594	  	 	 	8,594	  
	 *CONFIDENTIAL
	  	 	376	  	 	 	396	  	 	 	1,137	  	 	 	3,497	  	 	 	3,000	  	 	 	3,000	  	 	 	497	  	 	 	497	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	14,850	  	 	 	11,888	  	 	 	21,852	  	 	 	205,637	  	 	 	116,299	  	 	 	143,549	  	 	 	99,339	  	 	 	62,088	  
	 *CONFIDENTIAL
	  	 	36,874	  	 	 	28,727	  	 	 	8,990	  	 	 	427,855	  	 	 	320,646	  	 	 	320,648	  	 	 	107,206	  	 	 	107,208	  
	 *CONFIDENTIAL
	  	 	12,531	  	 	 	10,938	  	 	 	11,451	  	 	 	280,879	  	 	 	381,994	  	 	 	381,994	  	 	 	(121,115	) 	 	 	(121,115	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	216	  	 	 	(3,860	) 	 	 	10,873	  	 	 	15,879	  	 	 	16,000	  	 	 	16,000	  	 	 	(121	) 	 	 	(121	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	156,595	  	 	 	136,487	  	 	 	141,065	  	 	 	1,969,976	  	 	 	1,867,463	  	 	 	1,994,694	  	 	 	2,333	  	 	 	(24,918	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,579	  	 	 	14,579	  	 	 	14,579	  	 	 	171,906	  	 	 	178,989	  	 	 	178,989	  	 	 	(7,083	) 	 	 	(7,083	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	875	  	 	 	875	  	 	 	—  	  	 	 	—  	  	 	 	875	  	 	 	875	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,579	  	 	 	14,579	  	 	 	15,454	  	 	 	172,781	  	 	 	178,989	  	 	 	178,989	  	 	 	(6,208	) 	 	 	(6,208	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,927	  	 	 	—  	  	 	 	5,206	  	 	 	11,208	  	 	 	6,000	  	 	 	6,000	  	 	 	5,208	  	 	 	5,208	  
	 *CONFIDENTIAL
	  	 	509	  	 	 	930	  	 	 	100	  	 	 	4,119	  	 	 	44,550	  	 	 	44,550	  	 	 	(40,431	) 	 	 	(40,431	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,437	  	 	 	930	  	 	 	8,306	  	 	 	15,327	  	 	 	50,560	  	 	 	50,560	  	 	 	(35,223	) 	 	 	(35,223	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,687	  	 	 	19,526	  	 	 	20,484	  	 	 	172,766	  	 	 	106,000	  	 	 	130,838	  	 	 	66,786	  	 	 	41,949	  
	 *CONFIDENTIAL
	  	 	4,539	  	 	 	3,850	  	 	 	15,447	  	 	 	84,092	  	 	 	109,000	  	 	 	109,000	  	 	 	(24,908	) 	 	 	(24,908	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	19,226	  	 	 	25,375	  	 	 	35,931	  	 	 	258,878	  	 	 	215,000	  	 	 	239,838	  	 	 	41,878	  	 	 	17,041	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,718	  	 	 	4,503	  	 	 	3,822	  	 	 	54,116	  	 	 	110,880	  	 	 	138,861	  	 	 	(58,764	) 	 	 	(82,745	) 
	 *CONFIDENTIAL
	  	 	5,454	  	 	 	6,385	  	 	 	4,398	  	 	 	65,779	  	 	 	79,336	  	 	 	97,926	  	 	 	(13,557	) 	 	 	(32,146	) 
	 *CONFIDENTIAL
	  	 	1,800	  	 	 	577	  	 	 	(63	) 	 	 	8,122	  	 	 	8,000	  	 	 	9,875	  	 	 	122	  	 	 	(1,753	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,973	  	 	 	11,465	  	 	 	8,157	  	 	 	128,017	  	 	 	198,216	  	 	 	244,661	  	 	 	(70,199	) 	 	 	(116,644	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,662	  	 	 	2,707	  	 	 	2,202	  	 	 	33,651	  	 	 	63,954	  	 	 	78,940	  	 	 	(30,303	) 	 	 	(45,289	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,662	  	 	 	2,707	  	 	 	2,202	  	 	 	33,651	  	 	 	63,954	  	 	 	78,940	  	 	 	(30,303	) 	 	 	(45,289	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	5,432	  	 	 	6,750	  	 	 	8,332	  	 	 	(1,318	) 	 	 	(2,900	) 
	 *CONFIDENTIAL
	  	 	3,630	  	 	 	2,638	  	 	 	4,065	  	 	 	25,904	  	 	 	27,696	  	 	 	27,696	  	 	 	(1,792	) 	 	 	(1,792	) 
	 *CONFIDENTIAL
	  	 	2,547	  	 	 	2,222	  	 	 	2,322	  	 	 	45,210	  	 	 	42,000	  	 	 	42,000	  	 	 	3,210	  	 	 	3,210	  
	 *CONFIDENTIAL
	  	 	418	  	 	 	148	  	 	 	3,584	  	 	 	10,755	  	 	 	7,800	  	 	 	7,800	  	 	 	2,955	  	 	 	2,955	  
	 *CONFIDENTIAL
	  	 	5,948	  	 	 	3,898	  	 	 	5,695	  	 	 	58,815	  	 	 	37,840	  	 	 	37,840	  	 	 	20,975	  	 	 	20,975	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	12,543	  	 	 	8,906	  	 	 	15,686	  	 	 	146,116	  	 	 	122,086	  	 	 	123,868	  	 	 	24,030	  	 	 	22,448	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	85	  	 	 	—  	  	 	 	85	  	 	 	85	  	 	 	85	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,000	  	 	 	1,000	  	 	 	(1,000	) 	 	 	(1,000	) 
	 *CONFIDENTIAL
	  	 	1,096	  	 	 	(1,096	) 	 	 	—  	  	 	 	40	  	 	 	—  	  	 	 	—  	  	 	 	40	  	 	 	40	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,098	  	 	 	(1,096	) 	 	 	—  	  	 	 	125	  	 	 	1,000	  	 	 	1,000	  	 	 	(875	) 	 	 	(875	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	244	  	 	 	648	  	 	 	114	  	 	 	1,255	  	 				 				 	 	1,255	  	 	 	1,255	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	244	  	 	 	648	  	 	 	114	  	 	 	1,255	  	 	 	—  	  	 	 	—  	  	 	 	1,255	  	 	 	1,255	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	221,358	  	 	 	198,002	  	 	 	223,914	  	 	 	2,724,126	  	 	 	2,797,438	  	 	 	2,912,539	  	 	 	(73,312	) 	 	 	(188,412	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Allocation
	  	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	42,000	  	 	 	—  	  	 	 	—  	  	 	 	42,000	  	 	 	42,000	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	224,858	  	 	 	201,502	  	 	 	227,414	  	 	 	2,766,126	  	 	 	2,797,438	  	 	 	2,912,539	  	 	 	(31,312	) 	 	 	(146,412	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	198.442	  	 	 	239,292	  	 	 	149,531	  	 	 	2,342,193	  	 	 	2,099,212	  	 	 	3,131,479	  	 	 	242,982	  	 	 	(789,285	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	46.48	  	 	 	49.23	  	 	 	28.27	  	 	 	41.83	  	 	 	45.95	  	 	 	55.53	  	 				 			

 The Budget is equal to the 0 &12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 185 









 Confidential Treatment 
  

  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	523	  	 	 	522	  	 	 	518	  	 	 	523	  	 	 	1	  	 	 	—  	  
	 Total Application Dollars
	  	$	218,206	  	 	$	185,471	  	 	$	225,000	  	 	$	218,206	  	 	$	32,735	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	517	  	 	 	454	  	 	 	438	  	 	 	517	  	 	 	63	  	 	 	—  	  
	 Total Closing Dollars
	  	$	217,532	  	 	$	165,528	  	 	$	190,000	  	 	$	217,532	  	 	$	52,004	  	 	$	—  	  
	 Average Loan Amount
	  	 	420,759	  	 	 	364,599	  	 	 	433,790	  	 	 	420,759	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	345	  	 	 	364	  	 	 	372	  	 	 	345	  	 	 	(19	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	136,713	  	 	$	132,534	  	 	$	181,500	  	 	$	136,713	  	 	$	4,179	  	 	$	—  	  
	 Average Loan Amount
	  	 	396,269	  	 	 	364,599	  	 	 	433,790	  	 	 	396,269	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	172	  	 	 	90	  	 	 	66	  	 	 	172	  	 	 	82	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	80,820	  	 	$	32,994	  	 	$	28,500	  	 	$	80,820	  	 	$	47,826	  	 	$	—  	  
	 Average Loan Amount
	  	 	469,881	  	 	 	364,599	  	 	 	433,790	  	 	 	469,881	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	19,613	  	 				 	$	10,000	  	 				 				 			
	 *CONFIDENTIAL
	  	 	37.2	% 	 	 	19.9	% 	 	 	15.0	% 	 	 	37.2	% 	 				 			
	 *CONFIDENTIAL
	  	 	20.7	% 	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	9.0	% 	 				 	 	5.3	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	1.33	% 	 	 	1.35	% 	 	 	1.25	% 	 	 	1.35	% 	 				 			
	 *CONFIDENTIAL
	  	 	199	  	 	 	180	  	 	 	225	  	 	 	206	  	 				 			
	 *CONFIDENTIAL
	  	 	68.64	% 	 	 	70.27	% 	 	 	70.19	% 	 	 	70.27	% 	 				 			
	 *CONFIDENTIAL
	  	 	-0.04	% 	 	 	0.11	% 	 	 	0.11	% 	 	 	0.11	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.40	% 	 	 	1.64	% 	 	 	1.48	% 	 	 	1.54	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.49	% 	 	 	0.69	% 	 	 	0.61	% 	 	 	0.69	% 	 				 			
	 *CONFIDENTIAL
	  	$	5,893	  	 	$	5,976	  	 	$	6,438	  	 	 	6,896	  	 	 	6,696	  	 			
	 *CONFIDENTIAL
	  	$	1,257	  	 	$	1,217	  	 	$	1,435	  	 	 	1,123	  	 				 			
	 *CONFIDENTIAL
	  	 	0.30	% 	 	 	0.33	% 	 	 	0.33	% 	 	 	0.27	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	48	  	 	 	48	  	 	 	48	  	 	 	48	  	 	 	(2	) 	 	 	(2	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	2,895,264	  	 	 	2,234,628	  	 	 	2,375,000	  	 	 	2,936,689	  	 	 
	860,836
	  
	 	 	(41,425	) 
	*CONFIDENTIAL	  	 	143,546	  	 	 	115,770	  	 	 	111,690	  	 	 	152,142	  	 	 	27,776	  	 	 	(8,596	) 
	*CONFIDENTIAL	  	 	103,105	  	 	 	81,764	  	 	 	98,503	  	 	 	107,452	  	 	 	21,341	  	 	 	(4,347	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	(521,244	) 	 	 	107,109	  	 	 	35,000	  	 	 	140,760	  	 	 	(628,353	) 	 	 	(662,004	) 
	*CONFIDENTIAL	  	 	521,302	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	512,302	  	 	 	512,302	  
	*CONFIDENTIAL	  	 	(86,164	) 	 	 	173,804	  	 	 	199,500	  	 	 	228,499	  	 	 	(259,959	) 	 	 	(314,573	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	3,046,607	  	 	 	2,713,076	  	 	 	2,819,693	  	 	 	3,565,452	  	 	 	333,732	  	 	 	(518,644	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	1,987,184	  	 	 	1,570,227	  	 	 	1,667,084	  	 	 	2,063,551	  	 	 	416,957	  	 	 	(76,367	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	1,059,624	  	 	 	1,142,848	  	 	 	1,152,809	  	 	 	1,501,901	  	 	 	(63,225	) 	 	 	(442,277	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	233,564	  	 	 	237,021	  	 	 	231,798	  	 	 	237,021	  	 	 	(3,467	) 	 	 	(3,467	) 
	 *CONFIDENTIAL
	  	 	259	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	259	  	 	 	259	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	17,000	  	 	 	10,000	  	 	 	22,341	  	 	 	(17,000	) 	 	 	(22,341	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	64,260	  	 	 	23,334	  	 	 	30,670	  	 	 	30,665	  	 	 	40,928	  	 	 	33,595	  
	 *CONFIDENTIAL
	  	 	7,117	  	 	 	30,433	  	 	 	34,770	  	 	 	30,433	  	 	 	(23,316	) 	 	 	(23,316	) 
	 *CONFIDENTIAL
	  	 	36,320	  	 	 	14,346	  	 	 	14,030	  	 	 	14,346	  	 	 	21,974	  	 	 	21,974	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	341,511	  	 	 	322,135	  	 	 	321,267	  	 	 	334,806	  	 	 	19,376	  	 	 	6,705	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	69,634	  	 	 	66,423	  	 	 	66,423	  	 	 	66,423	  	 	 	3,211	  	 	 	3,211	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	7,702	  	 	 	5,056	  	 	 	5,056	  	 	 	5,056	  	 	 	2,646	  	 	 	2,646	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	77,336	  	 	 	71,479	  	 	 	71,479	  	 	 	71,479	  	 	 	5,857	  	 	 	5,857	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,690	  	 	 	2,083	  	 	 	3,500	  	 	 	2,083	  	 	 	2,607	  	 	 	2,607	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,690	  	 	 	2,083	  	 	 	3,500	  	 	 	2,083	  	 	 	2,607	  	 	 	2,607	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	15,000	  	 	 	15,000	  
	 *CONFIDENTIAL
	  	 	67,039	  	 	 	54,629	  	 	 	54,629	  	 	 	54,629	  	 	 	12,410	  	 	 	12,410	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	82,039	  	 	 	54,629	  	 	 	54,629	  	 	 	54,629	  	 	 	27,410	  	 	 	27,410	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	17,886	  	 	 	17,813	  	 	 	17,813	  	 	 	23,409	  	 	 	53	  	 	 	(5,544	) 
	 *CONFIDENTIAL
	  	 	17,273	  	 	 	9,648	  	 	 	12,860	  	 	 	12,679	  	 	 	7,625	  	 	 	4,594	  
	 *CONFIDENTIAL
	  	 	2,368	  	 	 	3,583	  	 	 	3,583	  	 	 	4,709	  	 	 	(1,215	) 	 	 	(2,341	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	37,506	  	 	 	31,044	  	 	 	34,256	  	 	 	40,797	  	 	 	6,462	  	 	 	(3,291	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	39,501	  	 	 	18,217	  	 	 	22,920	  	 	 	23,940	  	 	 	21,284	  	 	 	15,561	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	39,501	  	 	 	18,217	  	 	 	22,920	  	 	 	23,940	  	 	 	21,284	  	 	 	15,561	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	1,300	  	 	 	7,133	  	 	 	2,500	  	 	 	7,133	  	 	 	(5,833	) 	 	 	(5,833	) 
	 *CONFIDENTIAL
	  	 	8,335	  	 	 	2,500	  	 	 	9,000	  	 	 	2,500	  	 	 	5,835	  	 	 	5,835	  
	 *CONFIDENTIAL
	  	 	233	  	 	 	100	  	 	 	100	  	 	 	100	  	 	 	133	  	 	 	133	  
	 *CONFIDENTIAL
	  	 	40,477	  	 	 	43,356	  	 	 	43,356	  	 	 	43,358	  	 	 	(2,909	) 	 	 	(2,909	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	50,315	  	 	 	53,089	  	 	 	54,966	  	 	 	53,089	  	 	 	(2,774	) 	 	 	(2,774	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	16,731	  	 	 	—  	  	 	 	65,365	  	 	 	—  	  	 	 	16,731	  	 	 	16,731	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	16,731	  	 	 	—  	  	 	 	65,365   	  	 	 	—  	  	 	 	16,731	  	 	 	16,731	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	649,630	  	 	 	552,676	  	 	 	628,372	  	 	 	580,824	  	 	 	96,954	  	 	 	68,806	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	649,630	  	 	 	552,676	  	 	 	628,372	  	 	 	580,824	  	 	 	96,954	  	 	 	68,806	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	409,994	  	 	 	690,173	  	 	 	524,237	  	 	 	921,077	  	 	 	(180,179	) 	 	 	(511,083	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	18.85	  	 	 	27.13	  	 	 	24.10	  	 	 	42.34	  	 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 186 









 Confidential Treatment 
  


	*	YTD total only include actual expenses. 

 *CONFIDENTIAL 

																																	
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	490	  	 	 	605	  	 	 	899	  	 	 	837	  	 	 	645	  	 	 	713	  	 	 	606	  	 	 	594	  
	 Total Application Dollars
	  	$	208,212	  	 	$	250,961	  	 	$	367,119	  	 	$	347,909	  	 	$	271,296	  	 	$	299,724	  	 	$	249,386	  	 	$	233,761	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	354	  	 	 	429	  	 	 	643	  	 	 	670	  	 	 	857	  	 	 	660	  	 	 	566	  	 	 	559	  
	 Total Closing Dollars
	  	$	136,226	  	 	$	173,622	  	 	$	261,812	  	 	$	279,036	  	 	$	303,013	  	 	$	276,128	  	 	$	233,652	  	 	$	227,399	  
	 Average Loan Amount
	  	 	364,818	  	 	 	404,713	  	 	 	407,173	  	 	 	416,475	  	 	 	461,207	  	 	 	418,376	  	 	 	412,812	  	 	 	406,797	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	241	  	 	 	270	  	 	 	407	  	 	 	399	  	 	 	383	  	 	 	485	  	 	 	416	  	 	 	389	  
	 Purchase Closing Dollars
	  	$	90,787	  	 	$	102,626	  	 	$	160,038	  	 	$	163,986	  	 	$	172,082	  	 	$	192,894	  	 	$	167,338	  	 	$	153,886	  
	 Average Loan Amount
	  	 	376,709	  	 	 	380,098	  	 	 	393,215	  	 	 	410,993	  	 	 	449,301	  	 	 	414,825	  	 	 	402,256	  	 	 	395,593	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	113	  	 	 	159	  	 	 	236	  	 	 	271	  	 	 	274	  	 	 	195	  	 	 	150	  	 	 	170	  
	 Refi Closings - Dollars
	  	$	45,439	  	 	$	70,995	  	 	$	101,774	  	 	$	115,052	  	 	$	130,931	  	 	$	83,235	  	 	$	66,313	  	 	$	73,514	  
	 Average Loan Amount
	  	 	402,113	  	 	 	446,512	  	 	 	431,246	  	 	 	424,546	  	 	 	477,850	  	 	 	426,845	  	 	 	442,088	  	 	 	432,434	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	1,266	  	 	$	921	  	 	$	1,475	  	 	$	4,658	  	 	$	5,479	  	 	$	16,280	  	 	$	11,396	  	 	$	8,895	  
	 *CONFIDENTIAL
	  	 	33.4	% 	 	 	40.9	% 	 	 	38.9	% 	 	 	41.2	% 	 	 	43.2	% 	 	 	30.1	% 	 	 	28.4	% 	 	 	32.3	% 
	 *CONFIDENTIAL
	  	 	19.6	% 	 	 	22.8	% 	 	 	21.8	% 	 	 	20.6	% 	 	 	22.4	% 	 	 	23.9	% 	 	 	23.6	% 	 	 	22.1	% 
	 *CONFIDENTIAL
	  	 	0.9	% 	 	 	0.5	% 	 	 	0.6	% 	 	 	1.7	% 	 	 	1.8	% 	 	 	5.9	% 	 	 	4.9	% 	 	 	3.9	% 
	 *CONFIDENTIAL
	  	 	1.21	% 	 	 	1.31	% 	 	 	1.22	% 	 	 	1.23	% 	 	 	1.04	% 	 	 	1.04	% 	 	 	1.22	% 	 	 	1.20	% 
	 *CONFIDENTIAL
	  	 	319	  	 	 	211	  	 	 	211	  	 	 	211	  	 	 	244	  	 	 	178	  	 	 	227	  	 	 	287	  
	 *CONFIDENTIAL
	  	 	67.08	% 	 	 	69.26	% 	 	 	65.73	% 	 	 	68.97	% 	 	 	70.82	% 	 	 	67.28	% 	 	 	67.19	% 	 	 	69.42	% 
	 *CONFIDENTIAL
	  	 	0.05	% 	 	 	0.03	% 	 	 	0.06	% 	 	 	0.05	% 	 	 	0.06	% 	 	 	0.05	% 	 	 	0.10	% 	 	 	0.13	% 
	 *CONFIDENTIAL
	  	 	1.50	% 	 	 	1.41	% 	 	 	1.37	% 	 	 	1.39	% 	 	 	1.22	% 	 	 	1.19	% 	 	 	1.46	% 	 	 	1.47	% 
	 *CONFIDENTIAL
	  	 	0.69	% 	 	 	0.51	% 	 	 	0.57	% 	 	 	0.54	% 	 	 	0.46	% 	 	 	0.48	% 	 	 	0.64	% 	 	 	0.63	% 
	 *CONFIDENTIAL
	  	$	5,782	  	 	$	5,725	  	 	$	5,596	  	 	$	5,786	  	 	$	5,634	  	 	$	4,962	  	 	$	6,021	  	 	$	5,962	  
	 *CONFIDENTIAL
	  	$	1,515	  	 	$	1,219	  	 	$	977	  	 	$	888	  	 	$	911	  	 	$	936	  	 	$	1,130	  	 	$	1,050	  
	*CONFIDENTIAL	  	 	0.39	% 	 	 	0.30	% 	 	 	0.24	% 	 	 	0.21	% 	 	 	0.20	% 	 	 	0.22	% 	 	 	0.27	% 	 	 	0.26	% 
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	2	  	 	 	N/A	  
	 Summary Headcount
	  	 	44	  	 	 	48	  	 	 	48	  	 	 	47	  	 	 	49	  	 	 	50	  	 	 	50	  	 	 	50	  
									
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 
	 Revenue
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	1,650,827	  	 	 	2,277,680	  	 	 	3,184,571	  	 	 	3,424,794	  	 	 	3,163,833	  	 	 	2,887,715	  	 	 	2,847,966	  	 	 	2,737,303	  
	 *CONFIDENTIAL
	  	 	52,211	  	 	 	118,765	  	 	 	154,983	  	 	 	152,413	  	 	 	151,281	  	 	 	135,264	  	 	 	157,918	  	 	 	139,208	  
	 *CONFIDENTIAL
	  	 	112,939	  	 	 	90,543	  	 	 	135,513	  	 	 	141,515	  	 	 	147,238	  	 	 	117,520	  	 	 	128,565	  	 	 	160,395	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	50,502	  	 				 	 	51,885	  	 	 	49,511	  	 	 	79,922	  	 	 	51,955	  	 	 	70,276	  	 	 	31,753	  
	 *CONFIDENTIAL
	  	 	109,041	  	 	 	(109,041	) 	 	 	(81,167	) 	 	 	(34,104	) 	 	 	(31,381	) 	 	 	(35,668	) 	 	 	(32,631	) 	 	 	(35,106	) 
	 *CONFIDENTIAL
	  	 	71,413	  	 	 	48,652	  	 	 	152,505	  	 	 	142,822	  	 	 	190,551	  	 	 	128,072	  	 	 	235,656	  	 	 	298,936	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	2,046,933	  	 	 	2,465,845	  	 	 	3,598,290	  	 	 	3,876,951	  	 	 	3,701,444	  	 	 	3,274,858	  	 	 	3,407,751	  	 	 	3,332,489	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	1,107,346	  	 	 	1,577,605	  	 	 	2,093,284	  	 	 	2,361,952	  	 	 	2,240,544	  	 	 	1,936,238	  	 	 	1,913,520	  	 	 	1,900,106	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	939,587	  	 	 	678,240	  	 	 	1,505,006	  	 	 	1,514,999	  	 	 	1,460,900	  	 	 	1,338,820	  	 	 	1,494,230	  	 	 	1,432,382	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	236,565	  	 	 	216,620	  	 	 	267,027	  	 	 	243,805	  	 	 	232,697	  	 	 	241,925	  	 	 	246,763	  	 	 	233,962	  
	 *CONFIDENTIAL
	  	 	2,105	  	 	 	406	  	 	 	204	  	 	 	957	  	 	 	1,181	  	 	 	931	  	 	 	1,244	  	 	 	166	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	15,608	  	 	 	12,401	  	 	 	43,415	  	 	 	15,016	  	 	 	10,187	  	 	 	13,296	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	35,773	  	 	 	21,834	  	 	 	47,554	  	 	 	37,122	  	 	 	36,895	  	 	 	39,221	  	 	 	47,633	  	 	 	37,869	  
	 *CONFIDENTIAL
	  	 	33,832	  	 	 	29,768	  	 	 	37,764	  	 	 	36,297	  	 	 	34,396	  	 	 	35,569	  	 	 	38,035	  	 	 	32,984	  
	 *CONFIDENTIAL
	  	 	25,501	  	 	 	13,908	  	 	 	23,713	  	 	 	22,498	  	 	 	20,652	  	 	 	21,121	  	 	 	25,007	  	 	 	17,891	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	333,776	  	 	 	282,535	  	 	 	391,870	  	 	 	353,079	  	 	 	371,237	  	 	 	353,785	  	 	 	388,869	  	 	 	336,169	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	46,283	  	 	 	46,283	  	 	 	46,163	  	 	 	58,408	  	 	 	76,043	  	 	 	70,483	  	 	 	67,201	  	 	 	67,221	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	4,572	  	 	 	923	  	 	 	2,145	  	 	 	1,240	  	 	 	2,842	  	 	 	4,408	  	 	 	9,121	  	 	 	2,378	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	50,856	  	 	 	47,208	  	 	 	48,328	  	 	 	59,648	  	 	 	78,885	  	 	 	74,891	  	 	 	76,322	  	 	 	69,599	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	3,418	  	 	 	3,772	  	 	 	5,659	  	 	 	9,115	  	 	 	10,378	  	 	 	8,557	  	 	 	19,418	  	 	 	1,757	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	10,493	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	3,418	  	 	 	3,772	  	 	 	5,659	  	 	 	9,115	  	 	 	10,378	  	 	 	19,050	  	 	 	19,418	  	 	 	1,757	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	8,132	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,194	  	 	 	—  	  
	*CONFIDENTIAL	  	 	45,995	  	 	 	50,192	  	 	 	50,697	  	 	 	53,189	  	 	 	57,843	  	 	 	55,089	  	 	 	53,244	  	 	 	60,244	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	45,995	  	 	 	58,324	  	 	 	50,697	  	 	 	53,189	  	 	 	57,843	  	 	 	55,089	  	 	 	54,438	  	 	 	60,244	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	15,508	  	 	 	17,615	  	 	 	19,056	  	 	 	18,431	  	 	 	19,359	  	 	 	17,407	  	 	 	20,984	  	 	 	18,615	  
	*CONFIDENTIAL	  	 	10,791	  	 	 	13,282	  	 	 	15,985	  	 	 	20,519	  	 	 	19,360	  	 	 	16,602	  	 	 	11,618	  	 	 	13,742	  
	*CONFIDENTIAL	  	 	2,168	  	 	 	5,185	  	 	 	500	  	 	 	5,382	  	 	 	2,488	  	 	 	3,011	  	 	 	2,160	  	 	 	3,376	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	28,467	  	 	 	35,082	  	 	 	35,542	  	 	 	44,332	  	 	 	41,207	  	 	 	37,220	  	 	 	34,762	  	 	 	35,734	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	20,197	  	 	 	21,360	  	 	 	35,741	  	 	 	31,215	  	 	 	25,155	  	 	 	32,983	  	 	 	28,607	  	 	 	29,353	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	20,197	  	 	 	21,260	  	 	 	35,741	  	 	 	31,215	  	 	 	25,155	  	 	 	32,983	  	 	 	28,807	  	 	 	29,353	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	(4,000	) 	 	 	2,300	  	 	 	23,895	  	 	 	2,005	  	 	 	1,150	  	 	 	2,037	  	 	 	1,219	  	 	 	2,813	  
	*CONFIDENTIAL	  	 	5,430	  	 	 	7,237	  	 	 	6,420	  	 	 	5,770	  	 	 	5,195	  	 	 	5,170	  	 	 	12,766	  	 	 	9,000	  
	*CONFIDENTIAL	  	 	100	  	 	 	75	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	44,720	  	 	 	53,185	  	 	 	32,158	  	 	 	36,907	  	 	 	7,314	  	 	 	37,217	  	 	 	43,314	  	 	 	42,523	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	46,250	  	 	 	62,796	  	 	 	62,273	  	 	 	44,683	  	 	 	13,659	  	 	 	44,482	  	 	 	57,300	  	 	 	54,336	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	7,296	  	 	 	10,929	  	 	 	211	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	7,296	  	 	 	10,929	  	 	 	211	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	536,254	  	 	 	522,904	  	 	 	628,321	  	 	 	595,262	  	 	 	598,363	  	 	 	617,499	  	 	 	639,717	  	 	 	587,192	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	536,254	  	 	 	522,904	  	 	 	628,321	  	 	 	595,262	  	 	 	598,363	  	 	 	617,499	  	 	 	639,717	  	 	 	587,192	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	403,333	  	 	 	355,337	  	 	 	876,685	  	 	 	919,737	  	 	 	862,536	  	 	 	721,121	  	 	 	854,513	  	 	 	845,190	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses - BPS
	  	 	29.61	  	 	 	20.47	  	 	 	33.49	  	 	 	32.96	  	 	 	28.47	  	 	 	26.12	  	 	 	36.57	  	 	 	37.17	  
	 The Budget is equal to the 0&12 Forecast for the following pages.
	  				 				 				 				 				 				 				 			

  

																																					
	 YTD PROFIT & LOSS
REVIEW
	  	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	625	  	 	 	634	  	 	 	602	  	 	 	523	  	 	 	7,773	  	 	 	5,989	  	 	 	7,773	  	 	 	1,784	  	 	 	—  	  
	 Total Application Dollars
	  	$	253,591	  	 	$	288,832	  	 	$	247,919	  	 	$	218,206	  	 	$	3,236,918	  	 	$	2,318,388	  	 	$	3,236,918	  	 	$	918,530	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	502	  	 	 	522	  	 	 	527	  	 	 	517	  	 	 	6,606	  	 	 	5,210	  	 	 	6,606	  	 	 	1,396	  	 	 	—  	  
	 Total Closing Dollars
	  	$	196,425	  	 	$	225,510	  	 	$	228,779	  	 	$	217,532	  	 	$	2,759,138	  	 	$	1,900,000	  	 	$	2,759,138	  	 	$	859,138	  	 	$	—  	  
	 Average Loan Amount
	  	 	391,285	  	 	 	432,012	  	 	 	434,116	  	 	 	420,759	  	 	 	417,671	  	 	 	364,683	  	 	 	417,671	  	 	 	52,988	  	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	353	  	 	 	364	  	 	 	365	  	 	 	345	  	 	 	4,397	  	 	 	3,915	  	 	 	4,397	  	 	 	482	  	 	 	—  	  
	 Purchase Closing Dollars
	  	$	144,769	  	 	$	158,510	  	 	$	151,206	  	 	$	136,713	  	 	$	1,794,836	  	 	$	1,427,668	  	 	$	1,794,836	  	 	$	367,167	  	 	$	—  	  
	 Average Loan Amount
	  	 	410,111	  	 	 	435,466	  	 	 	414,263	  	 	 	396,269	  	 	 	408,195	  	 	 	364,683	  	 	 	408,195	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	149	  	 	 	158	  	 	 	182	  	 	 	172	  	 	 	2,209	  	 	 	1,295	  	 	 	2,209	  	 	 	914	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	51,656	  	 	$	67,001	  	 	$	77,573	  	 	$	80,820	  	 	$	964,302	  	 	$	472,332	  	 	$	964,302	  	 	$	491,971	  	 	$	—  	  
	 Average Loan Amount
	  	 	346,684	  	 	 	424,054	  	 	 	478,847	  	 	 	469,881	  	 	 	436,533	  	 	 	364,685	  	 	 	436,533	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	7,952	  	 	$	9,174	  	 	$	20,286	  	 	$	19,613	  	 	$	107,394	  	 				 				 				 			
	*CONFIDENTIAL	  	 	26.3	% 	 	 	29.7	% 	 	 	33.9	% 	 	 	37.2	% 	 	 	34.9	% 	 	 	0.0	% 	 	 	34.9	% 	 				 			
	*CONFIDENTIAL	  	 	20.8	% 	 	 	25.1	% 	 	 	23.2	% 	 	 	20.7	% 	 	 	22.2	% 	 				 				 				 			
	*CONFIDENTIAL	  	 	4.0	% 	 	 	4.1	% 	 	 	8.9	% 	 	 	9.0	% 	 	 	3.9	% 	 				 				 				 			
	*CONFIDENTIAL	  	 	1.29	% 	 	 	1.30	% 	 	 	1.32	% 	 	 	1.33	% 	 	 	1.22	% 	 	 	1.35	% 	 	 	1.35	% 	 				 			
	*CONFIDENTIAL	  	 	181	  	 	 	196	  	 	 	179	  	 	 	199	  	 	 	216	  	 	 	177	  	 	 	203	  	 				 			
	*CONFIDENTIAL	  	 	69.32	% 	 	 	66.87	% 	 	 	71.01	% 	 	 	68.64	% 	 	 	68.50	% 	 	 	70.33	% 	 	 	70.33	% 	 				 			
	*CONFIDENTIAL	  	 	0.06	% 	 	 	0.08	% 	 	 	0.11	% 	 	 	0.04	% 	 	 	0.06	% 	 	 	0.11	% 	 	 	0.11	% 	 				 			
	*CONFIDENTIAL	  	 	1.46	% 	 	 	1.48	% 	 	 	1.52	% 	 	 	1.40	% 	 	 	1.39	% 	 	 	1.64	% 	 	 	1.64	% 	 				 			
	*CONFIDENTIAL	  	 	0.56	% 	 	 	0.61	% 	 	 	0.58	% 	 	 	0.49	% 	 	 	0.56	% 	 	 	0.69	% 	 	 	0.69	% 	 				 			
	*CONFIDENTIAL	  	$	5,703	  	 	$	6,403	  	 	$	6,584	  	 	$	5,893	  	 	$	5,815	  	 	$	5,995	  	 	$	6,866	  	 				 			
	*CONFIDENTIAL	  	$	1,156	  	 	$	1,081	  	 	$	1,109	  	 	$	1,257	  	 	$	1,075	  	 	$	1,287	  	 	$	1,076	  	 				 			
	*CONFIDENTIAL	  	 	0.30	% 	 	 	0.25	% 	 	 	0.26	% 	 	 	0.30	% 	 	 	0.26	% 	 	 	0.35	% 	 	 	0.26	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	2	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	49	  	 	 	49	  	 	 	48	  	 	 	46	  	 	 	46	  	 	 	48	  	 	 	48	  	 	 	—  	  	 	 	(2	) 
										
	 YTD PROFIT & LOSS
REVIEW
	  	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue
	  				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	  	 	2,538,522	  	 	 	2,939,943	  	 	 	3,023,299	  	 	 	2,895,264	  	 	 	33,561,716	  	 	 	25,650,000	  	 	 	37,248,358	  	 	 	7,911,716	  	 	 	(3,686,642	) 
	*CONFIDENTIAL	  	 	131,377	  	 	 	133,035	  	 	 	133,095	  	 	 	143,546	  	 	 	1,603,096	  	 	 	1,328,550	  	 	 	1,929,291	  	 	 	274,546	  	 	 	(326,195	) 
	*CONFIDENTIAL	  	 	91,055	  	 	 	102,455	  	 	 	94,375	  	 	 	103,105	  	 	 	1,425,218	  	 	 	922,116	  	 	 	1,339,076	  	 	 	503,102	  	 	 	86,142	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	25,323	  	 	 	42,102	  	 	 	28,061	  	 	 	(521,244	) 	 	 	(10,708	) 	 	 	1,338,864	  	 	 	1,944,268	  	 	 	(1,349,572	) 	 	 	(1,954,976	) 
	*CONFIDENTIAL	  	 	(40,864	) 	 	 	(44,667	) 	 	 	(50,927	) 	 	 	512,302	  	 	 	125,787	  	 	 	—  	  	 	 	—  	  	 	 	125,787	  	 	 	125,787	  
	*CONFIDENTIAL	  	 	117,339	  	 	 	169,681	  	 	 	241,848	  	 	 	(86,164	) 	 	 	1,711,311	  	 	 	1,995,00	  	 	 	2,897,095	  	 	 	(283,669	) 	 	 	(1,185,784	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	2,862,752	  	 	 	3,342,549	  	 	 	3,469,751	  	 	 	3,046,807	  	 	 	38,416,420	  	 	 	31,234,530	  	 	 	45,358,088	  	 	 	7,181,890	  	 	 	(6,941,668	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	1,759,600	  	 	 	1,985,825	  	 	 	2,146,699	  	 	 	1,967,184	  	 	 	22,989,903	  	 	 	18,038,500	  	 	 	26,195,107	  	 	 	4,951,403	  	 	 	(3,205,205	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	1,103,152	  	 	 	1,378,724	  	 	 	1,323,052	  	 	 	1,059,624	  	 	 	15,428,517	  	 	 	13,196,030	  	 	 	19,162,960	  	 	 	2,230,487	  	 	 	(3,736,463	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	  	 	239,930	  	 	 	229,256	  	 	 	240,329	  	 	 	233,554	  	 	 	2,862,432	  	 	 	2,830,633	  	 	 	2,830,633	  	 	 	31,799	  	 	 	31,799	  
	*CONFIDENTIAL	  	 	72	  	 	 	8	  	 	 	0	  	 	 	259	  	 	 	7,534	  	 	 	—  	  	 	 	—  	  	 	 	7,534	  	 	 	7,534	  
	*CONFIDENTIAL	  	 	6,231	  	 	 	350	  	 	 	—  	  	 	 	—  	  	 	 	116,506	  	 	 	204,000	  	 	 	204,000	  	 	 	(87,494	) 	 	 	(87,494	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	40,802	  	 	 	36,265	  	 	 	37,293	  	 	 	64,260	  	 	 	484,519	  	 	 	280,000	  	 	 	406,610	  	 	 	204,519	  	 	 	77,910	  
	*CONFIDENTIAL	  	 	26,074	  	 	 	30,048	  	 	 	29,020	  	 	 	7,117	  	 	 	370,905	  	 	 	363,453	  	 	 	363,453	  	 	 	7,452	  	 	 	7,452	  
	*CONFIDENTIAL	  	 	17,604	  	 	 	15,447	  	 	 	14,780	  	 	 	36,320	  	 	 	254,443	  	 	 	279,760	  	 	 	279,760	  	 	 	(25,317	) 	 	 	(25,317	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	330,714	  	 	 	311,373	  	 	 	321,422	  	 	 	341,511	  	 	 	4,096,339	  	 	 	3,957,846	  	 	 	4,084,456	  	 	 	138,493	  	 	 	11,863	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	70,684	  	 	 	70,684	  	 	 	67,484	  	 	 	89,634	  	 	 	756,591	  	 	 	756,730	  	 	 	756,730	  	 	 	(139	) 	 	 	(139	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	722	  	 	 	6,374	  	 	 	3,043	  	 	 	7,702	  	 	 	45,470	  	 	 	60,672	  	 	 	60,672	  	 	 	(15,202	) 	 	 	(15,202	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	71,405	  	 	 	77,058	  	 	 	70,527	  	 	 	77,336	  	 	 	802,081	  	 	 	817,402	  	 	 	617,402	  	 	 	(15,341	) 	 	 	(15,341	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	2,364	  	 	 	2,549	  	 	 	934	  	 	 	4,690	  	 	 	72,612	  	 	 	24,996	  	 	 	24,996	  	 	 	47,616	  	 	 	47,616	  
	*CONFIDENTIAL	  	 	4,444	  	 	 	—  	  	 	 	6,663	  	 	 	—  	  	 	 	21,599	  	 	 	—  	  	 	 	—  	  	 	 	21,599	  	 	 	21,599	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	6,808	  	 	 	2,549	  	 	 	7,596	  	 	 	4,690	  	 	 	24,211	  	 	 	24,996	  	 	 	24,996	  	 	 	69,215	  	 	 	69,215	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	15,000	  	 	 	24,326	  	 	 	—  	  	 	 	—  	  	 	 	24,326	  	 	 	24,326	  
	*CONFIDENTIAL	  	 	54,916	  	 	 	57,904	  	 	 	59,625	  	 	 	67,036	  	 	 	665,976	  	 	 	655,548	  	 	 	655,548	  	 	 	10,428	  	 	 	10,428	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	54,916	  	 	 	57,904	  	 	 	59,625	  	 	 	82,039	  	 	 	680,302	  	 	 	655,548	  	 	 	655,548	  	 	 	34,754	  	 	 	34,754	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	17,898	  	 	 	19,282	  	 	 	18,312	  	 	 	17,866	  	 	 	220,334	  	 	 	213,756	  	 	 	310,412	  	 	 	6,578	  	 	 	(90,078	) 
	*CONFIDENTIAL	  	 	14,927	  	 	 	14,287	  	 	 	16,649	  	 	 	17,273	  	 	 	185,235	  	 	 	119,830	  	 	 	174,014	  	 	 	65,405	  	 	 	11,221	  
	*CONFIDENTIAL	  	 	2,055	  	 	 	2,157	  	 	 	3,007	  	 	 	2,368	  	 	 	33,857	  	 	 	42,998	  	 	 	62,438	  	 	 	(9,139	) 	 	 	(28,580	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	34,850	  	 	 	35,726	  	 	 	37,968	  	 	 	37,586	  	 	 	439,426	  	 	 	376,582	  	 	 	548,864	  	 	 	52,844	  	 	 	(107,438	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	27,036	  	 	 	25,730	  	 	 	27,415	  	 	 	39,501	  	 	 	342,192	  	 	 	224,992	  	 	 	326,728	  	 	 	117,200	  	 	 	15,464	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	27,036	  	 	 	25,730	  	 	 	27,415	  	 	 	39,501	  	 	 	342,192	  	 	 	224,992	  	 	 	326,728	  	 	 	117,200	  	 	 	15,464	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	2,332	  	 	 	2,250	  	 	 	1,775	  	 	 	1,300	  	 	 	38,877	  	 	 	85,596	  	 	 	85,596	  	 	 	(46,719	) 	 	 	(46,719	) 
	*CONFIDENTIAL	  	 	8,060	  	 	 	8,000	  	 	 	10,199	  	 	 	8,335	  	 	 	91,584	  	 	 	41,630	  	 	 	41,830	  	 	 	49,754	  	 	 	49,754	  
	*CONFIDENTIAL	  	 	185	  	 	 	568	  	 	 	168	  	 	 	233	  	 	 	1,387	  	 	 	1,200	  	 	 	1,200	  	 	 	187	  	 	 	187	  
	*CONFIDENTIAL	  	 	44,066	  	 	 	43,070	  	 	 	42,741	  	 	 	40,447	  	 	 	467,662	  	 	 	520,272	  	 	 	520,272	  	 	 	(52,610	) 	 	 	(52,610	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	54,643	  	 	 	53,888	  	 	 	54,884	  	 	 	50,315	  	 	 	599,509	  	 	 	648,898	  	 	 	648,898	  	 	 	(49,389	) 	 	 	(49,389	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	  
 *CONFIDENTIAL
	  	 	—  	  	 	 	(2	) 	 	 	4,944	  	 	 	16,731	  	 	 	40,109	  	 	 	—  	  	 	 	—  	  	 	 	40,109	  	 	 	40,109	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	  
 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  
 *CONFIDENTIAL
	  	 	—  	  	 	 	(2	) 	 	 	4,944	  	 	 	16,731	  	 	 	40,109	  	 	 	—  	  	 	 	—  	  	 	 	40,109	  	 	 	40,109	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  
 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	560,403	  	 	 	564,226	  	 	 	584,380	  	 	 	649,630	  	 	 	7,104,150	  	 	 	6,706,264	  	 	 	7,104,892	  	 	 	397,886	  	 	 	(742	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	580,403	  	 	 	564,226	  	 	 	584,380	  	 	 	649,630	  	 	 	7,104,150	  	 	 	6,706,264	  	 	 	7,104,892	  	 	 	397,886	  	 	 	(742	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	522,749	  	 	 	812,499	  	 	 	738,672	  	 	 	409,994	  	 	 	8,322,367	  	 	 	6,469,766	  	 	 	12,058,088	  	 	 	1,832,601	  	 	 	(3,735,721	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses - BPS
	  	 	26.61	  	 	 	36.03	  	 	 	32.29	  	 	 	18.85	  	 	 	30.16	  	 	 	34.16	  	 	 	43.7	  	 				 			
	 The Budget is equal to the 0&12 Forecast for the following pages.
	  				 				 				 				 				 				 				 				 			

  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 187 









 Confidential Treatment 
  

  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	565	  	 	 	363	  	 	 	550	  	 	 	565	  	 	 	202	  	 			
	 Total Application Dollars
	  	$	201,851	  	 	$	106,967	  	 	$	195,250	  	 	$	201,851	  	 	$	94,884	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	492	  	 	 	468	  	 	 	478	  	 	 	492	  	 	 	26	  	 	 	—  	  
	 Total Closing Dollars
	  	$	168,170	  	 	$	137,470	  	 	$	170,000	  	 	$	168,170	  	 	$	30,700	  	 	$	—  	  
	 Average Loan Amount
	  	 	341,810	  	 	 	295,000	  	 	 	355,649	  	 	 	341,810	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	339	  	 	 	388	  	 	 	382	  	 	 	339	  	 	 	(29	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	113,988	  	 	$	108,601	  	 	$	136,000	  	 	$	113,988	  	 	$	5,387	  	 	$	—  	  
	 Average Loan Amount
	  	 	336,249	  	 	 	295,000	  	 	 	355,649	  	 	 	336,249	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closing - Units
	  	 	153	  	 	 	98	  	 	 	96	  	 	 	153	  	 	 	55	  	 	 	—  	  
	 Refi Closing - Dollars
	  	$	54,182	  	 	$	28,869	  	 	$	34,000	  	 	$	54,182	  	 	$	25,313	  	 	$	—  	  
	 Average Loan Amount
	  	 	354,131	  	 	 	295,000	  	 	 	355,649	  	 	 	354,131	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	18,726	  	 				 	$	17,000	  	 				 				 			
	*CONFIDENTIAL	  	 	32.2	% 	 	 	21.00	% 	 	 	20.0	% 	 	 	32.2	% 	 				 			
	*CONFIDENTIAL	  	 	19.3	% 	 				 				 				 				 			
	*CONFIDENTIAL	  	 	11.1	% 	 				 	 	10.0	% 	 				 				 			
	*CONFIDENTIAL	  	 	1.03	% 	 	 	1.17	% 	 	 	1.10	% 	 	 	1.17	% 	 				 			
	*CONFIDENTIAL	  	 	56	  	 	 	102	  	 	 	58	  	 	 	119	  	 				 			
	*CONFIDENTIAL	  	 	36.37	% 	 	 	58.50	% 	 	 	57.50	% 	 	 	58.50	% 	 				 			
	*CONFIDENTIAL	  	 	0.22	% 	 	 	0.43	% 	 	 	0.55	% 	 	 	0.43	% 	 				 			
	*CONFIDENTIAL	  	 	1.39	% 	 	 	1.82	% 	 	 	1.83	% 	 	 	1.82	% 	 				 			
	*CONFIDENTIAL	  	 	1.02	% 	 	 	1.14	% 	 	 	1.20	% 	 	 	1.14	% 	 				 			
	*CONFIDENTIAL	  	$	4,760	  	 	$	5,374	  	 	$	6,515	  	 	$	6,227	  	 				 			
	*CONFIDENTIAL	  	$	1,564	  	 	$	1,646	  	 	$	2,211	  	 	$	1,635	  	 				 			
	*CONFIDENTIAL	  	 	0.46	% 	 	 	0.56	% 	 	 	0.62	% 	 	 	0.48	% 	 				 			
	 Loans over 60 Days
	  	 	3	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	158	  	 	 	146	  	 	 	159	  	 	 	146	  	 	 	12	  	 	 	12	  
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	*CONFIDENTIAL	  	 	1,738,622	  	 	 	1,608,399	  	 	 	1,870,000	  	 	 	1,967,593	  	 	 	130,223	  	 	 	(228,972	) 
	*CONFIDENTIAL	  	 	162,415	  	 	 	163,100	  	 	 	167,300	  	 	 	199,524	  	 	 	(685	) 	 	 	(37,109	) 
	*CONFIDENTIAL	  	 	27,534	  	 	 	47,672	  	 	 	27,724	  	 	 	58,318	  	 	 	(20,138	) 	 	 	(30,785	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	(2,563	) 	 	 	17,000	  	 	 	(3,135	) 	 	 	2,563	  	 	 	3,135	  
	*CONFIDENTIAL	  	 	35,188	  	 	 	93,899	  	 	 	96,317	  	 	 	114,869	  	 	 	(58,711	) 	 	 	(79,681	) 
	*CONFIDENTIAL	  	 	378,354	  	 	 	593,968	  	 	 	935,982	  	 	 	726,615	  	 	 	(215,614	) 	 	 	(348,262	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	2,342,112	  	 	 	2,504,475	  	 	 	3,114,323	  	 	 	3,063,784	  	 	 	(162,362	) 	 	 	(721,672	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	632,298	  	 	 	940,913	  	 	 	1,075,250	  	 	 	1,151,042	  	 	 	(308,815	) 	 	 	(518,744	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	1,709,814	  	 	 	1,583,561	  	 	 	2,039,073	  	 	 	1,912,742	  	 	 	145,253	  	 	 	(202,928	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	*CONFIDENTIAL	  	 	355,726	  	 	 	335,541	  	 	 	354,924	  	 	 	335,541	  	 	 	20,185	  	 	 	20,185	  
	*CONFIDENTIAL	  	 	22,773	  	 	 	6,711	  	 	 	12,000	  	 	 	6,711	  	 	 	16,062	  	 	 	16,062	  
	*CONFIDENTIAL	  	 	23,544	  	 	 	—  	  	 	 	25,000	  	 	 	—  	  	 	 	23,544	  	 	 	23,544	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	123,847	  	 	 	103,103	  	 	 	122,400	  	 	 	126,128	  	 	 	20,744	  	 	 	(2,281	) 
	*CONFIDENTIAL	  	 	19,430	  	 	 	92,400	  	 	 	85,392	  	 	 	92,400	  	 	 	(72,970	) 	 	 	(72,970	) 
	*CONFIDENTIAL	  	 	15,782	  	 	 	63,460	  	 	 	71,501	  	 	 	63,460	  	 	 	(47,678	) 	 	 	(47,678	) 
	*CONFIDENTIAL	  	 	891	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	891	  	 	 	891	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	561,992	  	 	 	601,214	  	 	 	671,217	  	 	 	624,239	  	 	 	(39,222	) 	 	 	(62,247	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	50,389	  	 	 	53,700	  	 	 	50,500	  	 	 	53,700	  	 	 	(3,311	) 	 	 	(3,311	) 
	*CONFIDENTIAL	  	 	4,878	  	 	 	5,109	  	 	 	5,600	  	 	 	5,109	  	 	 	(231	) 	 	 	(231	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	300	  	 	 	300	  	 	 	300	  	 	 	(300	) 	 	 	(300	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	55,268	  	 	 	59,109	  	 	 	56,400	  	 	 	59,109	  	 	 	(3,842	) 	 	 	(3,842	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	1,490	  	 	 	2,500	  	 	 	2,500	  	 	 	2,500	  	 	 	(1,010	) 	 	 	(1,010	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	7,000	  	 	 	—  	  	 	 	7,000	  	 	 	(7,000	) 	 	 	(7,000	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	1,490	  	 	 	9,500	  	 	 	2,500	  	 	 	9,500	  	 	 	(6,010	) 	 	 	(8,010	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	40,210	  	 	 	24,770	  	 	 	24,770	  	 	 	30,302	  	 	 	15,440	  	 	 	9,908	  
	*CONFIDENTIAL	  	 	28,308	  	 	 	15,000	  	 	 	17,000	  	 	 	15,000	  	 	 	13,308	  	 	 	13,308	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	68,517	  	 	 	39,770	  	 	 	41,770	  	 	 	45,302	  	 	 	28,747	  	 	 	23,216	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	17,657	  	 	 	11,874	  	 	 	13,500	  	 	 	14,525	  	 	 	5,783	  	 	 	3,132	  
	*CONFIDENTIAL	  	 	22,725	  	 	 	8,094	  	 	 	15,890	  	 	 	9,902	  	 	 	14,631	  	 	 	12,824	  
	*CONFIDENTIAL	  	 	4,972	  	 	 	4,399	  	 	 	5,440	  	 	 	5,381	  	 	 	573	  	 	 	(409	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	45,364	  	 	 	24,366	  	 	 	34,830	  	 	 	28,808	  	 	 	20,988	  	 	 	15,546	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	26,219	  	 	 	13,980	  	 	 	14,340	  	 	 	17,102	  	 	 	12,239	  	 	 	9,117	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	26,219	  	 	 	13,980	  	 	 	14,340	  	 	 	17,102	  	 	 	12,239	  	 	 	9,117	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	(14,538	) 	 	 	2,500	  	 	 	(11,100	) 	 	 	2500	  	 	 	(17,038	) 	 	 	(17,038	) 
	*CONFIDENTIAL	  	 	965	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	965	  	 	 	965	  
	*CONFIDENTIAL	  	 	5,846	  	 	 	6,000	  	 	 	6,000	  	 	 	6,000	  	 	 	(155	) 	 	 	(155	) 
	*CONFIDENTIAL	  	 	16,965	  	 	 	7,800	  	 	 	20,000	  	 	 	7,800	  	 	 	9,165	  	 	 	9,165	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	9,236	  	 	 	16,300	  	 	 	14,900	  	 	 	16,300	  	 	 	(7,062	) 	 	 	(7,062	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	107	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	107	  	 	 	107	  
	*CONFIDENTIAL	  	 	228	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	228	  	 	 	228	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	218,977	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	193	  	 	 	1,734	  	 	 	1,778	  	 	 	2,121	  	 	 	(1,540	) 	 	 	(1,927	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	528	  	 	 	1,734	  	 	 	220,755	  	 	 	2,121	  	 	 	(1,206	) 	 	 	(1,593	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	760	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	760	  	 	 	760	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	760	  	 	 	1,000	  	 	 	—  	  	 	 	1,000	  	 	 	(240	) 	 	 	(240	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	769,366	  	 	 	766,973	  	 	 	1,056,712	  	 	 	804,481	  	 	 	2,393	  	 	 	(35,115	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	769,366	  	 	 	786,973	  	 	 	1,056,712	  	 	 	804,481	  	 	 	2,393	  	 	 	(35,115	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	940,448	  	 	 	796,588	  	 	 	982,360	  	 	 	1,108,261	  	 	 	143,860	  	 	 	(157,813	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	55.92	  	 	 	47.37	  	 	 	58.41	  	 	 	65.90	  	 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 188 








 *YTD total only includes actual expense 
  

																																	
	 *CONFIDENTIAL
 YTD PROFIT & LOSS REVIEW
	 	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	523	  	 	 	844	  	 	 	1,065	  	 	 	921	  	 	 	784	  	 	 	787	  	 	 	858	  	 	 	692	  
	 Total Application Dollars
	 	$	160,078	  	 	$	283,939	  	 	$	377,650	  	 	$	321,915	  	 	$	259,361	  	 	$	253,958	  	 	$	215,848	  	 	$	229,086	  
	 Total Closing Units
	 	 	278	  	 	 	408	  	 	 	670	  	 	 	685	  	 	 	595	  	 	 	624	  	 	 	525	  	 	 	596	  
	 Total Closing Dollars
	 	$	82,288	  	 	$	126,602	  	 	$	220,474	  	 	$	244,725	  	 	$	203,339	  	 	$	207,105	  	 	$	170,205	  	 	$	188,452	  
	 Average Loan Amount
	 	 	296,001	  	 	 	310,299	  	 	 	329,065	  	 	 	357,326	  	 	 	341,746	  	 	 	331,899	  	 	 	324,200	  	 	 	316,194	  
	 Purchase Closing Units
	 	 	202	  	 	 	282	  	 	 	463	  	 	 	431	  	 	 	419	  	 	 	482	  	 	 	423	  	 	 	482	  
	 Purchase Closing Dollars
	 	$	59,278	  	 	$	77,831	  	 	$	147,655	  	 	$	149,540	  	 	$	144,679	  	 	$	154,603	  	 	$	143,496	  	 	$	150,125	  
	 Average Loan Amount
	 	 	293,455	  	 	 	297,064	  	 	 	318,694	  	 	 	346,960	  	 	 	345,295	  	 	 	320,752	  	 	 	339,235	  	 	 	324,947	  
	 Refi Closings - Units
	 	 	76	  	 	 	146	  	 	 	207	  	 	 	254	  	 	 	176	  	 	 	142	  	 	 	102	  	 	 	134	  
	 Refi Closings - Dollars
	 	$	23,010	  	 	$	48,771	  	 	$	72,916	  	 	$	95,188	  	 	$	58,660	  	 	$	52,503	  	 	$	26,709	  	 	$	38,327	  
	 Average Loan Amount
	 	 	302,767	  	 	 	334,049	  	 	 	352,263	  	 	 	374,747	  	 	 	333,296	  	 	 	369,736	  	 	 	261,848	  	 	 	286,019	  
	*CONFIDENTIAL	 	$	1,685	  	 	$	3,062	  	 	$	3,460	  	 	$	21,741	  	 	$	20,973	  	 	$	23,125	  	 	$	13,172	  	 	$	5,964	  
	*CONFIDENTIAL	 	 	26.0	% 	 	 	38.5	% 	 	 	33.1	% 	 	 	38.9	% 	 	 	28.8	% 	 	 	25.4	% 	 	 	15.7	% 	 	 	20.3	% 
	*CONFIDENTIAL	 	 	18.4	% 	 	 	21.8	% 	 	 	22.7	% 	 	 	19.2	% 	 	 	20.6	% 	 	 	20.3	% 	 	 	16.7	% 	 	 	19.4	% 
	*CONFIDENTIAL	 	 	2.0	% 	 	 	2.4	% 	 	 	1.6	% 	 	 	8.9	% 	 	 	10.3	% 	 	 	11.2	% 	 	 	7.7	% 	 	 	3.2	% 
	*CONFIDENTIAL	 	 	1.12	% 	 	 	1.09	% 	 	 	1.08	% 	 	 	1.00	% 	 	 	0.99	% 	 	 	1.04	% 	 	 	1.08	% 	 	 	1.05	% 
	*CONFIDENTIAL	 	 	35	  	 	 	89	  	 	 	57	  	 	 	54	  	 	 	101	  	 	 	79	  	 	 	(26	) 	 	 	136	  
	*CONFIDENTIAL	 	 	35.69	% 	 	 	58.72	% 	 	 	60.87	% 	 	 	77.21	% 	 	 	25.04	% 	 	 	51.35	% 	 	 	60.37	% 	 	 	60.98	% 
	*CONFIDENTIAL	 	 	0.54	% 	 	 	0.34	% 	 	 	0.42	% 	 	 	0.43	% 	 	 	0.45	% 	 	 	0.55	% 	 	 	0.43	% 	 	 	0.42	% 
	*CONFIDENTIAL	 	 	1.95	% 	 	 	1.45	% 	 	 	1.71	% 	 	 	1.56	% 	 	 	1.62	% 	 	 	1.74	% 	 	 	1.65	% 	 	 	1.65	% 
	*CONFIDENTIAL	 	 	1.32	% 	 	 	0.80	% 	 	 	1.05	% 	 	 	0.79	% 	 	 	1.37	% 	 	 	1.21	% 	 	 	1.00	% 	 	 	1.01	% 
	*CONFIDENTIAL	 	$	5,757	  	 	$	4,486	  	 	$	5,618	  	 	$	5,563	  	 	$	5,536	  	 	$	5,783	  	 	$	5,337	  	 	$	5,205	  
	*CONFIDENTIAL	 	$	3,142	  	 	$	1,937	  	 	$	1,483	  	 	$	1,417	  	 	$	1,627	  	 	$	1,419	  	 	$	1,670	  	 	$	1,336	  
	*CONFIDENTIAL	 	 	1.06	% 	 	 	0.62	% 	 	 	0.44	% 	 	 	0.40	% 	 	 	0.48	% 	 	 	0.43	% 	 	 	0.52	% 	 	 	0.42	% 
	 Loans over 60 days
	 	 	1	  	 	 	1	  	 	 	0	  	 	 	0	  	 	 	2	  	 	 	1	  	 	 	2	  	 	 	0	  
	 Summary Headcount
	 	 	144	  	 	 	148	  	 	 	148	  	 	 	149	  	 	 	150	  	 	 	147	  	 	 	154	  	 	 	158	  
									
	 YTD PROFIT & LOSS REVIEW
	 	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 
	 Revenue
	 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	919,881	  	 	 	1,386,212	  	 	 	2,370,527	  	 	 	2,435,941	  	 	 	2,008,486	  	 	 	2,148,589	  	 	 	1,830,078	  	 	 	1,971,906	  
	*CONFIDENTIAL	 	 	104,668	  	 	 	164,659	  	 	 	268,513	  	 	 	277,300	  	 	 	238,306	  	 	 	190,111	  	 	 	183,442	  	 	 	213,234	  
	*CONFIDENTIAL	 	 	9,704	  	 	 	36,327	  	 	 	38,267	  	 	 	36,741	  	 	 	59,850	  	 	 	49,096	  	 	 	13,720	  	 	 	81,342	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	(4,909	) 	 	 	(22,027	) 	 	 	(20,590	) 	 	 	(31,861	) 	 	 	(11,920	) 	 	 	(14,752	) 	 	 	(12,743	) 	 	 	(7,090	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	66,989	  	 	 	—  	  
	*CONFIDENTIAL	 	 	123,077	  	 	 	(160,445	) 	 	 	181,848	  	 	 	46,732	  	 	 	75,130	  	 	 	98,600	  	 	 	22,460	  	 	 	54,930	  
	*CONFIDENTIAL	 	 	448,352	  	 	 	425,666	  	 	 	925,296	  	 	 	1,045,541	  	 	 	924,041	  	 	 	1,136,836	  	 	 	725,557	  	 	 	788,149	  
	 Gross Revenue
	 	 	1,800,573	  	 	 	1,830,392,	  	 	 	3,763,661	  	 	 	3,810,394	  	 	 	3,293,693	  	 	 	3,508,480	  	 	 	2,602,063	  	 	 	3,102,471	  
	 Commissions
	 	 	512,204	  	 	 	813,918	  	 	 	1,442,843	  	 	 	1,880,847	  	 	 	502,902	  	 	 	1,103,282	  	 	 	1,104,830	  	 	 	1,202,429	  
	 Net Revenue
	 	 	1,068,369	  	 	 	1,016,474	  	 	 	2,321,018	  	 	 	1,929,547	  	 	 	2,750,921	  	 	 	2,505,198	  	 	 	1,697,232	  	 	 	1,900,042	  
	 Indirect Costs
	 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	 	 	338,784	  	 	 	284,977	  	 	 	355,723	  	 	 	324,971	  	 	 	305,022	  	 	 	334,852	  	 	 	331,660	  	 	 	333,003	  
	*CONFIDENTIAL	 	 	55,854	  	 	 	15,567	  	 	 	27,561	  	 	 	33,797	  	 	 	29,237	  	 	 	22,043	  	 	 	26,559	  	 	 	12,173	  
	*CONFIDENTIAL	 	 	12,548	  	 	 	16,798	  	 	 	26,040	  	 	 	19,301	  	 	 	33,954	  	 	 	24,627	  	 	 	28,604	  	 	 	30,697	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	55,059	  	 	 	97,592	  	 	 	172,168	  	 	 	177,874	  	 	 	150,973	  	 	 	150,113	  	 	 	122,099	  	 	 	140,142	  
	*CONFIDENTIAL	 	 	144,030	  	 	 	79,646	  	 	 	122,700	  	 	 	130,173	  	 	 	123,844	  	 	 	123,542	  	 	 	134,696	  	 	 	75,774	  
	*CONFIDENTIAL	 	 	137,506	  	 	 	95,463	  	 	 	137,395	  	 	 	138,837	  	 	 	84,319	  	 	 	59,969	  	 	 	62,109	  	 	 	56,623	  
	*CONFIDENTIAL	 	 	—  	  	 	 	86	  	 	 	400	  	 	 	—  	  	 	 	—  	  	 	 	44	  	 	 	203	  	 	 	413	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,637	  	 	 	—  	  	 	 	138	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	743,762	  	 	 	590,130	  	 	 	641,987	  	 	 	824,953	  	 	 	728,984	  	 	 	715,189	  	 	 	726,088	  	 	 	858,824	  
	*CONFIDENTIAL	 	 	49,706	  	 	 	49,145	  	 	 	49,378	  	 	 	42,460	  	 	 	48,027	  	 	 	47,866	  	 	 	47,765	  	 	 	50,320	  
	*CONFIDENTIAL	 	 	(6,608	) 	 	 	30,458	  	 	 	3,918	  	 	 	425	  	 	 	1,817	  	 	 	5,546	  	 	 	5,499	  	 	 	6,868	  
	*CONFIDENTIAL	 	 	90	  	 	 	125	  	 	 	716	  	 	 	(103	) 	 	 	90	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	43,189	  	 	 	79,728	  	 	 	54,012	  	 	 	42,762	  	 	 	49,935	  	 	 	53,212	  	 	 	53,264	  	 	 	57,188	  
	*CONFIDENTIAL	 	 	—  	  	 	 	2,127	  	 	 	5,342	  	 	 	1,528	  	 	 	2,803	  	 	 	206	  	 	 	(897	) 	 	 	487	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 				 	 	2,127	  	 	 	5,342	  	 	 	1,528	  	 	 	2,803	  	 	 	206	  	 	 	(897	) 	 	 	487	  
	*CONFIDENTIAL	 	 	20,491	  	 	 	39,891	  	 	 	15,281	  	 	 	26,547	  	 	 	61,875	  	 	 	18,479	  	 	 	33,313	  	 	 	13,300	  
	*CONFIDENTIAL	 	 	3,459	  	 	 	8,532	  	 	 	6,540	  	 	 	7,537	  	 	 	7,405	  	 	 	5,021	  	 	 	9,997	  	 	 	7,296	  
	*CONFIDENTIAL	 	 	23,950	  	 	 	48,423	  	 	 	21,820	  	 	 	34,084	  	 	 	69,280	  	 	 	23,500	  	 	 	43,310	  	 	 	20,596	  
	*CONFIDENTIAL	 	 	10,625	  	 	 	11,741	  	 	 	16,148	  	 	 	17,026	  	 	 	13,181	  	 	 	15,391	  	 	 	13,334	  	 	 	13,223	  
	*CONFIDENTIAL	 	 	10,057	  	 	 	11,699	  	 	 	16,795	  	 	 	18,056	  	 	 	17,616	  	 	 	13,880	  	 	 	14,617	  	 	 	13,643	  
	*CONFIDENTIAL	 	 	7,508	  	 	 	8,569	  	 	 	3,002	  	 	 	8,056	  	 	 	6	  	 	 	1,537	  	 	 	3,000	  	 	 	3,066	  
	*CONFIDENTIAL	 	 	28,189	  	 	 	32,010	  	 	 	35,946	  	 	 	43,144	  	 	 	31,003	  	 	 	30,807	  	 	 	30,952	  	 	 	29,932	  
	*CONFIDENTIAL	 	 	12,032	  	 	 	28,256	  	 	 	26,892	  	 	 	22,896	  	 	 	20,933	  	 	 	53,928	  	 	 	12,083	  	 	 	17,140	  
	*CONFIDENTIAL	 	 	12,032	  	 	 	26,256	  	 	 	26,692	  	 	 	22,656	  	 	 	20,933	  	 	 	53,925	  	 	 	12,083	  	 	 	17,140	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	(9,850	) 	 	 	(12,600	) 	 	 	(21,600	) 	 	 	(23,650	) 	 	 	41,743	  	 	 	(23,130	) 	 	 	(17,488	) 	 	 	(14,500	) 
	*CONFIDENTIAL	 	 	7,007	  	 	 	(1,388	) 	 	 	(10,527	) 	 	 	500	  	 	 	1,411	  	 	 	—  	  	 	 	(400	) 	 	 	215	  
	*CONFIDENTIAL	 	 	6,478	  	 	 	4,511	  	 	 	6,859	  	 	 	5,311	  	 	 	5,409	  	 	 	5,189	  	 	 	6,615	  	 	 	5,758	  
	*CONFIDENTIAL	 	 	17,803	  	 	 	17,742	  	 	 	19,072	  	 	 	16,627	  	 	 	16,247	  	 	 	20,671	  	 	 	22,263	  	 	 	19,593	  
	*CONFIDENTIAL	 	 	21,436	  	 	 	8,285	  	 	 	(6,196	) 	 	 	566	  	 	 	64,809	  	 	 	2,730	  	 	 	10,990	  	 	 	11,067	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	283	  	 	 	—  	  	 	 	—  	  	 	 	14	  	 	 	(0	) 	 	 	—  	  
	*CONFIDENTIAL	 	 	125	  	 	 	—  	  	 	 	—  	  	 	 	167	  	 	 	—  	  	 	 	5,100	  	 	 	—  	  	 	 	600	  
	*CONFIDENTIAL	 	 	0	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	251	  	 	 	469	  	 	 	144	  	 	 	90	  	 	 	145	  	 	 	186	  	 	 	164	  	 	 	(37	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	376	  	 	 	469	  	 	 	427	  	 	 	257	  	 	 	145	  	 	 	5,300	  	 	 	184	  	 	 	564	  
	*CONFIDENTIAL	 	 	432	  	 	 	715	  	 	 	300	  	 	 	381	  	 	 	410	  	 	 	625	  	 	 	840	  	 	 	240	  
	*CONFIDENTIAL	 	 	432	  	 	 	715	  	 	 	300	  	 	 	381	  	 	 	410	  	 	 	625	  	 	 	840	  	 	 	240	  
	 Total Expenses
	 	 	873,386	  	 	 	790,142	  	 	 	980,530	  	 	 	970,613	  	 	 	968,302	  	 	 	885,496	  	 	 	876,614	  	 	 	796,038	  
	 Other Corporate Allocations
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Total Controllable Expenses
	 	 	873,386	  	 	 	790,142	  	 	 	980,530	  	 	 	970,613	  	 	 	968,302	  	 	 	885,498	  	 	 	876,614	  	 	 	796,038	  
	 EBITDA before Executive Expenses
	 	 	214,963	  	 	 	226,332	  	 	 	1,340,486	  	 	 	958,934	  	 	 	1,822,689	  	 	 	1,619,702	  	 	 	620,419	  	 	 	1,104,004	  
	 EBITDA before Executive Expenses - BPS
	 	 	26.13	  	 	 	17.68	  	 	 	60,80	  	 	 	39.18	  	 	 	89.64	  	 	 	78.21	  	 	 	48.20	  	 	 	58.58	  
	 The Budget is equal to the 0&12 Forecast for the following pages.
	   


  

																																					
	 YTD PROFIT & LOSS REVIEW
	 	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	722	  	 	 	699	  	 	 	611	  	 	 	565	  	 	 	8,871	  	 	 	6,836	  	 	 	8,871	  	 	 	2,235	  	 	 	—  	  
	 Total Application Dollars
	 	$	240,482	  	 	$	247,222	  	 	$	228,290	  	 	$	201,851	  	 	$	3,019,662	  	 	$	1,956,443	  	 	$	3,019,662	  	 	$	1,063,218	  	 	$	—  	  
	 Total Closing Units
	 	 	505	  	 	 	521	  	 	 	565	  	 	 	492	  	 	 	6,464	  	 	 	5,637	  	 	 	6,464	  	 	 	827	  	 	 	—  	  
	 Total Closing Dollars
	 	$	164,208	  	 	$	174,850	  	 	$	201,286	  	 	$	168,170	  	 	$	2,151,704	  	 	$	1,662,030	  	 	$	2,151,704	  	 	$	489,674	  	 	$	—  	  
	 Average Loan Amount
	 	 	325,164	  	 	 	335,605	  	 	 	356,258	  	 	 	341,810	  	 	 	332,875	  	 	 	294,836	  	 	 	332,875	  	 	 	38,039	  	 			
	 Purchase Closing Units
	 	 	372	  	 	 	286	  	 	 	405	  	 	 	339	  	 	 	4,646	  	 	 	4,453	  	 	 	4,646	  	 	 	193	  	 	 	—  	  
	 Purchase Closing Dollars
	 	$	120,353	  	 	$	127,549	  	 	$	140,370	  	 	$	113,988	  	 	$	1,529,367	  	 	$	1,313,004	  	 	$	1,529,367	  	 	$	216,363	  	 	$	—  	  
	 Average Loan Amount
	 	 	323,528	  	 	 	330,438	  	 	 	346,592	  	 	 	336,249	  	 	 	329,179	  	 	 	294,836	  	 	 	329,179	  	 				 			
	 Refi Closings - Units
	 	 	133	  	 	 	135	  	 	 	160	  	 	 	153	  	 	 	1,818	  	 	 	1,184	  	 	 	1,618	  	 	 	634	  	 	 	—  	  
	 Refi Closings - Dollars
	 	$	43,855	  	 	$	47,301	  	 	$	60,917	  	 	$	54,182	  	 	$	622,338	  	 	$	349,026	  	 	$	622,336	  	 	$	273,311	  	 	$	—  	  
	 Average Loan Amount
	 	 	329,737	  	 	 	350,376	  	 	 	380,730	  	 	 	354,131	  	 	 	342,320	  	 	 	294,836	  	 	 	342,320	  	 				 			
	*CONFIDENTIAL	 	$	21,154	  	 	$	23,032	  	 	$	20,486	  	 	$	18,726	  	 	$	176,579	  	 				 				 				 			
	*CONFIDENTIAL	 	 	28.7	% 	 	 	27.1	% 	 	 	30.3	% 	 	 	32.2	% 	 	 	28.9	% 	 	 	21.0	% 	 	 	28.9	% 	 				 			
	*CONFIDENTIAL	 	 	16.4	% 	 	 	19.9	% 	 	 	20.3	% 	 	 	19.3	% 	 	 	19.4	  	 				 				 				 			
	*CONFIDENTIAL	 	 	12.9	% 	 	 	13.2	% 	 	 	10.2	% 	 	 	11.1	% 	 	 	8.2	% 	 				 				 				 			
	*CONFIDENTIAL	 	 	1.12	% 	 	 	1.06	% 	 	 	1.07	% 	 	 	1.03	% 	 	 	1.05	% 	 	 	1.17	% 	 	 	1.17	% 	 				 			
	*CONFIDENTIAL	 	 	145	  	 	 	109	  	 	 	88	  	 	 	56	  	 	 	78	  	 	 	102	  	 	 	115	  	 				 			
	*CONFIDENTIAL	 	 	53.41	% 	 	 	57.90	% 	 	 	57.68	% 	 	 	36.37	% 	 	 	65.14	% 	 	 	58.50	% 	 	 	58.50	% 	 				 			
	*CONFIDENTIAL	 	 	0.50	% 	 	 	0.42	% 	 	 	0.38	% 	 	 	0.22	% 	 	 	0.42	% 	 	 	0.46	% 	 	 	0.46	% 	 				 			
	*CONFIDENTIAL	 	 	1.75	% 	 	 	1.69	% 	 	 	1.59	% 	 	 	1.39	% 	 	 	1.64	% 	 	 	1.85	% 	 	 	1.65	% 	 				 			
	*CONFIDENTIAL	 	 	1.15	% 	 	 	1.07	% 	 	 	0.98	% 	 	 	1.02	% 	 	 	1.05	% 	 	 	1.17	% 	 	 	1.17	% 	 				 			
	*CONFIDENTIAL	 	$	5,691	  	 	$	5,857	  	 	$	5,680	  	 	$	4,760	  	 	$	5,443	  	 	$	5,468	  	 	$	6,174	  	 				 			
	*CONFIDENTIAL	 	$	1,591	  	 	$	1,535	  	 	$	1,523	  	 	$	1,564	  	 	$	1,605	  	 	$	1,689	  	 	$	1,566	  	 				 			
	*CONFIDENTIAL	 	 	0.49	% 	 	 	0.46	% 	 	 	0.43	% 	 	 	0.46	% 	 	 	0.48	% 	 	 	0.57	% 	 	 	0.47	% 	 				 			
	 Loans over 60 days
	 	 	18	  	 	 	8	  	 	 	1	  	 	 	3	  	 	 	37	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	 	 	156	  	 	 	159	  	 	 	159	  	 	 	158	  	 	 	158	  	 	 	146	  	 	 	146	  	 				 	 	12	  
										
	 YTD PROFIT & LOSS REVIEW
	 	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue
	 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	1,837,612	  	 	 	1,857,693	  	 	 	2,150,551	  	 	 	1,738,622	  	 	 	22,656,297	  	 	 	‘19,445,751	  	 	 	25,174,941	  	 	 	3,210,548	  	 	 	(2,518,643	) 
	*CONFIDENTIAL	 	 	170,855	  	 	 	184,362	  	 	 	200,853	  	 	 	162,415	  	 	 	2,358,718	  	 	 	1,972,997	  	 	 	2,554,269	  	 	 	385,721	  	 	 	(195,572	) 
	*CONFIDENTIAL	 	 	73,172	  	 	 	56,669	  	 	 	49,902	  	 	 	27,534	  	 	 	504,883	  	 	 	576,679	  	 	 	746,582	  	 	 	(71,796	) 	 	 	(241,700	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	—  	  	 	 	0	  	 	 	0	  
	*CONFIDENTIAL	 	 	(14,346	) 	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	(140,238	) 	 	 	—  	  	 	 	—  	  	 	 	(140,238	) 	 	 	(140,238	) 
	*CONFIDENTIAL	 	 	(82,005	) 	 	 	70,853	  	 	 	11,152	  	 	 	—  	  	 	 	66,989	  	 	 	(31,097	) 	 	 	(40,259	) 	 	 	98,085	  	 	 	107,247	  
	*CONFIDENTIAL	 	 	73,630	  	 	 	49,560	  	 	 	32,492	  	 	 	35,188	  	 	 	633,202	  	 	 	1,135,682	  	 	 	1,470,541	  	 	 	(502,680	) 	 	 	(837,339	) 
	*CONFIDENTIAL	 	 	814,724	  	 	 	727,712	  	 	 	764,089	  	 	 	378,354	  	 	 	9,104,316	  	 	 	7,724,967	  	 	 	10,000,930	  	 	 	1,379,349	  	 	 	(896,614	) 
	 Gross Revenue
	 	 	2,873,641	  	 	 	2,947,048	  	 	 	3,209,039	  	 	 	2,342,112	  	 	 	35,184,167	  	 	 	30,825,180	  	 	 	39,907,025	  	 	 	4,358,987	  	 	 	(4,722,858	) 
	 Commissions
	 	 	961,519	  	 	 	1,075,664	  	 	 	1,240,460	  	 	 	632,298	  	 	 	12,493,196	  	 	 	11,375,764	  	 	 	14,727,340	  	 	 	1,117,431	  	 	 	(2,234,144	) 
	 Net Revenue
	 	 	1,692,322	  	 	 	1,871,664	  	 	 	1,968,579	  	 	 	1,709,814	  	 	 	22,690,971	  	 	 	19,449,415	  	 	 	25,179,685	  	 	 	3,241,555	  	 	 	(2,488,714	) 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	 	 	338,503	  	 	 	304,599	  	 	 	316,545	  	 	 	355,726	  	 	 	3,924,385	  	 	 	3,792,384	  	 	 	3,792,384	  	 	 	132,001	  	 	 	132,001	  
	*CONFIDENTIAL	 	 	12,117	  	 	 	12,845	  	 	 	16,180	  	 	 	22,773	  	 	 	286,705	  	 	 	75,848	  	 	 	75,848	  	 	 	210,857	  	 	 	210,857	  
	*CONFIDENTIAL	 	 	20,955	  	 	 	26,708	  	 	 	16,590	  	 	 	23,544	  	 	 	280,363	  	 	 	—  	  	 	 	—  	  	 	 	280,363	  	 	 	280,363	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	124,333	  	 	 	139,896	  	 	 	143,838	  	 	 	123,847	  	 	 	1,597,934	  	 	 	1,246,523	  	 	 	1,613,778	  	 	 	351,411	  	 	 	(15,844	) 
	*CONFIDENTIAL	 	 	115,510	  	 	 	108,196	  	 	 	88,169	  	 	 	19,430	  	 	 	12,265,709	  	 	 	1,263,800	  	 	 	1,263,800	  	 	 	1,909	  	 	 	1,909	  
	*CONFIDENTIAL	 	 	72,607	  	 	 	62,617	  	 	 	78,514	  	 	 	15,782	  	 	 	1,031,744	  	 	 	1,144,091	  	 	 	1,144,091	  	 	 	(112,347	) 	 	 	(112,347	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	(2,489	) 	 	 	—  	  	 	 	891	  	 	 	(452	) 	 	 	—  	  	 	 	—  	  	 	 	(452	) 	 	 	(452	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	1,438	  	 	 	—  	  	 	 	—  	  	 	 	3,212	  	 	 	—  	  	 	 	—  	  	 	 	3,212	  	 	 	3,212	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	684,025	  	 	 	853,809	  	 	 	859,836	  	 	 	561,992	  	 	 	8,389,599	  	 	 	7,522,643	  	 	 	7,889,900	  	 	 	866,954	  	 	 	499,698	  
	*CONFIDENTIAL	 	 	48,135	  	 	 	46,946	  	 	 	49,334	  	 	 	50,389	  	 	 	579,273	  	 	 	636,000	  	 	 	636,000	  	 	 	(56,727	) 	 	 	(56,727	) 
	*CONFIDENTIAL	 	 	5,487	  	 	 	4,549	  	 	 	3,950	  	 	 	4,678	  	 	 	66,787	  	 	 	66,982	  	 	 	66,982	  	 	 	(195	) 	 	 	(195	) 
	*CONFIDENTIAL	 	 	961	  	 	 	154	  	 	 	—  	  	 	 	—  	  	 	 	2,033	  	 	 	3,600	  	 	 	3,600	  	 	 	(1,567	) 	 	 	(1,567	) 
	*CONFIDENTIAL	 	 	54,583	  	 	 	51,649	  	 	 	53,284	  	 	 	35,368	  	 	 	648,093	  	 	 	706,582	  	 	 	706,582	  	 	 	(58,490	) 	 	 	(58,490	) 
	*CONFIDENTIAL	 	 	394	  	 	 	1,351	  	 	 	11,917	  	 	 	1,490	  	 	 	26,749	  	 	 	30,000	  	 	 	30,000	  	 	 	(3,251	) 	 	 	(3,251	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	89,600	  	 	 	89,600	  	 	 	(89,600	) 	 	 	(89,600	) 
	*CONFIDENTIAL	 	 	394	  	 	 	1,351	  	 	 	11,917	  	 	 	1,490	  	 	 	26,749	  	 	 	119,600	  	 	 	119,600	  	 	 	(92,851	) 	 	 	92,851	  
	*CONFIDENTIAL	 	 	22,448	  	 	 	26,629	  	 	 	48,506	  	 	 	40,120	  	 	 	386,969	  	 	 	367,240	  	 	 	475,438	  	 	 	(271	) 	 	 	108,469	  
	*CONFIDENTIAL	 	 	5,981	  	 	 	8,652	  	 	 	9,108	  	 	 	28,308	  	 	 	107,836	  	 	 	70,000	  	 	 	70,000	  	 	 	37,836	  	 	 	37,836	  
	*CONFIDENTIAL	 	 	26,429	  	 	 	35,280	  	 	 	57,614	  	 	 	68,517	  	 	 	474,805	  	 	 	437,240	  	 	 	545,438	  	 	 	37,585	  	 	 	70,633	  
	*CONFIDENTIAL	 	 	10,025	  	 	 	14,895	  	 	 	18,052	  	 	 	17,657	  	 	 	171,300	  	 	 	143,102	  	 	 	185,263	  	 	 	28,198	  	 	 	(13,963	) 
	*CONFIDENTIAL	 	 	2,924	  	 	 	10,903	  	 	 	17,982	  	 	 	22,725	  	 	 	171,097	  	 	 	113,434	  	 	 	146,856	  	 	 	37,663	  	 	 	24,243	  
	*CONFIDENTIAL	 	 	3,011	  	 	 	2,038	  	 	 	5,556	  	 	 	4,972	  	 	 	50,325	  	 	 	53,185	  	 	 	68,855	  	 	 	(2,860	) 	 	 	(18,530	) 
	*CONFIDENTIAL	 	 	15,961	  	 	 	27,838	  	 	 	41,590	  	 	 	45,354	  	 	 	392,722	  	 	 	309,721	  	 	 	400,972	  	 	 	63,001	  	 	 	(8,250	) 
	*CONFIDENTIAL	 	 	5,239	  	 	 	17,046	  	 	 	22,473	  	 	 	26,219	  	 	 	265,127	  	 	 	169,114	  	 	 	218,939	  	 	 	96,023	  	 	 	46,198	  
	*CONFIDENTIAL	 	 	5,239	  	 	 	17,046	  	 	 	22,473	  	 	 	26,219	  	 	 	265,127	  	 	 	169,114	  	 	 	218,939	  	 	 	96,023	  	 	 	46,198	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	(13,550	) 	 	 	(14,600	) 	 	 	(12,300	) 	 	 	(14,538	) 	 	 	(136,463	) 	 	 	30,000	  	 	 	30,000	  	 	 	(166,463	) 	 	 	(166,463	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	5,000	  	 	 	(175	) 	 	 	965	  	 	 	2,627	  	 	 	—  	  	 	 	—  	  	 	 	2,627	  	 	 	2,627	  
	*CONFIDENTIAL	 	 	5,208	  	 	 	4,850	  	 	 	9,263	  	 	 	5,846	  	 	 	71,325	  	 	 	72,000	  	 	 	72,000	  	 	 	(675	) 	 	 	(675	) 
	*CONFIDENTIAL	 	 	16,958	  	 	 	16,728	  	 	 	16,504	  	 	 	16,965	  	 	 	219,173	  	 	 	93,600	  	 	 	93,600	  	 	 	125,573	  	 	 	125,573	  
	*CONFIDENTIAL	 	 	8,676	  	 	 	11,787	  	 	 	13,311	  	 	 	9,236	  	 	 	156,683	  	 	 	195,600	  	 	 	195,600	  	 	 	(38,937	) 	 	 	(38,937	) 
	*CONFIDENTIAL	 	 	0	  	 	 	259	  	 	 	40	  	 	 	107	  	 	 	703	  	 	 	—  	  	 	 	—  	  	 	 	703	  	 	 	703	  
	*CONFIDENTIAL	 	 	5,600	  	 	 	—  	  	 	 	147	  	 	 	226	  	 	 	11,966	  	 	 	16,500	  	 	 	16,500	  	 	 	(4,534	) 	 	 	(4,534	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	1	  
	*CONFIDENTIAL	 	 	200	  	 	 	20	  	 	 	308	  	 	 	193	  	 	 	2,154	  	 	 	20,970	  	 	 	27,148	  	 	 	(16,616	) 	 	 	(24,995	) 
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	 	 	5,800	  	 	 	280	  	 	 	495	  	 	 	526	  	 	 	14,823	  	 	 	37,470	  	 	 	43,648	  	 	 	(22,647	) 	 	 	(28,825	) 
	*CONFIDENTIAL	 	 	494	  	 	 	820	  	 	 	—  	  	 	 	760	  	 	 	6,018	  	 	 	—  	  	 				 	 	6,018	  	 	 	6,018	  
	*CONFIDENTIAL	 	 	494	  	 	 	820	  	 	 	—  	  	 	 	760	  	 	 	6,018	  	 	 	25,000	  	 	 	—  	  	 	 	(18,982	) 	 	 	6,018	  
	 Total Expenses
	 	 	803,541	  	 	 	799,861	  	 	 	860,521	  	 	 	769,366	  	 	 	10,374,606	  	 	 	9,522,972	  	 	 	10,120,680	  	 	 	851,636	  	 	 	253,928	  
	 Other Corporate Allocations
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Total Controllable Expenses
	 	 	803,541	  	 	 	799,861	  	 	 	860,521	  	 	 	769,364	  	 	 	10,374,608	  	 	 	9,522,972	  	 	 	10,120,680	  	 	 	851,638	  	 	 	253,828	  
	 EBITDA before Executive Expenses
	 	 	1,088,781	  	 	 	1,071,524	  	 	 	1,108,058	  	 	 	940,448	  	 	 	12,316,363	  	 	 	9,926,443	  	 	 	15,0595,005	  	 	 	2,389,920	  	 	 	(2,742,642	) 
	 EBITDA before Executive Expenses - BPS
	 	 	66.31	  	 	 	61.28	  	 	 	55.05	  	 	 	55.02	  	 	 	57.24	  	 	 	50.72	  	 	 	69.99	  	 				 			
	 The Budget is equal to the 0&12 Forecast for the following pages.
	   


  
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 189 








 Confidential Treatment 
  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	85	  	 	 	175	  	 	 	80	  	 	 	85	  	 	 	(90	) 	 	 	—  	  
	 Total Application Dollars
	  	$	14,106	  	 	$	34,125	  	 	$	15,000	  	 	$	14,106	  	 	$	20,019	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	79	  	 	 	159	  	 	 	64	  	 	 	79	  	 	 	(80	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	14, 397	  	 	$	31,000	  	 	$	12,000	  	 	$	14,397	  	 	$	(16,603	) 	 	$	—  	  
	 Average Loan Amount
	  	 	182,242	  	 	 	195,000	  	 	 	187,500	  	 	 	182,242	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	70	  	 	 	127	  	 	 	47	  	 	 	70	  	 	 	(57	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	12,545	  	 	$	24,800	  	 	$	75,520	  	 	$	12,545	  	 	$	(12,255	) 	 	$	—  	  
	 Average Loan Amount
	  	 	179,210	  	 	 	195,000	  	 	 	160,000	  	 	 	179,210	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closing — Units
	  	 	9	  	 	 	32	  	 	 	17	  	 	 	9	  	 	 	(23	) 	 	 	—  	  
	 Refi Closing — Dollars
	  	$	1,852	  	 	$	6,200	  	 	$	4,480	  	 	$	1,852	  	 	$	(4,348	) 	 	$	—  	  
	 Average Loan Amount
	  	 	205,828	  	 	 	195,000	  	 	 	263,529	  	 	 	205,828	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	1,985	  	 				 	$	960	  	 				 				 			
	 *CONFIDENTIAL
	  	 	12.9	% 	 	 	20.0	% 	 	 	37.3	% 	 	 	12.9	% 	 				 			
	 *CONFIDENTIAL
	  	 	6.4	% 	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	13.8	% 	 				 	 	8.0	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	1.39	% 	 	 	1.30	% 	 	 	1.30	% 	 	 	1.30	% 	 				 			
	 *CONFIDENTIAL
	  	 	22	  	 	 	168	  	 	 	128	  	 	 	157	  	 				 			
	 *CONFIDENTIAL
	  	 	29.46	% 	 	 	52.50	% 	 	 	52.50	% 	 	 	52.50	% 	 				 			
	 *CONFIDENTIAL
	  	 	-0.28	% 	 	 	0.55	% 	 	 	0.64	% 	 	 	0.55	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.37	% 	 	 	2.11	% 	 	 	2.26	% 	 	 	2.11	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.96	% 	 	 	1.43	% 	 	 	1.57	% 	 	 	1.43	% 	 				 			
	 *CONFIDENTIAL
	  	$	2,498	  	 	 	4,117	  	 	$	4,230	  	 	$	3,847	  	 				 			
	 *CONFIDENTIAL
	  	$	1,870	  	 	$	818	  	 	$	3,977	  	 	$	1,433	  	 				 			
	 *CONFIDENTIAL
	  	 	1.03	% 	 	 	0.42	% 	 	 	2.12	% 	 	 	0.79	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	26	  	 	 	29	  	 	 	26	  	 	 	29	  	 	 	(3	) 	 	 	(3	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	200,410	  	 	 	403,000	  	 	 	156,000	  	 	 	187,163	  	 	 	(202,590	) 	 	 	13,247	  
	 *CONFIDENTIAL
	  	 	24,341	  	 	 	31,795	  	 	 	19,200	  	 	 	14,766	  	 	 	(7,454	) 	 	 	9,574	  
	 *CONFIDENTIAL
	  	 	1,712	  	 	 	26,692	  	 	 	8,160	  	 	 	12,396	  	 	 	(24,980	) 	 	 	(10,685	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	7,999	  	 	 	23,210	  	 	 	10,880	  	 	 	10,779	  	 	 	(15,211	) 	 	 	(2,780	) 
	 *CONFIDENTIAL
	  	 	(37,156	) 	 	 	169,725	  	 	 	76,500	  	 	 	78,824	  	 	 	(206,881	) 	 	 	(115,980	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	197,306	  	 	 	654,422	  	 	 	270,740	  	 	 	303,929	  	 	 	(457,116	) 	 	 	(106,624	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	59,046	  	 	 	211,575	  	 	 	81,900	  	 	 	98,261	  	 	 	(152,529	) 	 	 	(39,215	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	138,260	  	 	 	442,847	  	 	 	188,840	  	 	 	205,669	  	 	 	(304,587	) 	 	 	(57,409	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  	 	45,426	  	 	 	43,354	  	 	 	47,861	  	 	 	43,354	  	 	 	2,072	  	 	 	2,072	  
	 *CONFIDENTIAL
	  	 	1,638	  	 	 	2,000	  	 	 	2,000	  	 	 	2,000	  	 	 	(362	) 	 	 	(362	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	6,894	  	 	 	23,429	  	 	 	9,180	  	 	 	10,881	  	 	 	(15,535	) 	 	 	(3,987	) 
	 *CONFIDENTIAL
	  	 	12,739	  	 	 	14,000	  	 	 	21,069	  	 	 	14,000	  	 	 	(1,261	) 	 	 	(1,261	) 
	 *CONFIDENTIAL
	  	 	11,651	  	 	 	22,269	  	 	 	12,505	  	 	 	22,269	  	 	 	(10,618	) 	 	 	(10,618	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	244	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	244	  	 	 	244	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	78,591	  	 	 	105,052	  	 	 	92,614	  	 	 	92,504	  	 	 	(26,461	) 	 	 	(13,913	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,665	  	 	 	14,500	  	 	 	12,500	  	 	 	14,500	  	 	 	(835	) 	 	 	(835	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,665	  	 	 	14,500	  	 	 	12,500	  	 	 	14,500	  	 	 	(835	) 	 	 	(835	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	350	  	 	 	250	  	 	 	250	  	 	 	250	  	 	 	100	  	 	 	100	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	2,175	  	 	 	3,482	  	 	 	2,175	  	 	 	(2,175	) 	 	 	(2,175	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	350	  	 	 	2,425	  	 	 	3,732	  	 	 	2,425	  	 	 	(2,075	) 	 	 	(2,075	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,969	  	 	 	—  	  	 	 	2,000	  	 	 	—  	  	 	 	5,969	  	 	 	5,969	  
	 *CONFIDENTIAL
	  	 	5,981	  	 	 	—  	  	 	 	6,000	  	 	 	—  	  	 	 	5,981	  	 	 	5,981	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,951	  	 				 	 	8,000	  	 				 	 	11,951	  	 	 	11,951	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,994	  	 	 	7,949	  	 	 	3,200	  	 	 	3,692	  	 	 	(5,955	) 	 	 	(1,698	) 
	 *CONFIDENTIAL
	  	 	1,237	  	 	 	—  	  	 	 	1,216	  	 	 	—  	  	 	 	1,237	  	 	 	1,237	  
	 *CONFIDENTIAL
	  	 	683	  	 	 	—  	  	 	 	320	  	 	 	—  	  	 	 	683	  	 	 	683	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,914	  	 	 	7,949	  	 	 	4,736	  	 	 	3,692	  	 	 	(4,034	) 	 	 	223	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	12,020	  	 	 	—  	  	 	 	1,920	  	 	 	—  	  	 	 	12,020	  	 	 	12,020	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	12,020	  	 	 	—  	  	 	 	1,920	  	 	 	—  	  	 	 	12,020	  	 	 	12,020	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,718	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  	 	 	1,718	  
	 *CONFIDENTIAL
	  	 	19,850	  	 	 	—  	  	 	 	15,800	  	 	 	—  	  	 	 	19,850	  	 	 	19,850	  
	 *CONFIDENTIAL
	  	 	3,562	  	 	 	—  	  	 	 	4,061	  	 	 	—  	  	 	 	3,562	  	 	 	3,582	  
	 *CONFIDENTIAL
	  	 	658	  	 	 	100	  	 	 	750	  	 	 	100	  	 	 	558	  	 	 	558	  
	 *CONFIDENTIAL
	  	 	1,432	  	 	 	—  	  	 	 	12,000	  	 	 	—  	  	 	 	1,432	  	 	 	1,432	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,221	  	 	 	100	  	 	 	32,411	  	 	 	100	  	 	 	27,121	  	 	 	27,121	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	98,539	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	9	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9	  	 	 	9	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	9	  	 	 	—  	  	 	 	98,539	  	 	 	—  	  	 	 	9	  	 	 	9	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	100	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	100	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	147,721	  	 	 	130,026	  	 	 	254,552	  	 	 	113,321	  	 	 	17,695	  	 	 	34,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	147,721	  	 	 	130,026	  	 	 	254,552	  	 	 	113,321	  	 	 	17,695	  	 	 	34,500	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	(9,460	) 	 	 	312,821	  	 	 	(65,712	) 	 	 	92,448	  	 	 	(332,282	) 	 	 	(101,909	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	(6.57	) 	 	 	217.28	  	 	 	(45.64	) 	 	 	64.21	  	 				 			

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 190 








 Confidential Treatment 
  

	*	YTD total only includes actual expenses. 

  

																																					
	*CONFIDENTIAL YTD PROFIT & LOSS REVIEW
	 	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	59	  	 	 	75	  	 	 	103	  	 	 	90	  	 	 	90	  	 	 	118	  	 	 	112	  	 	 	121	  	 	 	98	  
	 Total Application Dollars
	 	$	10,016	  	 	$	12,296	  	 	$	17,246	  	 	$	13,288	  	 	$	14,464	  	 	$	19,328	  	 	$	181,168	  	 	$	19,436	  	 	$	14,706	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	32	  	 	 	43	  	 	 	77	  	 	 	92	  	 	 	83	  	 	 	93	  	 	 	87	  	 	 	93	  	 	 	72	  
	 Total Closing Dollars
	 	$	5,432	  	 	$	6,746	  	 	$	11,770	  	 	$	16,449	  	 	$	13,151	  	 	$	13,923	  	 	$	14,462	  	 	$	15,023	  	 	$	10,774	  
	 Average Loan Amount
	 	 	169,761	  	 	 	156,880	  	 	 	162,854	  	 	 	178,799	  	 	 	158,443	  	 	 	149,709	  	 	 	166,235	  	 	 	161,534	  	 	 	149,634	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	22	  	 	 	38	  	 	 	71	  	 	 	81	  	 	 	73	  	 	 	83	  	 	 	75	  	 	 	88	  	 	 	68	  
	 Purchase Closing Dollars
	 	$	3,686	  	 	$	5,493	  	 	$	10,934	  	 	$	14,356	  	 	$	10,471	  	 	$	12,351	  	 	$	11,601	  	 	$	14,077	  	 	$	10,153	  
	 Average Loan Amount
	 	 	167,533	  	 	 	144,562	  	 	 	153,996	  	 	 	177,233	  	 	 	143,439	  	 	 	148,805	  	 	 	157,347	  	 	 	159,965	  	 	 	149,310	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	 	 	10	  	 	 	5	  	 	 	6	  	 	 	11	  	 	 	10	  	 	 	10	  	 	 	12	  	 	 	5	  	 	 	4	  
	 Refe Closings - Dollars
	 	$	1,747	  	 	$	1,253	  	 	$	836	  	 	$	2,094	  	 	$	2,680	  	 	$	1,572	  	 	$	2,861	  	 	$	946	  	 	$	621	  
	 Average Loan Amount
	 	 	174,685	  	 	 	250,500	  	 	 	139,340	  	 	 	190,327	  	 	 	267,970	  	 	 	157,215	  	 	 	221,783	  	 	 	189,150	  	 	 	155,150	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	2,468	  	 	$	1,916	  	 	$	1,960	  	 	$	644	  	 	$	151	  	 	$	732	  
	 *CONFIDENTIAL
	 	 	32.2	% 	 	 	16.6	% 	 	 	7.1	% 	 	 	12.7	% 	 	 	20.4	% 	 	 	11.3	% 	 	 	1X.4	% 	 	 	6.3	% 	 	 	5.8	% 
	 *CONFIDENTIAL
	 	 	3.3	% 	 	 	5.2	% 	 	 	5.8	% 	 	 	5.9	% 	 	 	6.0	% 	 	 	5.5	% 	 	 	5.4	% 	 	 	5.5	% 	 	 	4.2	% 
	 *CONFIDENTIAL
	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	15.0	% 	 	 	14.6	% 	 	 	14.1	% 	 	 	4.5	% 	 	 	1.0	% 	 	 	6.8	% 
	 *CONFIDENTIAL
	 	 	1.36	% 	 	 	1.52	% 	 	 	1.60	% 	 	 	1.29	% 	 	 	1.1X	% 	 	 	1.21	% 	 	 	1.36	% 	 	 	1.51	% 	 	 	1.40	% 
	 *CONFIDENTIAL
	 	 	96	  	 	 	128	  	 	 	106	  	 	 	48	  	 	 	119	  	 	 	30	  	 	 	(136	) 	 	 	63	  	 	 	(27	) 
	 *CONFIDENTIAL
	 	 	65.10	% 	 	 	34.91	% 	 	 	46.72	% 	 	 	49.03	% 	 	 	48.32	% 	 	 	45.57	% 	 	 	52.91	% 	 	 	42.79	% 	 	 	46.72	% 
	 *CONFIDENTIAL
	 	 	0.54	% 	 	 	0.78	% 	 	 	0.68	% 	 	 	0.72	% 	 	 	0.80	% 	 	 	0.99	% 	 	 	0.57	% 	 	 	0.64	% 	 	 	1.01	% 
	 *CONFIDENTIAL
	 	 	2.07	% 	 	 	2.48	% 	 	 	2.52	% 	 	 	2.45	% 	 	 	2.37	% 	 	 	2.53	% 	 	 	2.22	% 	 	 	2.49	% 	 	 	2.75	% 
	 *CONFIDENTIAL
	 	 	1.19	% 	 	 	1.95	% 	 	 	1.78	% 	 	 	1.82	% 	 	 	1.80	% 	 	 	1.98	% 	 	 	1.50	% 	 	 	1.84	% 	 	 	2.10	% 
	 *CONFIDENTIAL
	 	$	3,516	  	 	$	3,896	  	 	$	3,855	  	 	$	4,384	  	 	$	3,755	  	 	$	3,791	  	 	$	3,692	  	 	$	4,016	  	 	$	4,120	  
	 *CONFIDENTIAL
	 	$	4,330	  	 	$	2,246	  	 	$	1,847	  	 	$	1,684	  	 	$	972	  	 	$	1,796	  	 	$	1,778	  	 	$	1,549	  	 	$	1,570	  
	 *CONFIDENTIAL
	 	 	2.55	% 	 	 	1.43	% 	 	 	1.21	% 	 	 	0.94	% 	 	 	0.61	% 	 	 	1.20	% 	 	 	1.07	% 	 	 	0.96	% 	 	 	1.25	% 
	 Loans over 60 days
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 Summary Headcount
	 	 	21	  	 	 	21	  	 	 	22	  	 	 	21	  	 	 	22	  	 	 	24	  	 	 	24	  	 	 	22	  	 	 	24	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 YTD PROFIT & LOSS REVIEW
	 	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue
	 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	73,851	  	 	 	102,505	  	 	 	188,013	  	 	 	212,756	  	 	 	155,398	  	 	 	169,101	  	 	 	197,134	  	 	 	226,438	  	 	 	150,585	  
	 *CONFIDENTIAL
	 	 	11,230	  	 	 	14,595	  	 	 	27,339	  	 	 	30,050	  	 	 	29,715	  	 	 	32,023	  	 	 	26,913	  	 	 	30,575	  	 	 	24,254	  
	 *CONFIDENTIAL
	 	 	3,069	  	 	 	5,499	  	 	 	8,124	  	 	 	4,235	  	 	 	9,906	  	 	 	2,779	  	 	 	(11,856	) 	 	 	7,70X	  	 	 	(1,940	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	(633	) 	 	 	(1,892	) 	 	 	(1,663	) 	 	 	(1,848	) 	 	 	(1,740	) 	 	 	(2,381	) 	 	 	(1,329	) 	 	 	(2,004	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	16,472	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	(4,832	) 	 	 	(6,630	) 	 	 	(5,278	) 	 	 	40,225	  	 	 	13,730	  	 	 	12,054	  	 	 	12,656	  	 	 	14,085	  	 	 	17,080	  
	 *CONFIDENTIAL
	 	 	29,270	  	 	 	52,295	  	 	 	80,159	  	 	 	117,707	  	 	 	104,727	  	 	 	138,310	  	 	 	82,263	  	 	 	96,054	  	 	 	10X,720	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	112,588	  	 	 	187,631	  	 	 	296,825	  	 	 	403,310	  	 	 	311,62X	  	 	 	352,527	  	 	 	321,202	  	 	 	373,530	  	 	 	296,676	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	48,079	  	 	 	35,786	  	 	 	87,840	  	 	 	104,315	  	 	 	75,095	  	 	 	77,062	  	 	 	104,304	  	 	 	96,891	  	 	 	70,344	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	64,509	  	 	 	131,845	  	 	 	208,X85	  	 	 	29X,99X	  	 	 	236,533	  	 	 	275,465	  	 	 	216,898	  	 	 	278,640	  	 	 	226,332	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	49,393	  	 	 	12,262	  	 	 	32,840	  	 	 	26,629	  	 	 	43,241	  	 	 	48,021	  	 	 	40,441	  	 	 	37,002	  	 	 	39,468	  
	 *CONFIDENTIAL
	 	 	931	  	 	 	6,522	  	 	 	5,189	  	 	 	2,271	  	 	 	4,467	  	 	 	1,902	  	 	 	6,804	  	 	 	7,235	  	 	 	5,241	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7,640	  	 	 	(325	) 	 	 	—  	  	 	 	1,080	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	7,402	  	 	 	2,792	  	 	 	9,707	  	 	 	11,966	  	 	 	11,015	  	 	 	12,267	  	 	 	11,814	  	 	 	9,403	  	 	 	8,691	  
	 *CONFIDENTIAL
	 	 	17,269	  	 	 	16,364	  	 	 	19,034	  	 	 	10,938	  	 	 	X,866	  	 	 	13,593	  	 	 	14,683	  	 	 	13,122	  	 	 	11,944	  
	 *CONFIDENTIAL
	 	 	10,636	  	 	 	5,61X	  	 	 	13,903	  	 	 	13,779	  	 	 	13,860	  	 	 	12,960	  	 	 	14,326	  	 	 	12,915	  	 	 	10,072	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	163	  	 	 	208	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	1,189	  	 	 	7,500	  	 	 	469	  	 	 	844	  	 	 	—  	  	 	 	560	  	 	 	111	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	85,631	  	 	 	43,720	  	 	 	82,070	  	 	 	80,724	  	 	 	81,593	  	 	 	89,64X	  	 	 	89,149	  	 	 	80,236	  	 	 	75,527	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	20,635	  	 	 	20,665	  	 	 	12,665	  	 	 	12,665	  	 	 	13,165	  	 	 	12,165	  	 	 	13,665	  	 	 	13,165	  	 	 	12,665	  
	 *CONFIDENTIAL
	 	 	1,736	  	 	 	2,700	  	 	 	5,024	  	 	 	5,838	  	 	 	4,671	  	 	 	6,401	  	 	 	4,801	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL 
	 	 	22,371	  	 	 	23,365	  	 	 	17,689	  	 	 	18,603	  	 	 	17,836	  	 	 	18,588	  	 	 	18,466	  	 	 	13,165	  	 	 	12,665	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	930	  	 	 	38	  	 	 	1,607	  	 	 	(175	) 	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,475	  	 	 	151	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	930	  	 	 	38	  	 	 	4,082	  	 	 	(26	) 	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	1,000	  	 	 	172	  	 	 	1,444	  	 	 	905	  	 	 	1,037	  	 	 	2,930	  	 	 	3,593	  	 	 	2,513	  	 	 	1,831	  
	 *CONFIDENTIAL
	 	 	6,152	  	 	 	6,245	  	 	 	4,636	  	 	 	6,524	  	 	 	4,203	  	 	 	8,489	  	 	 	6,394	  	 	 	6,716	  	 	 	3,817	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	7,152	  	 	 	6,417	  	 	 	6,080	  	 	 	7,429	  	 	 	5,241	  	 	 	11,419	  	 	 	9,986	  	 	 	9,229	  	 	 	5,546	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2,028	  	 	 	1,835	  	 	 	2,572	  	 	 	3,725	  	 	 	2,687	  	 	 	2,637	  	 	 	3,086	  	 	 	3,320	  	 	 	3,368	  
	 *CONFIDENTIAL
	 	 	460	  	 	 	504	  	 	 	1,114	  	 	 	1,725	  	 	 	2,744	  	 	 	1,479	  	 	 	1,419	  	 	 	1,693	  	 	 	1,158	  
	 *CONFIDENTIAL
	 	 	498	  	 	 	543	  	 	 	200	  	 	 	708	  	 	 	37	  	 	 	(434	) 	 	 	719	  	 	 	282	  	 	 	420	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2,965	  	 	 	2,582	  	 	 	3,886	  	 	 	6,158	  	 	 	5,X67	  	 	 	3,882	  	 	 	5,224	  	 	 	5,296	  	 	 	4,944	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	6,144	  	 	 	3,475	  	 	 	3,648	  	 	 	8,744	  	 	 	4,188	  	 	 	5,905	  	 	 	3,803	  	 	 	3,676	  	 	 	5,852	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	6,144	  	 	 	3,475	  	 	 	3,648	  	 	 	8,744	  	 	 	4,188	  	 	 	5,905	  	 	 	3,803	  	 	 	3,676	  	 	 	5,852	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	876	  	 	 	876	  	 	 	1,142	  	 	 	1,090	  	 	 	1,544	  	 	 	1,886	  	 	 	1,X89	  	 	 	1,910	  	 	 	3,012	  
	 *CONFIDENTIAL
	 	 	12,240	  	 	 	14,900	  	 	 	24,900	  	 	 	31,150	  	 	 	(38,350	) 	 	 	33,124	  	 	 	19,971	  	 	 	22,800	  	 	 	18,743	  
	 *CONFIDENTIAL
	 	 	210	  	 	 	21	  	 	 	165	  	 	 	27	  	 	 	275	  	 	 	(230	) 	 	 	(20	) 	 	 	6,734	  	 	 	5,994	  
	 *CONFIDENTIAL
	 	 	250	  	 	 	—  	  	 	 	514	  	 	 	250	  	 	 	—  	  	 	 	925	  	 	 	750	  	 	 	—  	  	 	 	400	  
	 *CONFIDENTIAL
	 	 	579	  	 	 	958	  	 	 	736	  	 	 	1,241	  	 	 	804	  	 	 	1,722	  	 	 	1,097	  	 	 	1,039	  	 	 	1,641	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	14,155	  	 	 	16,756	  	 	 	27,458	  	 	 	33,758	  	 	 	35,728	  	 	 	37,429	  	 	 	23,687	  	 	 	32,283	  	 	 	29,7XX	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	63	  	 	 	23	  	 	 	100	  	 	 	(100	) 	 	 	—  	  	 	 	4	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	75	  	 	 	(40	) 	 	 	1,266	  	 	 	(274	) 	 	 	612	  	 	 	(115	) 	 	 	115	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	300	  	 	 	161	  	 	 	152	  	 	 	174	  	 	 	195	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	138	  	 	 	(17	) 	 	 	1,366	  	 	 	(374	) 	 	 	912	  	 	 	50	  	 	 	267	  	 	 	174	  	 	 	195	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	75	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	75	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	138,576	  	 	 	96,596	  	 	 	142,198	  	 	 	154,941	  	 	 	80,640	  	 	 	167,010	  	 	 	154,664	  	 	 	144,036	  	 	 	134,620	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	138,576	  	 	 	96,596	  	 	 	142,198	  	 	 	154,941	  	 	 	80,640	  	 	 	167,010	  	 	 	154,664	  	 	 	144,036	  	 	 	134,620	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	(74,067	) 	 	 	35,249	  	 	 	66,787	  	 	 	144,054	  	 	 	155,894	  	 	 	108,455	  	 	 	62,235	  	 	 	132,604	  	 	 	91,712	  
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	 	 	(136.34	) 	 	 	52.25	  	 	 	56.74	  	 	 	87.57	  	 	 	118.54	  	 	 	77.90	  	 	 	43.03	  	 	 	88.27	  	 	 	85.13	  

  

																																	
	 YTD PROFIT & LOSS REVIEW
	 	 Oct-04
	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	 				 				 				 				 				 				 				 			
	 Total Application Units
	 	 	75	  	 	 	94	  	 	 	85	  	 	 	1,120	  	 	 	1,861	  	 	 	1,120	  	 	 	(741	) 	 	 	—  	  
	 Total Application Dollars
	 	$	13,139	  	 	$	15,092	  	 	$	14,106	  	 	$	181,285	  	 	$	362,875	  	 	$	181,285	  	 	$	(181,590	) 	 	$	—  	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	 	 	70	  	 	 	62	  	 	 	79	  	 	 	883	  	 	 	1,390	  	 	 	863	  	 	 	(507	) 	 	 	—  	  
	 Total Closing Dollars
	 	$	10,785	  	 	$	11,690	  	 	$	14,397	  	 	$	144,602	  	 	$	271,000	  	 	$	144,602	  	 	$	(126,398	) 	 	$	—  	  
	 Average Loan Amount
	 	 	154,072	  	 	 	188,548	  	 	 	182,242	  	 	 	163,762	  	 	 	195,000	  	 	 	163,762	  	 	 	(31,238	) 	 			
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	 	 	64	  	 	 	59	  	 	 	70	  	 	 	792	  	 	 	1,112	  	 	 	792	  	 	 	(320	) 	 	 	—  	  
	 Purchase Closing Dollars
	 	$	9,549	  	 	$	10,985	  	 	$	12,545	  	 	$	126,401	  	 	$	216,800	  	 	$	126,401	  	 	$	(90,399	) 	 	$	—  	  
	 Average Loan Amount
	 	 	149,211	  	 	 	186,194	  	 	 	179,210	  	 	 	159,598	  	 	 	195,000	  	 	 	159,598	  	 				 			
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	 	 	6	  	 	 	3	  	 	 	9	  	 	 	91	  	 	 	278	  	 	 	91	  	 	 	(187	) 	 	 	—  	  
	 Refe Closings - Dollars
	 	$	1,238	  	 	$	705	  	 	$	1,852	  	 	$	18,201	  	 	$	54,200	  	 	$	18,201	  	 	$	(35,999	) 	 	$	—  	  
	 Average Loan Amount
	 	 	205,931	  	 	 	234,833	  	 	 	205,828	  	 	 	200,010	  	 	 	195,000	  	 	 	200,010	  	 				 			
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	$	1,423	  	 	$	976	  	 	$	1,985	  	 	$	12,255	  	 				 				 				 			
	 *CONFIDENTIAL
	 	 	11.5	% 	 	 	6.0	% 	 	 	12.9	% 	 	 	12.6	% 	 	 	20.0	% 	 	 	12.6	% 	 				 			
	 *CONFIDENTIAL
	 	 	5.3	% 	 	 	5.4	% 	 	 	6.4	% 	 	 	5.4	% 	 				 				 				 			
	 *CONFIDENTIAL
	 	 	13.2	% 	 	 	8.3	% 	 	 	13.8	% 	 	 	8.5	% 	 				 				 				 			
	 *CONFIDENTIAL
	 	 	1.29	% 	 	 	1.49	% 	 	 	1.39	% 	 	 	1.38	% 	 	 	1.29	% 	 	 	1.29	% 	 				 			
	 *CONFIDENTIAL
	 	 	5	  	 	 	(6	) 	 	 	22	  	 	 	33	  	 	 	167	  	 	 	140	  	 				 			
	 *CONFIDENTIAL
	 	 	47.78	% 	 	 	49.00	% 	 	 	29.46	% 	 	 	45.77	% 	 	 	52.50	% 	 	 	52.50	% 	 				 			
	 *CONFIDENTIAL
	 	 	1.01	% 	 	 	0.81	% 	 	 	-0.26	% 	 	 	0.67	% 	 	 	0.54	% 	 	 	0.54	% 	 				 			
	 *CONFIDENTIAL
	 	 	2.59	% 	 	 	2.54	% 	 	 	1.37	% 	 	 	2.36	% 	 	 	2.10	% 	 	 	2.10	% 	 				 			
	 *CONFIDENTIAL
	 	 	1.98	% 	 	 	1.81	% 	 	 	0.96	% 	 	 	1.73	% 	 	 	1.42	% 	 	 	1.42	% 	 				 			
	 *CONFIDENTIAL
	 	$	3,993	  	 	$	4,782	  	 	$	2,498	  	 	$	3,861	  	 	$	4,099	  	 	$	3,442	  	 				 			
	 *CONFIDENTIAL
	 	$	1,954	  	 	$	2,395	  	 	$	1,870	  	 	$	1,884	  	 	$	865	  	 	$	1,216	  	 				 			
	 *CONFIDENTIAL
	 	 	1.27	% 	 	 	1.27	% 	 	 	1.03	% 	 	 	1.14	% 	 	 	0.44	% 	 	 	0.74	% 	 				 			
	 *CONFIDENTIAL
	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	—  	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 *CONFIDENTIAL
	 	 	24	  	 	 	26	  	 	 	26	  	 	 	26	  	 	 	29	  	 	 	29	  	 	 	—  	  	 	 	(3	) 
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 YTD PROFIT & LOSS REVIEW
	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue
	 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	139,048	  	 	 	174,154	  	 	 	200,410	  	 	 	1,989,371	  	 	 	3,507,500	  	 	 	1,871,558	  	 	 	(1,518,129	) 	 	 	117,814	  
	 *CONFIDENTIAL
	 	 	21,470	  	 	 	19,745	  	 	 	24,341	  	 	 	292,250	  	 	 	277,949	  	 	 	148,310	  	 	 	14,302	  	 	 	143,940	  
	 *CONFIDENTIAL
	 	 	372	  	 	 	(359	) 	 	 	1,712	  	 	 	29,248	  	 	 	232,241	  	 	 	123,921	  	 	 	(202,993	) 	 	 	(94,673	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(13,488	) 	 	 	—  	  	 	 	—  	  	 	 	(13,488	) 	 	 	(13,488	) 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	16,472	  	 	 	—  	  	 	 	—  	  	 	 	16,472	  	 	 	16,472	  
	 *CONFIDENTIAL
	 	 	9,898	  	 	 	8,335	  	 	 	7,999	  	 	 	119,322	  	 	 	201,949	  	 	 	107,757	  	 	 	(82,626	) 	 	 	11,565	  
	 *CONFIDENTIAL
	 	 	108,702	  	 	 	94,606	  	 	 	(37,156	) 	 	 	976,018	  	 	 	1,476,750	  	 	 	787,975	  	 	 	(500,732	) 	 	 	188,043	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	 	 	279,49X	  	 	 	295,482	  	 	 	197,305	  	 	 	3,409,194	  	 	 	5,596,388	  	 	 	3,039,521	  	 	 	(2,287,194	) 	 	 	369,674	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	 	 	66,406	  	 	 	85,336	  	 	 	59,046	  	 	 	910,503	  	 	 	1,841,438	  	 	 	982,588	  	 	 	(930,935	) 	 	 	(72,065	) 
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	 	 	213,084	  	 	 	211,14X	  	 	 	138,260	  	 	 	2,4X8,692	  	 	 	3,854,951	  	 	 	2,056,953	  	 	 	(1,356,259	) 	 	 	441,739	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	 	 	39,345	  	 	 	45,252	  	 	 	45,426	  	 	 	459,321	  	 	 	416,412	  	 	 	416,412	  	 	 	42,909	  	 	 	42,909	  
	 *CONFIDENTIAL
	 	 	3,194	  	 	 	1,907	  	 	 	1,838	  	 	 	47,303	  	 	 	21,000	  	 	 	21,000	  	 	 	26,303	  	 	 	26,303	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	8,395	  	 	 	—  	  	 	 	—  	  	 	 	8,395	  	 	 	8,395	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	7,628	  	 	 	7,506	  	 	 	6,894	  	 	 	107,085	  	 	 	206,363	  	 	 	110,113	  	 	 	(99,278	) 	 	 	(3,028	) 
	 *CONFIDENTIAL
	 	 	13,235	  	 	 	16,182	  	 	 	12,739	  	 	 	167,988	  	 	 	129,500	  	 	 	129,500	  	 	 	38,468	  	 	 	38,468	  
	 *CONFIDENTIAL
	 	 	9,568	  	 	 	11,416	  	 	 	11,651	  	 	 	140,706	  	 	 	197,137	  	 	 	197,137	  	 	 	(56,431	) 	 	 	(56,431	) 
	 *CONFIDENTIAL
	 	 	1,610	  	 	 	—  	  	 	 	—  	  	 	 	1,981	  	 	 	—  	  	 	 	—  	  	 	 	1,981	  	 	 	1,981	  
	 *CONFIDENTIAL
	 	 	114	  	 	 	5,600	  	 	 	244	  	 	 	16,631	  	 	 	—  	  	 	 	—  	  	 	 	16,631	  	 	 	16,631	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	58	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	74,695	  	 	 	87,663	  	 	 	78,591	  	 	 	949,446	  	 	 	970,413	  	 	 	874,162	  	 	 	(20,968	) 	 	 	75,284	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	12,665	  	 	 	13,665	  	 	 	13,665	  	 	 	171,450	  	 	 	138,000	  	 	 	138,000	  	 	 	33,450	  	 	 	33,450	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	31,171	  	 	 	—  	  	 	 	—  	  	 	 	31,171	  	 	 	31,171	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	71	  	 	 	—  	  	 	 	71	  	 	 	—  	  	 	 	—  	  	 	 	71	  	 	 	71	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	12,665	  	 	 	13,736	  	 	 	13,665	  	 	 	202,691	  	 	 	138,000	  	 	 	138,000	  	 	 	64,691	  	 	 	64,691	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	566	  	 	 	—  	  	 	 	350	  	 	 	3,336	  	 	 	3,000	  	 	 	3,000	  	 	 	336	  	 	 	336	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,626	  	 	 	20,700	  	 	 	20,700	  	 	 	(18,075	) 	 	 	(18,075	) 
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	586	  	 	 	—  	  	 	 	350	  	 	 	5,962	  	 	 	23,700	  	 	 	23,700	  	 	 	(17,738	) 	 	 	(17,738	) 
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2,160	  	 	 	742	  	 	 	5,969	  	 	 	24,295	  	 	 	—  	  	 	 	—  	  	 	 	24,295	  	 	 	24,295	  
	 *CONFIDENTIAL
	 	 	6,269	  	 	 	1,472	  	 	 	5,981	  	 	 	66,898	  	 	 	—  	  	 	 	—  	  	 	 	66,898	  	 	 	66,898	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	8,429	  	 	 	2,214	  	 	 	11,951	  	 	 	91,194	  	 	 	—  	  	 	 	—  	  	 	 	91,194	  	 	 	91,194	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	2,710	  	 	 	2,354	  	 	 	1,994	  	 	 	32,713	  	 	 	69,487	  	 	 	37,077	  	 	 	(36,774	) 	 	 	(4,364	) 
	 *CONFIDENTIAL
	 	 	2,189	  	 	 	3,377	  	 	 	1,237	  	 	 	19,098	  	 	 	—  	  	 	 	—  	  	 	 	19,098	  	 	 	19,098	  
	 *CONFIDENTIAL
	 	 	489	  	 	 	272	  	 	 	683	  	 	 	4,417	  	 	 	—  	  	 	 	—  	  	 	 	4,417	  	 	 	4,417	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	5,388	  	 	 	6,003	  	 	 	3,914	  	 	 	56,229	  	 	 	68,487	  	 	 	37,077	  	 	 	(13,259	) 	 	 	19,151	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	5,974	  	 	 	9,135	  	 	 	12,020	  	 	 	72,565	  	 	 	—  	  	 	 	—  	  	 	 	72,565	  	 	 	72,565	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	5,974	  	 	 	9,135	  	 	 	12,020	  	 	 	72,565	  	 	 	—  	  	 	 	—  	  	 	 	72,565	  	 	 	72,565	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	1,939	  	 	 	1,878	  	 	 	1,718	  	 	 	19,783	  	 	 	—  	  	 	 	—  	  	 	 	19,763	  	 	 	19,763	  
	 *CONFIDENTIAL
	 	 	19,X50	  	 	 	17,350	  	 	 	19,850	  	 	 	196,327	  	 	 	—  	  	 	 	—  	  	 	 	196,327	  	 	 	196,327	  
	 *CONFIDENTIAL
	 	 	4,313	  	 	 	8,832	  	 	 	3,562	  	 	 	29,883	  	 	 	—  	  	 	 	—  	  	 	 	29,883	  	 	 	29,883	  
	 *CONFIDENTIAL
	 	 	830	  	 	 	—  	  	 	 	658	  	 	 	4,577	  	 	 	1,200	  	 	 	1,200	  	 	 	3,377	  	 	 	3,377	  
	 *CONFIDENTIAL
	 	 	2,122	  	 	 	1,432	  	 	 	1,432	  	 	 	14,803	  	 	 	—  	  	 	 	—  	  	 	 	14,803	  	 	 	14,803	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	29,054	  	 	 	29,492	  	 	 	27,221	  	 	 	265,353	  	 	 	1,200	  	 	 	1,200	  	 	 	264,153	  	 	 	264,153	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	90	  	 	 	—  	  	 	 	—  	  	 	 	90	  	 	 	90	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,639	  	 				 	 	—  	  	 	 	1,639	  	 	 	1,639	  
	 *CONFIDENTIAL
	 	 	(3	) 	 	 	29	  	 	 	9	  	 	 	1,017	  	 	 	—  	  	 	 	—  	  	 	 	1,017	  	 	 	1,017	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 				 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	(3	) 	 	 	29	  	 	 	9	  	 	 	2,746	  	 	 	—  	  	 	 	—  	  	 	 	2,746	  	 	 	2,746	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	75	  	 				 				 	 	75	  	 	 	75	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	75	  	 	 	—  	  	 	 	—  	  	 	 	75	  	 	 	75	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	 	 	136,787	  	 	 	148,472	  	 	 	147,721	  	 	 	1,646,260	  	 	 	1,202,800	  	 	 	1,074,140	  	 	 	443,460	  	 	 	572,120	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	 	 	136,787	  	 	 	148,472	  	 	 	147,721	  	 	 	1,646,260	  	 	 	12,020,800	  	 	 	1,074,140	  	 	 	443,460	  	 	 	572,120	  
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	 	 	76,297	  	 	 	62,674	  	 	 	(9,460	) 	 	 	852,432	  	 	 	2,852,151	  	 	 	982,813	  	 	 	(1,799,719	) 	 	 	(130,382	) 
		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	 	 	70.74	  	 	 	53.61	  	 	 	(6.57	) 	 	 	58.95	  	 	 	97.87	  	 	 	67.97	  	 				 			

 The Budget is equal to the 0 & 12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 191 









 Confidential Treatment 
  


																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	650	  	 	 	538	  	 	 	630	  	 	 	650	  	 	 	112	  	 	 	—  	  
	 Total Application Dollars
	  	$	215,957	  	 	$	141,092	  	 	$	210,250	  	 	$	215,957	  	 	$	74,865	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	571	  	 	 	625	  	 	 	542	  	 	 	571	  	 	 	(54	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	182,568	  	 	$	168,470	  	 	$	182,000	  	 	$	182,568	  	 	$	14,098	  	 	$	—  	  
	 Average Loan Amount
	  	 	524,052	  	 	 	490,000	  	 	 	543,149	  	 	 	319,733	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	409	  	 	 	495	  	 	 	429	  	 	 	409	  	 	 	(86	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	126,533	  	 	$	133,401	  	 	$	143,520	  	 	$	126,533	  	 	$	(6,868	) 	 	$	—  	  
	 Average Loan Amount
	  	 	515,459	  	 	 	490,000	  	 	 	515,649	  	 	 	309,372	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings — Units
	  	 	162	  	 	 	130	  	 	 	113	  	 	 	162	  	 	 	32	  	 	 	—  	  
	 Refi Closings — Dollars
	  	$	55,034	  	 	$	35,069	  	 	$	38,480	  	 	$	56,034	  	 	$	20,986	  	 	$	—  	  
	 Average Loan Amount
	  	 	559,959	  	 	 	490,000	  	 	 	619,178	  	 	 	345,892	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	20,712	  	 				 	$	17,960	  	 				 				 			
	 *CONFIDENTIAL
	  	 	30.7	% 	 	 	20.8	% 	 	 	21.1	% 	 	 	30.7	% 	 				 			
	 *CONFIDENTIAL
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 *CONFIDENTIAL
	  	 	11.3	% 	 				 	 	9.9	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	1.08	% 	 	 	1.19	% 	 	 	1.11	% 	 	 	1.19	% 	 				 			
	 *CONFIDENTIAL
	  	 	51	  	 	 	119	  	 	 	66	  	 	 	141	  	 				 			
	 *CONFIDENTIAL
	  	 	35.65	% 	 	 	57.30	% 	 	 	57.12	% 	 	 	57.30	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.19	% 	 	 	0.45	% 	 	 	0.56	% 	 	 	0.45	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.39	% 	 	 	1.88	% 	 	 	1.88	% 	 	 	1.88	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.01	% 	 	 	1.19	% 	 	 	1.22	% 	 	 	1.19	% 	 				 			
	 *CONFIDENTIAL
	  	$	4,447	  	 	$	5,054	  	 	$	6,246	  	 	$	5,995	  	 				 			
	 *CONFIDENTIAL
	  	$	1,606	  	 	$	1,435	  	 	$	2,419	  	 	$	1,600	  	 				 			
	 *CONFIDENTIAL
	  	 	0.50	% 	 	 	0.53	% 	 	 	0.72	% 	 	 	0.50	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	134	  	 	 	175	  	 	 	135	  	 	 	175	  	 	 	9	  	 	 	9	  
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	1,939,032	  	 	 	2.011,399	  	 	 	2,026,000	  	 	 	2,179,712	  	 	 	(72,367	) 	 	 	(240,680	) 
	 *CONFIDENTIAL
	  	 	186,756	  	 	 	194,895	  	 	 	186,500	  	 	 	211,204	  	 	 	(8,7139	) 	 	 	(24,448	) 
	 *CONFIDENTIAL
	  	 	29,246	  	 	 	74,364	  	 	 	35,884	  	 	 	80,586	  	 	 	(45,119	) 	 	 	(51,341	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	(2,563	) 	 	 	17,000	  	 	 	(2,777	) 	 	 	2,563	  	 	 	2,777	  
	 *CONFIDENTIAL
	  	 	43,187.50	  	 	 	117,109	  	 	 	107,197	  	 	 	126,909	  	 	 	(73,922	) 	 	 	(83,721	) 
	 *CONFIDENTIAL
	  	 	341,197	  	 	 	763,693	  	 	 	1,012,482	  	 	 	827,598	  	 	 	(422,495	) 	 	 	(486,401	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	2,539,418	  	 	 	3,158,896	  	 	 	3,385,063	  	 	 	3,429,232	  	 	 	(619,479	) 	 	 	(883,814	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	691,344	  	 	 	1,152,488	  	 	 	1,157,150	  	 	 	1,248,928	  	 	 	(481,145	) 	 	 	(557,585	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	1,848,074	  	 	 	2,006,408	  	 	 	2,227,913	  	 	 	2,174,304	  	 	 	(158,334	) 	 	 	(326,230	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	401,153	  	 	 	378,896	  	 	 	402,785	  	 	 	378,896	  	 	 	22,257	  	 	 	22,257	  
	 *CONFIDENTIAL
	  	 	24,411	  	 	 	8,711	  	 	 	14,000	  	 	 	8,711	  	 	 	15,700	  	 	 	15,700	  
	 *CONFIDENTIAL
	  	 	23,544	  	 	 	—  	  	 	 	25,000	  	 	 	—  	  	 	 	23,644	  	 	 	23,544	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	130,740	  	 	 	126,531	  	 	 	131,580	  	 	 	137,119	  	 	 	4,209	  	 	 	(6,379	) 
	 *CONFIDENTIAL
	  	 	32,168	  	 	 	106,400	  	 	 	106,460	  	 	 	106,400	  	 	 	(74,232	) 	 	 	(74,232	) 
	 *CONFIDENTIAL
	  	 	27,432	  	 	 	85,728	  	 	 	84,006	  	 	 	85,728	  	 	 	(58,296	) 	 	 	(58,296	) 
	 *CONFIDENTIAL
	  	 	891	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	891	  	 	 	891	  
	 *CONFIDENTIAL
	  	 	244	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	244	  	 	 	244	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	640,583	  	 	 	706,266	  	 	 	763,831	  	 	 	716,854	  	 	 	(65,683	) 	 	 	(76,271	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	64,054	  	 	 	68,200	  	 	 	63,000	  	 	 	88,200	  	 	 	(4,146	) 	 	 	(4,146	) 
	 *CONFIDENTIAL
	  	 	4,878	  	 	 	5,109	  	 	 	5,600	  	 	 	5,109	  	 	 	(231	) 	 	 	(231	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	300	  	 	 	300	  	 	 	300	  	 	 	(300	) 	 	 	(300	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	68,933	  	 	 	73,609	  	 	 	68,900	  	 	 	73,609	  	 	 	(4,677	) 	 	 	(4,677	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,840	  	 	 	2,750	  	 	 	2,750	  	 	 	2,750	  	 	 	(910	) 	 	 	(910	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	9,175	  	 	 	3,482	  	 	 	9,175	  	 	 	(9,175	) 	 	 	(9,175	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,840	  	 	 	11,925	  	 	 	6,232	  	 	 	11,925	  	 	 	(10,085	) 	 	 	(10,085	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	46,179	  	 	 	24,770	  	 	 	26,770	  	 	 	26,843	  	 	 	21,409	  	 	 	19,336	  
	 *CONFIDENTIAL
	  	 	34,289	  	 	 	15,000	  	 	 	23,000	  	 	 	15,000	  	 	 	19,289	  	 	 	19,289	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	80,468	  	 	 	39,770	  	 	 	49,770	  	 	 	41,843	  	 	 	40,898	  	 	 	38,625	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	19,851	  	 	 	19,822	  	 	 	16,700	  	 	 	21,481	  	 	 	(172	) 	 	 	(1,830	) 
	 *CONFIDENTIAL
	  	 	23,963	  	 	 	8,094	  	 	 	17,106	  	 	 	8,771	  	 	 	15,869	  	 	 	15,191	  
	 *CONFIDENTIAL
	  	 	5,655	  	 	 	4,399	  	 	 	5,760	  	 	 	4,767	  	 	 	1,256	  	 	 	888	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	49,268	  	 	 	32,315	  	 	 	39,565	  	 	 	35,019	  	 	 	16,953	  	 	 	14,249	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	38,239	  	 	 	13,980	  	 	 	16,260	  	 	 	15,150	  	 	 	24,259	  	 	 	23,089	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	38,239	  	 	 	13,980	  	 	 	16,260	  	 	 	15,150	  	 	 	24,259	  	 	 	23,089	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,718	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,718	  	 	 	1,718	  
	 *CONFIDENTIAL
	  	 	5,313	  	 	 	2,500	  	 	 	4,500	  	 	 	2,500	  	 	 	2,813	  	 	 	2,813	  
	 *CONFIDENTIAL
	  	 	4,527	  	 	 	—  	  	 	 	4,061	  	 	 	—  	  	 	 	4,527	  	 	 	4,527	  
	 *CONFIDENTIAL
	  	 	6,504	  	 	 	6,100	  	 	 	6,750	  	 	 	6,100	  	 	 	404	  	 	 	404	  
	 *CONFIDENTIAL
	  	 	18,397	  	 	 	7,800	  	 	 	32,000	  	 	 	7,800	  	 	 	10,597	  	 	 	10,597	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	36,459	  	 	 	16,400	  	 	 	47,311	  	 	 	16,400	  	 	 	20,059	  	 	 	20,059	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	107	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	107	  	 	 	107	  
	 *CONFIDENTIAL
	  	 	228	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	228	  	 	 	228	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	317,516	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	202	  	 	 	1,734	  	 	 	1,778	  	 	 	1,879	  	 	 	(1,531	) 	 	 	(1,676	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	537	  	 	 	1,734	  	 	 	319,294	  	 	 	1,879	  	 	 	(1,197	) 	 	 	(1,342	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	760	  	 	 	—  	  	 	 	100	  	 	 	—  	  	 	 	760	  	 	 	760	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	760	  	 	 	1,000	  	 	 	100	  	 	 	1,000	  	 	 	(240	) 	 	 	(240	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	917,087	  	 	 	896,999	  	 	 	1,311,264	  	 	 	913,679	  	 	 	20,087	  	 	 	3,408	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporated Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	917,087	  	 	 	896,999	  	 	 	1,311,264	  	 	 	913,679	  	 	 	20,087	  	 	 	3,408	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA Before Executive Expenses
	  	 	930,988	  	 	 	1,109,409	  	 	 	916,649	  	 	 	1,260,625	  	 	 	(178,421	) 	 	 	(329,637	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA Before Executive Expenses-BPS
	  	 	50.99	  	 	 	60.77	  	 	 	50.21	  	 	 	69.05	  	 				 			

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 192 








 Confidential Treatment 
  

																																					
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	582	  	 	 	919	  	 	 	1,168	  	 	 	1,011	  	 	 	874	  	 	 	905	  	 	 	770	  	 	 	813	  	 	 	820	  
	 Total Application Dollars
	  	$	170,095	  	 	$	296,235	  	 	$	394,897$	  	 	$	335,203	  	 	$	273,825	  	 	$	273,286	  	 	$	234,015	  	 	$	248,502	  	 	$	255,188	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	310	  	 	 	451	  	 	 	747	  	 	 	777	  	 	 	678	  	 	 	717	  	 	 	612	  	 	 	689	  	 	 	577	  
	 Total Closing Dollars
	  	$	87,721	  	 	$	133,348	  	 	$	232,243	  	 	$	261,175	  	 	$	216,499	  	 	$	221,028	  	 	$	184,667	  	 	$	203,474	  	 	$	174,981	  
	 Average Loan Amount
	  	 	465,762	  	 	 	467,179	  	 	 	481,919	  	 	 	536,062	  	 	 	500,189	  	 	 	481,609	  	 	 	490,435	  	 	 	477,729	  	 	 	474,798	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	224	  	 	 	300	  	 	 	534	  	 	 	512	  	 	 	492	  	 	 	565	  	 	 	498	  	 	 	550	  	 	 	440	  
	 Purchase Closing Dollars
	  	$	62,964	  	 	$	83,324	  	 	$	158,489	  	 	$	163,896	  	 	$	155,150	  	 	$	169,953	  	 	$	155,298	  	 	$	164,202	  	 	$	130,506	  
	 Average Loan Amount
	  	 	460,987	  	 	 	441,626	  	 	 	472,690	  	 	 	524,193	  	 	 	488,735	  	 	 	469,558	  	 	 	496,562	  	 	 	484,912	  	 	 	472,838	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closing - Units
	  	 	86	  	 	 	151	  	 	 	213	  	 	 	265	  	 	 	186	  	 	 	152	  	 	 	114	  	 	 	139	  	 	 	137	  
	 Refi Closing - Dollars
	  	$	24,757	  	 	$	50,024	  	 	$	73,754	  	 	$	97,279	  	 	$	61,340	  	 	$	54,075	  	 	$	29,370	  	 	$	39,272	  	 	$	44,476	  
	 Average Loan Amount
	  	 	477,432	  	 	 	584,549	  	 	 	491,603	  	 	 	565,074	  	 	 	601,266	  	 	 	526,951	  	 	 	483,631	  	 	 	475,169	  	 	 	484,887	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	1,685	  	 	$	3,062	  	 	$	3,460	  	 	$	24,208	  	 	$	22,889	  	 	$	25,085	  	 	$	13,816	  	 	$	6,114	  	 	$	21,886	  
	 *CONFIDENTIAL
	  	 	28.2	% 	 	 	37.5	% 	 	 	31.8	% 	 	 	37.2	% 	 	 	28.3	% 	 	 	24.5	% 	 	 	15.9	% 	 	 	19.3	% 	 	 	25.4	% 
	 *CONFIDENTIAL
	  	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  
	 *CONFIDENTIAL
	  	 	1.9	% 	 	 	2.3	% 	 	 	1.5	% 	 	 	9.3	% 	 	 	10.8	% 	 	 	11.3	% 	 	 	7.5	% 	 	 	3.0	% 	 	 	12.5	% 
	 *CONFIDENTIAL
	  	 	1.13	% 	 	 	1.12	% 	 	 	1.10	% 	 	 	1.01	% 	 	 	1.00	% 	 	 	1.05	% 	 	 	1.10	% 	 	 	1.08	% 	 	 	1.14	% 
	 *CONFIDENTIAL
	  	 	41	  	 	 	93	  	 	 	62	  	 	 	53	  	 	 	103	  	 	 	72	  	 	 	(42	) 	 	 	129	  	 	 	123	  
	 *CONFIDENTIAL
	  	 	56.39	% 	 	 	57.08	% 	 	 	59.83	% 	 	 	74.95	% 	 	 	26.71	% 	 	 	50.93	% 	 	 	59.65	% 	 	 	59.10	% 	 	 	52.90	% 
	 *CONFIDENTIAL
	  	 	0.54	% 	 	 	0.36	% 	 	 	0.43	% 	 	 	0.45	% 	 	 	0.48	% 	 	 	0.58	% 	 	 	0.44	% 	 	 	0.43	% 	 	 	0.53	% 
	 *CONFIDENTIAL
	  	 	1.95	% 	 	 	1.50	% 	 	 	1.75	% 	 	 	1.61	% 	 	 	1.67	% 	 	 	1.79	% 	 	 	1.69	% 	 	 	1.71	% 	 	 	1.81	% 
	 *CONFIDENTIAL
	  	 	1.31	% 	 	 	0.86	% 	 	 	1.09	% 	 	 	0.85	% 	 	 	1.40	% 	 	 	1.26	% 	 	 	1.04	% 	 	 	1.07	% 	 	 	1.21	% 
	 *CONFIDENTIAL
	  	$	5,526	  	 	$	4,430	  	 	$	5,436	  	 	$	5,423	  	 	$	5,318	  	 	$	5,524	  	 	$	5,103	  	 	$	5,045	  	 	$	5,495	  
	 *CONFIDENTIAL
	  	$	3,264	  	 	$	1,966	  	 	$	1,503	  	 	$	1,449	  	 	$	1,547	  	 	$	1,468	  	 	$	1,685	  	 	$	1,364	  	 	$	1,626	  
	 *CONFIDENTIAL
	  	 	1.15	% 	 	 	0.66	% 	 	 	0.48	% 	 	 	0.43	% 	 	 	0.48	% 	 	 	0.48	% 	 	 	0.56	% 	 	 	0.46	% 	 	 	0.54	% 
	 Loans over 60 days
	  	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  	 	 	NA	  
	 Summary Headcount
	  	 	165	  	 	 	169	  	 	 	170	  	 	 	170	  	 	 	172	  	 	 	171	  	 	 	178	  	 	 	180	  	 	 	180	  
										
	 YTD PROFIT AND LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue
	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	993,532	  	 	 	1,488,717	  	 	 	2,558,540	  	 	 	2,848,697	  	 	 	2,163,882	  	 	 	2,317,690	  	 	 	2,027,213	  	 	 	2,198,344	  	 	 	1,988,376	  
	 *CONFIDENTIAL
	  	 	115,898	  	 	 	179,254	  	 	 	295,852	  	 	 	307,350	  	 	 	268,021	  	 	 	222,134	  	 	 	210,355	  	 	 	243,809	  	 	 	195,109	  
	 *CONFIDENTIAL
	  	 	12,773	  	 	 	41,826	  	 	 	46,391	  	 	 	40,976	  	 	 	69,756	  	 	 	51,875	  	 	 	(25,576	) 	 	 	89,050	  	 	 	71,232	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(4,909	) 	 	 	(22,660	) 	 	 	(22,462	) 	 	 	(33,524	) 	 	 	13,766	  	 	 	(16,492	) 	 	 	(15,124	) 	 	 	(8,419	) 	 	 	(16,350	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	83,461	  	 	 	—  	  	 	 	(82,005	) 
	 *CONFIDENTIAL
	  	 	116,245	  	 	 	(167,075	) 	 	 	176,570	  	 	 	86,957	  	 	 	88,860	  	 	 	110,654	  	 	 	35,116	  	 	 	69,014	  	 	 	90,710	  
	 *CONFIDENTIAL
	  	 	477,622	  	 	 	477,961	  	 	 	1,005,815	  	 	 	1,163,248	  	 	 	1,028,768	  	 	 	1,275,146	  	 	 	807,821	  	 	 	884,203	  	 	 	923,444	  
	 Gross Revenue
	  	 	1,713,161	  	 	 	1,998,023	  	 	 	4,060,686	  	 	 	4,213,704	  	 	 	3,605,521	  	 	 	3,961,007	  	 	 	3,123,265	  	 	 	3,476,001	  	 	 	3,170,516	  
	 Commissions
	  	 	560,283	  	 	 	849,704	  	 	 	1,530,683	  	 	 	1,985,162	  	 	 	577,997	  	 	 	1,180,345	  	 	 	1,209,134	  	 	 	1,299,319	  	 	 	1,051,863	  
	 Net Revenue
	  	 	1,152,878	  	 	 	1,145,319	  	 	 	2,530,003	  	 	 	2,228,542	  	 	 	3,027,524	  	 	 	2,780,662	  	 	 	1,914,131	  	 	 	2,176,682	  	 	 	2,118,854	  
	 Indirect Costs
	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	388,177	  	 	 	297,238	  	 	 	388,564	  	 	 	351,600	  	 	 	348,263	  	 	 	382,873	  	 	 	372,121	  	 	 	370,004	  	 	 	377,971	  
	 *CONFIDENTIAL
	  	 	56,784	  	 	 	22,069	  	 	 	32,750	  	 	 	36,069	  	 	 	33,704	  	 	 	23,945	  	 	 	33,363	  	 	 	19,408	  	 	 	17,358	  
	 *CONFIDENTIAL
	  	 	12,548	  	 	 	16,798	  	 	 	26,040	  	 	 	26,941	  	 	 	33,629	  	 	 	24,627	  	 	 	29,684	  	 	 	30,697	  	 	 	20,955	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	62,461	  	 	 	100,384	  	 	 	181,875	  	 	 	189,840	  	 	 	161,988	  	 	 	162,380	  	 	 	133,914	  	 	 	149,545	  	 	 	133,024	  
	 *CONFIDENTIAL
	  	 	161,299	  	 	 	96,011	  	 	 	141,733	  	 	 	141,110	  	 	 	132,709	  	 	 	137,135	  	 	 	149,379	  	 	 	88,896	  	 	 	127,454	  
	 *CONFIDENTIAL
	  	 	148,144	  	 	 	101,081	  	 	 	151,299	  	 	 	152,616	  	 	 	96,179	  	 	 	72,929	  	 	 	96,435	  	 	 	79,538	  	 	 	82,679	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	249	  	 	 	608	  	 	 	—  	  	 	 	—  	  	 	 	44	  	 	 	203	  	 	 	413	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	1,189	  	 	 	7,500	  	 	 	2,106	  	 	 	844	  	 	 	136	  	 	 	560	  	 	 	111	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	829,413	  	 	 	633,850	  	 	 	924,057	  	 	 	906,675	  	 	 	810,578	  	 	 	804,835	  	 	 	815,237	  	 	 	739,061	  	 	 	759,552	  
	 *CONFIDENTIAL
	  	 	70,341	  	 	 	69,810	  	 	 	62,043	  	 	 	55,125	  	 	 	61,192	  	 	 	59,831	  	 	 	61,430	  	 	 	63,485	  	 	 	60,800	  
	 *CONFIDENTIAL
	  	 	(4,872	) 	 	 	33,157	  	 	 	8,942	  	 	 	6,263	  	 	 	6,469	  	 	 	11,946	  	 	 	10,300	  	 	 	8,866	  	 	 	5,487	  
	 *CONFIDENTIAL
	  	 	90	  	 	 	125	  	 	 	716	  	 	 	(103	) 	 	 	90	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	961	  
	 *CONFIDENTIAL
	  	 	65,559	  	 	 	103,082	  	 	 	71,702	  	 	 	61,285	  	 	 	67,771	  	 	 	71,778	  	 	 	71,730	  	 	 	70,353	  	 	 	67,248	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	2,127	  	 	 	5,342	  	 	 	1,528	  	 	 	3,733	  	 	 	244	  	 	 	710	  	 	 	312	  	 	 	394	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,475	  	 	 	151	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	2,127	  	 	 	5,342	  	 	 	1,528	  	 	 	3,733	  	 	 	244	  	 	 	3,185	  	 	 	463	  	 	 	394	  
	 *CONFIDENTIAL
	  	 	21,491	  	 	 	40,063	  	 	 	16,724	  	 	 	27,452	  	 	 	62,912	  	 	 	21,409	  	 	 	36,905	  	 	 	15,813	  	 	 	24,279	  
	 *CONFIDENTIAL
	  	 	9,611	  	 	 	14,777	  	 	 	11,176	  	 	 	14,061	  	 	 	11,609	  	 	 	13,510	  	 	 	16,391	  	 	 	14,012	  	 	 	9,799	  
	 *CONFIDENTIAL
	  	 	31,102	  	 	 	54,839	  	 	 	27,900	  	 	 	41,513	  	 	 	74,521	  	 	 	34,919	  	 	 	53,296	  	 	 	29,825	  	 	 	34,077	  
	 *CONFIDENTIAL
	  	 	12,653	  	 	 	13,576	  	 	 	18,721	  	 	 	20,750	  	 	 	16,068	  	 	 	18,226	  	 	 	16,420	  	 	 	18,544	  	 	 	13,391	  
	 *CONFIDENTIAL
	  	 	10,517	  	 	 	12,203	  	 	 	17,909	  	 	 	19,761	  	 	 	20,559	  	 	 	15,358	  	 	 	16,036	  	 	 	15,336	  	 	 	4,082	  
	 *CONFIDENTIAL
	  	 	8,004	  	 	 	9,112	  	 	 	3,202	  	 	 	8,770	  	 	 	43	  	 	 	1,103	  	 	 	3,719	  	 	 	3,348	  	 	 	3,431	  
	 *CONFIDENTIAL
	  	 	31,173	  	 	 	34,891	  	 	 	39,832	  	 	 	49,302	  	 	 	36,670	  	 	 	34,689	  	 	 	36,175	  	 	 	33,228	  	 	 	20,905	  
	 *CONFIDENTIAL
	  	 	18,176	  	 	 	31,731	  	 	 	30,540	  	 	 	31,641	  	 	 	25,121	  	 	 	59,831	  	 	 	15,886	  	 	 	20,816	  	 	 	11,091	  
	 *CONFIDENTIAL
	  	 	18,176	  	 	 	31,731	  	 	 	30,540	  	 	 	31,641	  	 	 	25,121	  	 	 	59,831	  	 	 	15,886	  	 	 	20,816	  	 	 	11,091	  
	 *CONFIDENTIAL
	  	 	876	  	 	 	876	  	 	 	1,142	  	 	 	1,090	  	 	 	1,544	  	 	 	1,889	  	 	 	1,889	  	 	 	1,910	  	 	 	3,012	  
	 *CONFIDENTIAL
	  	 	2,390	  	 	 	2,300	  	 	 	3,300	  	 	 	7,300	  	 	 	3,393	  	 	 	9,993	  	 	 	2,484	  	 	 	8,100	  	 	 	5,193	  
	 *CONFIDENTIAL
	  	 	7,217	  	 	 	(1,347	) 	 	 	(10,362	) 	 	 	527	  	 	 	1,686	  	 	 	(230	) 	 	 	(420	) 	 	 	6,949	  	 	 	5,994	  
	 *CONFIDENTIAL
	  	 	6,728	  	 	 	4,511	  	 	 	7,373	  	 	 	5,561	  	 	 	5,409	  	 	 	6,114	  	 	 	7,365	  	 	 	5,758	  	 	 	5,608	  
	 *CONFIDENTIAL
	  	 	18,382	  	 	 	18,701	  	 	 	19,809	  	 	 	19,868	  	 	 	17,050	  	 	 	22,393	  	 	 	23,359	  	 	 	20,632	  	 	 	18,598	  
	 *CONFIDENTIAL
	  	 	35,593	  	 	 	25,041	  	 	 	21,262	  	 	 	34,346	  	 	 	29,081	  	 	 	40,159	  	 	 	34,677	  	 	 	43,350	  	 	 	38,404	  
	 *CONFIDENTIAL
	  	 	63	  	 	 	23	  	 	 	383	  	 	 	(100	) 	 	 	—  	  	 	 	18	  	 	 	(0	) 	 	 	—  	  	 	 	0	  
	 *CONFIDENTIAL
	  	 	125	  	 	 	—  	  	 	 	—  	  	 	 	167	  	 	 	—  	  	 	 	5,100	  	 	 	—  	  	 	 	800	  	 	 	5,600	  
	 *CONFIDENTIAL
	  	 	75	  	 	 	(40	) 	 	 	1,266	  	 	 	(274	) 	 	 	612	  	 	 	(115	) 	 	 	115	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	251	  	 	 	469	  	 	 	144	  	 	 	90	  	 	 	445	  	 	 	347	  	 	 	336	  	 	 	138	  	 	 	395	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	514	  	 	 	452	  	 	 	1,793	  	 	 	(117	) 	 	 	1,057	  	 	 	5,350	  	 	 	451	  	 	 	738	  	 	 	5,995	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	432	  	 	 	715	  	 	 	300	  	 	 	381	  	 	 	410	  	 	 	700	  	 	 	840	  	 	 	240	  	 	 	494	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	432	  	 	 	715	  	 	 	300	  	 	 	381	  	 	 	410	  	 	 	700	  	 	 	840	  	 	 	240	  	 	 	494	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	1,011,961	  	 	 	886,739	  	 	 	1,122,727	  	 	 	1,125,554	  	 	 	1,048,942	  	 	 	1,052,506	  	 	 	1,031,477	  	 	 	940,074	  	 	 	936,161	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	1,011,961	  	 	 	886,739	  	 	 	1,122,727	  	 	 	1,125,554	  	 	 	1,048,942	  	 	 	1,052,506	  	 	 	1,031,477	  	 	 	940,074	  	 	 	936,161	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	140,916	  	 	 	261,580	  	 	 	1,407,276	  	 	 	1,102,989	  	 	 	1,978,583	  	 	 	1,728,156	  	 	 	882,653	  	 	 	1,236,608	  	 	 	1,180,493	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	16.06	  	 	 	19.62	  	 	 	60.59	  	 	 	42.23	  	 	 	91.39	  	 	 	78.19	  	 	 	47.80	  	 	 	60.77	  	 	 	67.46	  

  

																																	
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	774	  	 	 	705	  	 	 	650	  	 	 	9,991	  	 	 	8,497	  	 	 	9,991	  	 	 	1,494	  	 	 	—  	  
	 Total Application Dollars
	  	$	260,361	  	 	$	243,382	  	 	$	215,957	  	 	$	3,200,946	  	 	$	2,319,318	  	 	$	3,200,946	  	 	$	881,628	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	591	  	 	 	627	  	 	 	571	  	 	 	7,347	  	 	 	7,027	  	 	 	7,347	  	 	 	320	  	 	 	—  	  
	 Total Closing Dollars
	  	$	165,635	  	 	$	212,976	  	 	$	182,588	  	 	$	2,296,308	  	 	$	1,933,030	  	 	$	2,296,306	  	 	$	363,276	  	 	$	—  	  
	 Average Loan Amount
	  	 	489,677	  	 	 	544,807	  	 	 	524,052	  	 	 	312,550	  	 	 	275,091	  	 	 	312,550	  	 	 	37,459	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	450	  	 	 	464	  	 	 	409	  	 	 	5,438	  	 	 	5,565	  	 	 	5,438	  	 	 	(127	) 	 	 	—  	  
		  	$	137,099	  	 	$	151,355	  	 	$	126,533	  	 	$	1,655,768	  	 	$	1,529,804	  	 	$	1,655,768	  	 	$	125,964	  	 	$	—  	  
	 Average Loan Amount
	  	 	479,649	  	 	 	532,786	  	 	 	515,459	  	 	 	304,481	  	 	 	274,891	  	 	 	304,481	  	 	 	29,590	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	141	  	 	 	163	  	 	 	162	  	 	 	1,909	  	 	 	1,462	  	 	 	1,908	  	 	 	447	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	48,538	  	 	$	61,621	  	 	$	56,034	  	 	$	640,539	  	 	$	403,226	  	 	$	640,539	  	 	$	237,312	  	 	$	—  	  
	 Average Loan Amount
	  	 	556,307	  	 	 	615,563	  	 	 	559,959	  	 	 	335,536	  	 	 	275,852	  	 	 	335,536	  	 	 	59,684	  	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	24,455	  	 	$	21,461	  	 	$	20,712	  	 	$	188,834	  	 				 				 				 			
	 *CONFIDENTIAL
	  	 	26.1	% 	 	 	28.9	% 	 	 	30.7	% 	 	 	27.9	% 	 	 	20.9	% 	 	 	27.9	% 	 	 	7.03	% 	 			
	 *CONFIDENTIAL
	  	 	NA	  	 	 	NA	  	 	 	NA	  	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	13.2	% 	 	 	10.1	% 	 	 	11.3	% 	 	 	8.2	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	1.08	% 	 	 	1.09	% 	 	 	1.06	% 	 	 	1.07	% 	 	 	1.19	% 	 	 	1.18	% 	 	 	(0	) 	 			
	 *CONFIDENTIAL
	  	 	97	  	 	 	79	  	 	 	51	  	 	 	73	  	 	 	115	  	 	 	118	  	 	$	(42	) 	 			
	 *CONFIDENTIAL
	  	 	57.19	% 	 	 	57.03	% 	 	 	35.65	% 	 	 	54.39	% 	 	 	57.58	% 	 	 	58.08	% 	 	 	-3.2	% 	 			
	 *CONFIDENTIAL
	  	 	0.45	% 	 	 	0.40	% 	 	 	0.19	% 	 	 	0.44	% 	 	 	0.48	% 	 	 	0.47	% 	 	 	-0.04	% 	 			
	 *CONFIDENTIAL
	  	 	1.74	% 	 	 	1.65	% 	 	 	1.39	% 	 	 	1.68	% 	 	 	1.89	% 	 	 	1.87	% 	 	 	-0.21	% 	 			
	 *CONFIDENTIAL
	  	 	1.12	% 	 	 	1.02	% 	 	 	1.01	% 	 	 	1.10	% 	 	 	1.21	% 	 	 	1.19	% 	 	 	-0.11	% 	 			
	 *CONFIDENTIAL
	  	$	5,459	  	 	$	5,591	  	 	$	4,447	  	 	$	5,253	  	 	$	5,197	  	 	$	5,845	  	 	$	56	  	 			
	 *CONFIDENTIAL
	  	$	1,585	  	 	$	1,609	  	 	$	1,608	  	 	$	1,638	  	 	$	1,526	  	 	$	1,524	  	 	$	110	  	 			
	 *CONFIDENTIAL
	  	 	0.50	% 	 	 	0.47	% 	 	 	0.50	% 	 	 	0.52	% 	 	 	0.55	% 	 	 	0.49	% 	 	 	-0.03	% 	 			
	 Loans over 60 days
	  	 	NA	  	 	 	NA	  	 	 	NA	  	 				 	 	NA	  	 	 	NA	  	 	 	NA	  	 			
	 Summary Headcount
	  	 	183	  	 	 	185	  	 	 	184	  	 	 	184	  	 	 	175	  	 	 	175	  	 	 	9	  	 	 	9	  
									
	YTD PROFIT AND LOSS REVIEW	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	1,996,941	  	 	 	2,324,705	  	 	 	1,939,032	  	 	 	24,645,669	  	 	 	22,953,251	  	 	 	27,046,498	  	 	 	1,692,418	  	 	 	(2,400,829	) 
	 *CONFIDENTIAL
	  	 	205,832	  	 	 	220,598	  	 	 	186,756	  	 	 	2,650,968	  	 	 	2,250,945	  	 	 	2,702,599	  	 	 	400,023	  	 	 	(51,631	) 
	 *CONFIDENTIAL
	  	 	57,040	  	 	 	49,543	  	 	 	29,245	  	 	 	534,131	  	 	 	808,920	  	 	 	870,503	  	 	 	(274,789	) 	 	 	(336,372	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	0	  	 	 	—  	  	 	 	0	  	 	 	—  	  	 	 	—  	  	 	 	0	  	 	 	0	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	0	  	 	 	—  	  	 	 	(153,726	) 	 	 	—  	  	 	 	—  	  	 	 	(153,726	) 	 	 	(153,726	) 
	 *CONFIDENTIAL
	  	 	70,853	  	 	 	11,152	  	 	 	—  	  	 	 	83,461	  	 	 	(31,097	) 	 	 	(40,259	) 	 	 	114,557	  	 	 	123,719	  
	 *CONFIDENTIAL
	  	 	59,458	  	 	 	40,827	  	 	 	43,189	  	 	 	752,525	  	 	 	1,337,831	  	 	 	1,578,298	  	 	 	(585,307	) 	 	 	(825,774	) 
	 *CONFIDENTIAL
	  	 	836,414	  	 	 	856,695	  	 	 	341,197	  	 	 	10,080,334	  	 	 	9,201,717	  	 	 	10,788,905	  	 	 	878,617	  	 	 	(708,571	) 
	 Gross Revenue
	  	 	3,226,538	  	 	 	3,505,520	  	 	 	2,539,418	  	 	 	38,593,381	  	 	 	36,521,568	  	 	 	42,946,546	  	 	 	2,071,793	  	 	 	(4,353,185	) 
	 Commissions
	  	 	1,142,069	  	 	 	1,325,796	  	 	 	691,344	  	 	 	13,403,699	  	 	 	13,217,202	  	 	 	15,709,908	  	 	 	186,497	  	 	 	(2,306,209	) 
	 Net Revenue
	  	 	2,084,469	  	 	 	2,179,725	  	 	 	1,848,074	  	 	 	25,189,862	  	 	 	23,304,366	  	 	 	27,236,636	  	 	 	1,885,296	  	 	 	(2,046,975	) 
	 Indirect Costs
	  				 				 				 				 				 				 	 	0	  	 			
	 *CONFIDENTIAL
	  	 	343,945	  	 	 	361,797	  	 	 	401,153	  	 	 	4,363,706	  	 	 	4,208,796	  	 	 	4,208,796	  	 	 	174,910	  	 	 	174,910	  
	 *CONFIDENTIAL
	  	 	16,040	  	 	 	16,088	  	 	 	24,411	  	 	 	334,007	  	 	 	96,848	  	 	 	96,848	  	 	 	237,160	  	 	 	237,160	  
	 *CONFIDENTIAL
	  	 	26,706	  	 	 	16,590	  	 	 	23,544	  	 	 	288,758	  	 	 	—  	  	 	 	—  	  	 	 	258,758	  	 	 	288,758	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	147,524	  	 	 	151,344	  	 	 	130,740	  	 	 	1,705,019	  	 	 	1,452,886	  	 	 	1,723,891	  	 	 	252,133	  	 	 	(18,872	) 
	 *CONFIDENTIAL
	  	 	121,431	  	 	 	104,351	  	 	 	32,166	  	 	 	1,433,677	  	 	 	1,393,300	  	 	 	1,393,300	  	 	 	40,377	  	 	 	40,377	  
	 *CONFIDENTIAL
	  	 	72,186	  	 	 	89,931	  	 	 	27,432	  	 	 	1,172,449	  	 	 	1,341,228	  	 	 	1,341,228	  	 	 	(166,779	) 	 	 	(168,779	) 
	 *CONFIDENTIAL
	  	 	(879	) 	 	 	—  	  	 	 	891	  	 	 	1,529	  	 	 	—  	  	 	 	—  	  	 	 	1,529	  	 	 	1,529	  
	 *CONFIDENTIAL
	  	 	1,552	  	 	 	5,600	  	 	 	244	  	 	 	19,643	  	 	 	—  	  	 	 	—  	  	 	 	19,643	  	 	 	19,843	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	—  	  	 	 	—  	  	 	 	58	  	 	 	58	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	726,504	  	 	 	747,700	  	 	 	640,583	  	 	 	9,339,045	  	 	 	8,493,057	  	 	 	8,764,063	  	 	 	845,988	  	 	 	574,982	  
	 *CONFIDENTIAL
	  	 	59,611	  	 	 	62,999	  	 	 	64,054	  	 	 	750,723	  	 	 	774,000	  	 	 	774,000	  	 	 	(23,227	) 	 	 	(23,227	) 
	 *CONFIDENTIAL
	  	 	4,549	  	 	 	3,950	  	 	 	4,878	  	 	 	97,958	  	 	 	66,982	  	 	 	66,982	  	 	 	30,978	  	 	 	30,976	  
	 *CONFIDENTIAL
	  	 	154	  	 	 	71	  	 	 	—  	  	 	 	2,103	  	 	 	3,600	  	 	 	3,600	  	 	 	(1,497	) 	 	 	(1,497	) 
	 *CONFIDENTIAL
	  	 	64,314	  	 	 	67,020	  	 	 	68,933	  	 	 	850,784	  	 	 	844,582	  	 	 	844,582	  	 	 	6,202	  	 	 	6,202	  
	 *CONFIDENTIAL
	  	 	1,938	  	 	 	11,917	  	 	 	1,840	  	 	 	30,085	  	 	 	33,000	  	 	 	33,000	  	 	 	(2,915	) 	 	 	(2,915	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,626	  	 	 	110,300	  	 	 	110,300	  	 	 	(107,675	) 	 	 	(107,675	) 
	 *CONFIDENTIAL
	  	 	1,938	  	 	 	11,917	  	 	 	1,840	  	 	 	32,710	  	 	 	143,300	  	 	 	143,300	  	 	 	(110,590	) 	 	 	(110,590	) 
	 *CONFIDENTIAL
	  	 	28,789	  	 	 	49,248	  	 	 	46,179	  	 	 	391,264	  	 	 	367,240	  	 	 	475,438	  	 	 	24,024	  	 	 	(84,173	) 
	 *CONFIDENTIAL
	  	 	14,921	  	 	 	10,580	  	 	 	34,289	  	 	 	174,734	  	 	 	70,000	  	 	 	70,000	  	 	 	104,734	  	 	 	104,734	  
	 *CONFIDENTIAL
	  	 	43,710	  	 	 	59,828	  	 	 	80,468	  	 	 	565,998	  	 	 	437,240	  	 	 	545,438	  	 	 	128,758	  	 	 	20,561	  
	 *CONFIDENTIAL
	  	 	17,604	  	 	 	20,406	  	 	 	19,651	  	 	 	204,013	  	 	 	212,589	  	 	 	222,340	  	 	 	(8,576	) 	 	 	(18,327	) 
	 *CONFIDENTIAL
	  	 	13,093	  	 	 	21,358	  	 	 	23,963	  	 	 	190,195	  	 	 	113,434	  	 	 	146,855	  	 	 	76,761	  	 	 	43,341	  
	 *CONFIDENTIAL
	  	 	2,527	  	 	 	5,828	  	 	 	5,655	  	 	 	54,742	  	 	 	53,185	  	 	 	68,855	  	 	 	1,557	  	 	 	(14,112	) 
	 *CONFIDENTIAL
	  	 	33,223	  	 	 	47,593	  	 	 	49,268	  	 	 	448,951	  	 	 	379,208	  	 	 	438,049	  	 	 	69,743	  	 	 	10,901	  
	 *CONFIDENTIAL
	  	 	23,022	  	 	 	31,608	  	 	 	38,239	  	 	 	337,702	  	 	 	169,114	  	 	 	218,939	  	 	 	168,588	  	 	 	118,763	  
	 *CONFIDENTIAL
	  	 	23,022	  	 	 	31,608	  	 	 	38,239	  	 	 	337,702	  	 	 	169,114	  	 	 	218,939	  	 	 	168,588	  	 	 	118,763	  
	 *CONFIDENTIAL
	  	 	1,939	  	 	 	1,878	  	 	 	1,718	  	 	 	19,763	  	 	 	—  	  	 	 	—  	  	 	 	19,763	  	 	 	19,763	  
	 *CONFIDENTIAL
	  	 	5,050	  	 	 	5,050	  	 	 	5,313	  	 	 	59,865	  	 	 	30,000	  	 	 	30,000	  	 	 	29,865	  	 	 	29,865	  
	 *CONFIDENTIAL
	  	 	9,313	  	 	 	8,656	  	 	 	4,527	  	 	 	32,510	  	 	 	—  	  	 	 	—  	  	 	 	32,510	  	 	 	32,510	  
	 *CONFIDENTIAL
	  	 	5,689	  	 	 	9,283	  	 	 	6,504	  	 	 	75,902	  	 	 	73,200	  	 	 	73,200	  	 	 	2,702	  	 	 	2,702	  
	 *CONFIDENTIAL
	  	 	18,850	  	 	 	17,936	  	 	 	18,397	  	 	 	233,976	  	 	 	93,600	  	 	 	93,600	  	 	 	140,376	  	 	 	140,376	  
	 *CONFIDENTIAL
	  	 	40,841	  	 	 	42,803	  	 	 	36,459	  	 	 	422,016	  	 	 	196,800	  	 	 	196,800	  	 	 	225,215	  	 	 	225,215	  
	 *CONFIDENTIAL
	  	 	259	  	 	 	40	  	 	 	107	  	 	 	793	  	 	 	—  	  	 	 	—  	  	 	 	793	  	 	 	793	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	147	  	 	 	228	  	 	 	11,966	  	 	 	16,500	  	 	 	16,500	  	 	 	(4,534	) 	 	 	(4,534	) 
	 *CONFIDENTIAL
	  	 	1	  	 	 	—  	  	 	 	—  	  	 	 	1,640	  	 	 	—  	  	 	 	—  	  	 	 	1,640	  	 	 	1,640	  
	 *CONFIDENTIAL
	  	 	17	  	 	 	337	  	 	 	202	  	 	 	3,171	  	 	 	20,970	  	 	 	27,148	  	 	 	(17,800	) 	 	 	(23,978	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	277	  	 	 	524	  	 	 	537	  	 	 	17,569	  	 	 	37,470	  	 	 	43,648	  	 	 	(19,901	) 	 	 	(26,079	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	820	  	 	 	—  	  	 	 	760	  	 	 	6,093	  	 	 	—  	  	 	 	—  	  	 	 	6,093	  	 	 	6,093	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	820	  	 	 	—  	  	 	 	760	  	 	 	6,093	  	 	 	25,000	  	 	 	—  	  	 	 	(18,907	) 	 	 	6,093	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	936,648	  	 	 	1,008,992	  	 	 	917,087	  	 	 	12,020,868	  	 	 	10,725,772	  	 	 	11,194,820	  	 	 	1,295,096	  	 	 	826,048	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	936,648	  	 	 	1,008,992	  	 	 	917,087	  	 	 	12,020,868	  	 	 	10,725,772	  	 	 	11,194,820	  	 	 	1,295,096	  	 	 	826,048	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	1,147,821	  	 	 	1,170,732	  	 	 	930,986	  	 	 	13,166,795	  	 	 	12,578,595	  	 	 	16,041,818	  	 	 	590,200	  	 	 	(2,873,023	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	81.83	  	 	 	54.97	  	 	 	50.99	  	 	 	57.35	  	 	 	65.07	  	 	 	89.86	  	 				 			

 The Budget is equal to the 0 & 12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  








 Confidential Treatment 
  


																									
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
		  				 				 				 				 				 			
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	243	  	 	 	320	  	 	 	289	  	 	 	243	  	 	 	(77	) 	 	 	—  	  
	 Total Application Dollars
	  	$	30,992	  	 	$	45,120	  	 	$	31,400	  	 	$	30,992	  	 	$	14,128	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	192	  	 	 	224	  	 	 	216	  	 	 	192	  	 	 	(32	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	22,372	  	 	$	31,584	  	 	 	23,796	  	 	$	22,372	  	 	$	9,212	  	 	$	—  	  
	 Average Loan Amount
	  	 	118,519	  	 	 	141,000	  	 	$	108,796	  	 	 	116,519	  	 	 	(26	) 	 			
		  	 	 	 	 	 	 	 	 	  
  
	  
 226
	  
   
	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	143	  	 	 	169	  	 				 	 	143	  	 	 	(7,720	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	16,074	  	 	$	23,794	  	 	 	23,794	  	 	$	16,074	  	 	$	6	  	 	$	—  	  
	 Average Loan Amount
	  	 	112,405	  	 	 	141,000	  	 	$	105,794	  	 	 	112,405	  	 	 	(1,492	) 	 			
		  	 	 	 	 	 	 	 	 	  
  
	  
 105,470
	  
   
	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	49	  	 	 	55	  	 	 	 	 	 	 	49	  	 				 			
	 Refi Closings - Dollars
	  	$	6,298	  	 	$	7,790	  	 	 	(10	) 	 	$	6,298	  	 				 			
	 Average Loan Amount
	  	 	128,526	  	 	 	141,000	  	 	$	294	  	 	 	18,526	  	 				 			
	 *CONFIDENTIAL
	  	 	 	 	 	 	 	 	 	  
  
	  
 30,625
	  
   
	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	6,070	  	 				 	$	4,700	  	 				 				 	 	—  	  
	 *CONFIDENTIAL
	  	 	28.2	% 	 	 	24.7	% 	 	 	-1.3	% 	 	 	28.2	% 	 				 	$	—  	  
	 *CONFIDENTIAL
	  	 	18.6	% 	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	27.1	% 	 				 	 	20.0	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	-0.21	% 	 	 	1.85	% 	 	 	1.44	% 	 	 	1.85	% 	 				 			
	 *CONFIDENTIAL
	  	 	259	  	 	 	358	  	 	 	271	  	 	 	296	  	 				 			
	 *CONFIDENTIAL
	  	 	-20.88	% 	 	 	62.65	% 	 	 	62.96	% 	 	 	62.65	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.84	% 	 	 	0.80	% 	 	 	0.68	% 	 	 	0.80	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.00	% 	 	 	3.14	% 	 	 	2.56	% 	 	 	3.14	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.96	% 	 	 	1.98	% 	 	 	1.66	% 	 	 	1.98	% 	 				 			
	 *CONFIDENTIAL
	  	$	1,171	  	 	$	4,427	  	 	$	2,788	  	 	$	3,658	  	 				 			
	 *CONFIDENTIAL
	  	$	1,856	  	 	$	1,921	  	 	$	2,127	  	 	$	2,092	  	 				 			
	 *CONFIDENTIAL
	  	 	1.59	% 	 	 	1.36	% 	 	 	1.95	% 	 	 	1.80	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	91	  	 	 	96	  	 	 	93	  	 	 	96	  	 	 	(5	) 	 	 	(5	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	(46.293	) 	 	 	584,304	  	 	 	338,400	  	 	 	413,875	  	 	 	(630,597	) 	 	 	(460,168	) 
	 *CONFIDENTIAL
	  	 	13,926	  	 	 	6,423	  	 	 	3,755	  	 	 	4,549	  	 	 	7,603	  	 	 	9,376	  
	 *CONFIDENTIAL
	  	 	49,728	  	 	 	80,277	  	 	 	58,450	  	 	 	56,862	  	 	 	(30,550	) 	 	 	(7,135	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	3,158	  	 	 	2,350	  	 	 	2,237	  	 	 	(3,158	) 	 	 	(2,237	) 
	 *CONFIDENTIAL
	  	 	20,252	  	 	 	66,326	  	 	 	39,480	  	 	 	46,980	  	 	 	(46,975	) 	 	 	(26,729	) 
	 *CONFIDENTIAL
	  	 	187,169	  	 	 	251,093	  	 	 	159,800	  	 	 	177,854	  	 	 	(63,923	) 	 	 	9,315	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	224,781	  	 	 	991,581	  	 	 	602,235	  	 	 	702,358	  	 	 	(756,800	) 	 	 	(447,578	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	9,668	  	 	 	366,054	  	 	 	213,058	  	 	 	259,284	  	 	 	(356,386	) 	 	 	(249,616	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	215,113	  	 	 	625,527	  	 	 	389,177	  	 	 	443,074	  	 	 	(410,414	) 	 	 	(227,961	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	170,585	  	 	 	177,461	  	 	 	187,648	  	 	 	177,461	  	 	 	(6,876	) 	 	 	(6,876	) 
	 *CONFIDENTIAL
	  	 	610	  	 	 	—  	  	 	 	1,000	  	 	 	—  	  	 	 	610	  	 	 	610	  
	 *CONFIDENTIAL
	  	 	6,996	  	 	 	4,500	  	 	 	4,500	  	 	 	3,187	  	 	 	2,496	  	 	 	3,809	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	1,898	  	 	 	75	  	 	 	1,898	  	 	 	53	  	 	 	1,823	  	 	 	1,845	  
	 *CONFIDENTIAL
	  	 	5,905	  	 	 	49,297	  	 	 	57,997	  	 	 	49,297	  	 	 	(43,392	) 	 	 	(43,392	) 
	 *CONFIDENTIAL
	  	 	30,362	  	 	 	38,046	  	 	 	28,049	  	 	 	38,046	  	 	 	(7,684	) 	 	 	(7,684	) 
	 *CONFIDENTIAL
	  	 	890	  	 	 	500	  	 	 	500	  	 	 	500	  	 	 	390	  	 	 	390	  
	 *CONFIDENTIAL
	  	 	500	  	 	 	2,000	  	 	 	2,500	  	 	 	2,000	  	 	 	(1,500	) 	 	 	(1,500	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	217,746	  	 	 	271,879	  	 	 	284,093	  	 	 	270,544	  	 	 	(54,133	) 	 	 	(52,798	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	35,208	  	 	 	35,712	  	 	 	36,125	  	 	 	35,712	  	 	 	(504	) 	 	 	(504	) 
	 *CONFIDENTIAL
	  	 	1,929	  	 	 	950	  	 	 	950	  	 	 	950	  	 	 	979	  	 	 	979	  
	 *CONFIDENTIAL
	  	 	3,090	  	 	 	2,100	  	 	 	2,100	  	 	 	2,100	  	 	 	990	  	 	 	990	  
	 *CONFIDENTIAL
	  	 	40,227	  	 	 	36,752	  	 	 	39,175	  	 	 	38,762	  	 	 	1,465	  	 	 	1,465	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	3,800	  	 	 	—  	  	 	 	3,800	  	 	 	(3,800	) 	 	 	(3,800	) 
	 *CONFIDENTIAL
	  	 	6,429	  	 	 	3,500	  	 	 	6,000	  	 	 	3,500	  	 	 	2,929	  	 	 	2,929	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	6,429	  	 	 	7,300	  	 	 	6,000	  	 	 	7,300	  	 	 	(871	) 	 	 	(871	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	19,473	  	 	 	29,134	  	 	 	15,000	  	 	 	20,636	  	 	 	(9,661	) 	 	 	(1,164	) 
	 *CONFIDENTIAL
	  	 	7,571	  	 	 	3,766	  	 	 	3,766	  	 	 	3,766	  	 	 	3,805	  	 	 	3,805	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,043	  	 	 	32,900	  	 	 	18,766	  	 	 	24,402	  	 	 	(5,857	) 	 	 	(2,641	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	30,889	  	 	 	33,000	  	 	 	33,225	  	 	 	23,375	  	 	 	(2,111	) 	 	 	7,515	  
	 *CONFIDENTIAL
	  	 	3,204	  	 	 	5,000	  	 	 	5,508	  	 	 	3,542	  	 	 	(1,796	) 	 	 	(337	) 
	 *CONFIDENTIAL
	  	 	1,452	  	 	 	1,550	  	 	 	1,456	  	 	 	1,098	  	 	 	(98	) 	 	 	354	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	35,543	  	 	 	39,550	  	 	 	40,189	  	 	 	28,014	  	 	 	(4,005	) 	 	 	7,531	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	21,131	  	 	 	22,894	  	 	 	18,000	  	 	 	16,216	  	 	 	(1,763	) 	 	 	4,914	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	21,131	  	 	 	22,894	  	 	 	18,000	  	 	 	16,216	  	 	 	(1,763	) 	 	 	4,914	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	2,000	  	 	 	2,000	  	 	 	1,417	  	 	 	(2,000	) 	 	 	(1,417	) 
	 *CONFIDENTIAL
	  	 	3,658	  	 	 	6,750	  	 	 	6,750	  	 	 	6,750	  	 	 	(3,092	) 	 	 	(3,092	) 
	 *CONFIDENTIAL
	  	 	202	  	 	 	1,600	  	 	 	122	  	 	 	1,600	  	 	 	(1,398	) 	 	 	(1,398	) 
	 *CONFIDENTIAL
	  	 	416	  	 	 	1,083	  	 	 	1,083	  	 	 	1,083	  	 	 	(667	) 	 	 	(667	) 
	 *CONFIDENTIAL
	  	 	3,016	  	 	 	2,000	  	 	 	2,000	  	 	 	2,000	  	 	 	1,016	  	 	 	1,016	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,292	  	 	 	13,433	  	 	 	11,955	  	 	 	12,650	  	 	 	(6,141	) 	 	 	(8,558	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	798	  	 	 	620	  	 	 	561	  	 	 	620	  	 	 	178	  	 	 	178	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	500	  	 	 	500	  	 	 	500	  	 	 	(500	) 	 	 	(500	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	800	  	 	 	38,351	  	 	 	800	  	 	 	(800	) 	 	 	(800	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	798	  	 	 	1,920	  	 	 	39,412	  	 	 	1,920	  	 	 	(1,122	) 	 	 	(1,122	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	52	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	52	  	 	 	52	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	52	  	 	 	1,750	  	 	 	1,750	  	 	 	1,750	  	 	 	(1,698	) 	 	 	(1,698	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	356,263	  	 	 	430,388	  	 	 	459,340	  	 	 	401,758	  	 	 	(74,125	) 	 	 	(45,496	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	356,263	  	 	 	430,388	  	 	 	459,340	  	 	 	401,758	  	 	 	(74,125	) 	 	 	(45,496	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	(141,150	) 	 	 	195,139	  	 	 	(70,163	) 	 	 	41,316	  	 	 	(336,289	) 	 	 	(182,465	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	(63.09	) 	 	 	87.23	  	 	 	(31.36	) 	 	 	18.47	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 The Budget is equal to the 0 & 12 Forecast for the following pages.
	  				 				 				 				 				 			

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 194 









 Confidential Treatment 
  


																																					
	 *CONFIDENTIAL * YTD total only includes actual expenses
	 
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	Revenue/Key Drivers	  				 				 				 				 				 				 				 				 			
	Total Application Units	  	 	320	  	 	 	288	  	 	 	529	  	 	 	370	  	 	 	319	  	 	 	348	  	 	 	291	  	 	 	312	  	 	 	291	  
	Total Application Dollars	  	$	42,289	  	 	$	38,021	  	 	$	70,342	  	 	$	46,700	  	 	$	39,526	  	 	$	46,621	  	 	$	36,013	  	 	$	40,321	  	 	$	36,526	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Closing Units	  	 	134	  	 	 	158	  	 	 	305	  	 	 	287	  	 	 	237	  	 	 	279	  	 	 	229	  	 	 	267	  	 	 	214	  
	Total Closing Dollars	  	$	17,604	  	 	$	21,422	  	 	$	39,018	  	 	$	34,226	  	 	$	27,189	  	 	$	32,135	  	 	$	23,664	  	 	$	30,899	  	 	$	25,776	  
	Average Loan Amount	  	 	131,376	  	 	 	135,582	  	 	 	127,926	  	 	 	119,255	  	 	 	114,723	  	 	 	115,180	  	 	 	103,423	  	 	 	115,726	  	 	 	120,450	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchase Closing Units	  	 	93	  	 	 	107	  	 	 	170	  	 	 	201	  	 	 	192	  	 	 	252	  	 	 	204	  	 	 	225	  	 	 	177	  
	Purchase Closing Dollars	  	$	12,742	  	 	$	13,961	  	 	$	20,584	  	 	$	23,358	  	 	$	2,144	  	 	$	29,396	  	 	$	21,324	  	 	$	25,886	  	 	$	21,180	  
	Average Loan Amount	  	 	137,015	  	 	 	130,660	  	 	 	121,081	  	 	 	116,207	  	 	 	11,167	  	 	 	116,650	  	 	 	104,531	  	 	 	115,051	  	 	 	119,863	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Refi Closings - Units	  	 	41	  	 	 	51	  	 	 	135	  	 	 	86	  	 	 	45	  	 	 	27	  	 	 	25	  	 	 	42	  	 	 	37	  
	Refi Closings - Dollars	  	$	4,882	  	 	$	7,441	  	 	$	18,434	  	 	$	10,868	  	 	$	25,045	  	 	$	2,739	  	 	$	2,380	  	 	$	5,012	  	 	$	4,596	  
	Average Loan Amount	  	 	118,585	  	 	 	145,908	  	 	 	136,547	  	 	 	126,377	  	 	 	556,564	  	 	 	101,452	  	 	 	94,380	  	 	 	119,341	  	 	 	124,214	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	234	  	 	$	—  	  	 	$	 —  	  	 	$	2,014	  	 	$	6,202	  	 	$	7,116	  	 	$	5,325	  	 	$	3,971	  	 	$	3,224	  
	*CONFIDENTIAL	  	 	27.6	% 	 	 	34.7	% 	 	 	47.2	% 	 	 	31.8	% 	 	 	92.1	% 	 	 	6.5	% 	 	 	10.0	% 	 	 	16.2	% 	 	 	17.8	% 
	*CONFIDENTIAL	  	 	15.2	% 	 	 	18.1	% 	 	 	18.6	% 	 	 	18.4	% 	 	 	14.4	% 	 	 	20.4	% 	 	 	15.6	% 	 	 	16.5	% 	 	 	15.5	% 
	*CONFIDENTIAL	  	 	1.3	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	5.9	% 	 	 	22.8	% 	 	 	22.1	% 	 	 	22.5	% 	 	 	12.9	% 	 	 	12.5	% 
	*CONFIDENTIAL	  	 	2.00	% 	 	 	2.06	% 	 	 	1.64	% 	 	 	1.84	% 	 	 	1.71	% 	 	 	1.86	% 	 	 	0.47	% 	 	 	0.86	% 	 	 	1.86	% 
	*CONFIDENTIAL	  	 	170	  	 	 	292	  	 	 	228	  	 	 	338	  	 	 	221	  	 	 	296	  	 	 	342	  	 	 	327	  	 	 	313	  
	*CONFIDENTIAL	  	 	69.97	% 	 	 	64.09	% 	 	 	64.97	% 	 	 	58.29	% 	 	 	63.84	% 	 	 	67.14	% 	 	 	286.07	% 	 	 	138.94	% 	 	 	64.49	% 
	*CONFIDENTIAL	  	 	0.85	% 	 	 	0.71	% 	 	 	0.96	% 	 	 	0.56	% 	 	 	0.69	% 	 	 	0.66	% 	 	 	1.09	% 	 	 	1.84	% 	 	 	0.72	% 
	*CONFIDENTIAL	  	 	3.28	% 	 	 	2.96	% 	 	 	2.75	% 	 	 	2.80	% 	 	 	2.79	% 	 	 	2.91	% 	 	 	2.22	% 	 	 	3.08	% 	 	 	2.61	% 
	*CONFIDENTIAL	  	 	1.68	% 	 	 	1.64	% 	 	 	1.69	% 	 	 	1.73	% 	 	 	1.70	% 	 	 	1.67	% 	 	 	0.88	% 	 	 	1.88	% 	 	 	1.41	% 
	*CONFIDENTIAL	  	$	4,308	  	 	$	4,009	  	 	$	3,524	  	 	$	3,343	  	 	$	3,205	  	 	$	3,353	  	 	$	2,291	  	 	$	3,564	  	 	$	 3,146	  
	*CONFIDENTIAL	  	$	3,270	  	 	$	2,210	  	 	$	1,489	  	 	$	1,447	  	 	$	1,797	  	 	$	1,480	  	 	$	1,835	  	 	$	1,500	  	 	$	 1,855	  
	*CONFIDENTIAL	  	 	2.49	% 	 	 	1.63	% 	 	 	1.16	% 	 	 	1.21	% 	 	 	1.57	% 	 	 	1.29	% 	 	 	1.77	% 	 	 	1.30	% 	 	 	1.54	% 
	 Loans over 60 days 
	  	 	1	  	 	 	1	  	 	 	1	  	 	 	2	  	 	 	N/A	  	 	 	8	  	 	 	6	  	 	 	3	  	 	 	N/A	  
	Summary Headcount	  	 	99	  	 	 	102	  	 	 	97	  	 	 	92	  	 	 	93	  	 	 	91	  	 	 	95	  	 	 	93	  	 	 	95	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	Revenue	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	352,942	  	 	 	441,123	  	 	 	639,627	  	 	 	628,427	  	 	 	465,264	  	 	 	596,192	  	 	 	110,924	  	 	 	267,122	  	 	 	480,002	  
	*CONFIDENTIAL	  	 	(8,618	) 	 	 	(13,491	) 	 	 	(24,152	) 	 	 	(16,334	) 	 	 	(8,945	) 	 	 	(4,595	) 	 	 	10,167	  	 	 	(5,245	) 	 	 	(188	) 
	*CONFIDENTIAL	  	 	22,737	  	 	 	46,161	  	 	 	69,441	  	 	 	96,870	  	 	 	52,437	  	 	 	82,455	  	 	 	78,422	  	 	 	87,226	  	 	 	66,975	  
	*CONFIDENTIAL	  	 	7,722	  	 	 	1,997	  	 	 	(699	) 	 	 	137	  	 	 	(687	) 	 	 	(322	) 	 	 	—  	  	 	 	—  	  	 	 	(93,815	) 
	*CONFIDENTIAL	  	 	(5,025	) 	 	 	(7,231	) 	 	 	(4,220	) 	 	 	(6,529	) 	 	 	(5,862	) 	 	 	(5,083	) 	 	 	(2,483	) 	 	 	(7,205	) 	 	 	(6,147	) 
	*CONFIDENTIAL	  	 	—  	  	 	 
	—  
	  
	 	 
	—  
	  
	 	 
	—  
	  
	 	 	2,196	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	0	  
	*CONFIDENTIAL	  	 	56,859	  	 	 	12,581	  	 	 	20,606	  	 	 	68,347	  	 	 	68,725	  	 	 	55,115	  	 	 	69,130	  	 	 	42,205	  	 	 	40,153	  
	*CONFIDENTIAL	  	 	148,902	  	 	 	152,334	  	 	 	374,374	  	 	 	190,492	  	 	 	186,613	  	 	 	211,708,	  	 	 	258,518	  	 	 	567,472	  	 	 	186,650	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Revenue	  	 	577,319	  	 	 	633,,474	  	 	 	1,074,777	  	 	 	959,410	  	 	 	759,561	  	 	 
	935,470
	  
	 	 	524,678	  	 	 	951,575	  	 	 	673,650	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commissions	  	 	246,939	  	 	 	282,722	  	 	 	415,576	  	 	 	366,302	  	 	 	286,126	  	 	 	400,292	  	 	 	317,321	  	 	 	371,135	  	 	 	309,576	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue	  	 	330,380	  	 	 	350,752	  	 	 	659,201	  	 	 	593,108	  	 	 	463,435	  	 	 	535,189	  	 	 	207,357	  	 	 	580,440	  	 	 	364,075	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Indirect Costs	  				 				 				 				 				 				 				 				 			
	*CONFIDENTIAL	  	 	195,596	  	 	 	170,792	  	 	 	214,476	  	 	 	176,336	  	 	 	164,457	  	 	 	168,991	  	 	 	168,955	  	 	 	171,271	  	 	 	169,731	  
	*CONFIDENTIAL	  	 	1,753	  	 	 	660	  	 	 	424	  	 	 	410	  	 	 	1,031	  	 	 	933	  	 	 	1,296	  	 	 	1,165	  	 	 	1,162	  
	*CONFIDENTIAL	  	 	9,795	  	 	 	8,238	  	 	 	9,506	  	 	 	12,150	  	 	 	9,733	  	 	 	12,384	  	 	 	12,949	  	 	 	9,708	  	 	 	11,155	  
	*CONFIDENTIAL	  	 	—  	  	 	 
	—  
	  
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	833	  	 	 	833	  	 	 	833	  	 	 	833	  	 	 	833	  	 	 	833	  	 	 	833	  	 	 	—  	  	 	 	4,987	  
	*CONFIDENTIAL	  	 	68,944	  	 	 	48,184	  	 	 	63,200	  	 	 	66,569	  	 	 	62,844	  	 	 	58,011	  	 	 	70,307	  	 	 	80,985	  	 	 	51,389	  
	*CONFIDENTIAL	  	 	60,282	  	 	 	34,921	  	 	 	35,895	  	 	 	41,295	  	 	 	41,304	  	 	 	35,298	  	 	 	42,398	  	 	 	31,588	  	 	 	33,770	  
	*CONFIDENTIAL	  	 	—  	  	 	 	676	  	 	 	1,446	  	 	 
	34
	  
	 	 	626	  	 	 	993	  	 	 	329	  	 	 	250	  	 	 	250	  
	*CONFIDENTIAL	  	 	—   	  	 	 
	—  
	  
	 	 	—  	  	 	 
	—  
	  
	 	 	5,696	  	 	 	3,600	  	 	 	3,796	  	 	 	4,197	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 
	—  
	  
	 	 	—  	  	 	 
	—  
	  
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 
	—  
	  
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—   	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	337,204	  	 	 	264,303	  	 	 	325,781	  	 	 	297,626	  	 	 	286,524	  	 	 	281,044	  	 	 	300,864	  	 	 	279,165	  	 	 	272,463	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	23,310	  	 	 	25,655	  	 	 	36,125	  	 	 	34,921	  	 	 	33,921	  	 	 	34,984	  	 	 	33,915	  	 	 	36,060	  	 	 	35,050	  
	*CONFIDENTIAL	  	 	2,290	  	 	 	3,249	  	 	 	7,079	  	 	 	1,945	  	 	 	3,045	  	 	 	6,388	  	 	 	2,236	  	 	 	2,330	  	 	 	2,860	  
	*CONFIDENTIAL	  	 	546	  	 	 	1,095	  	 	 	2,163	  	 	 	193	  	 	 	2,232	  	 	 	3,567	  	 	 	2,626	  	 	 	1,700	  	 	 	1,596	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	26,146	  	 	 	29,999	  	 	 	45,367	  	 	 
	37,061
	  
	 	 	39,198	  	 	 	44,939	  	 	 	38,777	  	 	 	40,090	  	 	 	39,507	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—   	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	4,329	  	 	 	4,769	  	 	 	1,488	  	 	 	7,486	  	 	 	8,669	  	 	 	4,972	  	 	 	4,389	  	 	 	5,454	  	 	 	5,948	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	4,329	  	 	 	4,769	  	 	 	1,488	  	 	 	7,486	  	 	 	8,669	  	 	 	4,972	  	 	 	4,389	  	 	 	5,454	  	 	 	5,948	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	9,845	  	 	 	16,890	  	 	 	19,332	  	 	 	13,850	  	 	 	24,735	  	 	 	17,844	  	 	 	12,868	  	 	 	10,916	  	 	 	15,152	  
	*CONFIDENTIAL	  	 	2,035	  	 	 	1,299	  	 	 	3,120	  	 	 	1,412	  	 	 	2,793	  	 	 	2,757	  	 	 	4,628	  	 	 	5,356	  	 	 	1,564	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	11,880	  	 	 	18,190	  	 	 	22,453	  	 	 	15,062	  	 	 	27,527	  	 	 	20,802	  	 	 	17,494	  	 	 	16,272	  	 	 	16,716	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	25,561	  	 	 	5,684	  	 	 	33,225	  	 	 	34,936	  	 	 	32,350	  	 	 	33,047	  	 	 	29,725	  	 	 	32,126	  	 	 	31,197	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,155	  	 	 	3,835	  	 	 	3,316	  
	*CONFIDENTIAL	  	 	4,823	  	 	 	4,165	  	 	 	2,791	  	 	 	2,060	  	 	 	560	  	 	 	842	  	 	 	806	  	 	 	524	  	 	 	1,054	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	30,384	  	 	 	9,849	  	 	 	36,016	  	 	 	36,996	  	 	 	32,910	  	 	 	33,889	  	 	 	34,686	  	 	 	36,485	  	 	 	35,567	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	17,940	  	 	 	11,128	  	 	 	16,398	  	 	 	12,926	  	 	 	21,325	  	 	 	19,785	  	 	 	15,161	  	 	 	16,458	  	 	 	15,938	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	17,940	  	 	 	11,128	  	 	 	16,398	  	 	 	12,926	  	 	 	21,325	  	 	 	19,785	  	 	 	15,161	  	 	 	16,458	  	 	 	15,938	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	4,339	  	 	 	4,791	  	 	 	3,179	  	 	 	4,069	  	 	 	5,977	  	 	 	4,596	  	 	 	4,426	  	 	 	2,509	  	 	 	3,478	  
	*CONFIDENTIAL	  	 	645	  	 	 	714	  	 	 	76	  	 	 	202	  	 	 	2,374	  	 	 	250	  	 	 	—  	  	 	 	888	  	 	 	213	  
	*CONFIDENTIAL	  	 	2,036	  	 	 	2,320	  	 	 	189	  	 	 	235	  	 	 	—  	  	 	 	833	  	 	 	1,553	  	 	 	1,133	  	 	 	1,409	  
	*CONFIDENTIAL	  	 	2,713	  	 	 	2,597	  	 	 	2,943	  	 	 	2,743	  	 	 	759	  	 	 	1,388	  	 	 	1,876	  	 	 	1,876	  	 	 	4,329	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	9,733	  	 	 	10,423	  	 	 	6,387	  	 	 	7,249	  	 	 	9,110	  	 	 	7,067	  	 	 	7,855	  	 	 	6,406	  	 	 	9,428	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	629	  	 	 	470	  	 	 	198	  	 	 	708	  	 	 	546	  	 	 	745	  	 	 	759	  	 	 	273	  	 	 	898	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	629	  	 	 	470	  	 	 	198	  	 	 	958	  	 	 	546	  	 	 	745	  	 	 	759	  	 	 	273	  	 	 	898	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	33	  	 	 	11	  	 	 	144	  	 	 	28	  	 	 	448	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	33	  	 	 	11	  	 	 	144	  	 	 	28	  	 	 	448	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses	  	 	438,246	  	 	 	349,131	  	 	 	454,088	  	 	 	415,365	  	 	 	425,843	  	 	 	413,052	  	 	 	420,130	  	 	 	400,631	  	 	 	396,912	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Corporate Allocations	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Controllable Expenses	  	 	438,246	  	 	 	349,131	  	 	 	454,088	  	 	 	415,365	  	 	 	425,843	  	 	 	413,052	  	 	 	420,130	  	 	 	400,631	  	 	 	396,912	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses	  	 	(107,865	) 	 	 	1,621	  	 	 	205,113	  	 	 	177,742	  	 	 	37,592	  	 	 	122,128	  	 	 	(212,773	) 	 	 	179,809	  	 	 	(32,837	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses-BPS	  	 	(61.27	) 	 	 	0.76	  	 	 	52.57	  	 	 	51.93	  	 	 	13.83	  	 	 	38.00	  	 	 	(69.84	) 	 	 	58.19	  	 	 	(12.74	) 

  

																																	
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	Revenue/Key Drivers	  				 				 				 				 				 				 				 			
	Total Application Units	  	 	271	  	 	 	298	  	 	 	243	  	 	 	3,880	  	 	 	4,049	  	 	 	3,880	  	 	 	(169	) 	 	 	—  	  
	Total Application Dollars	  	$	33,420	  	 	$	37,606	  	 	$	30,992	  	 	$	500,379	  	 	$	570,849	  	 	$	500,379	  	 	$	(70,470	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Closing Units	  	 	259	  	 	 	232	  	 	 	192	  	 	 	2,793	  	 	 	2,834	  	 	 	2,793	  	 	 	(41	) 	 	 	—  	  
	Total Closing Dollars	  	$	28,265	  	 	$	25,167	  	 	$	22,372	  	 	$	327,756	  	 	$	399,594	  	 	$	327,756	  	 	$	(71,838	) 	 	$	—  	  
	Average Loan Amount	  	 	109,130	  	 	 	108,476	  	 	 	116,519	  	 	 	117,349	  	 	 	141,000	  	 	 	117,349	  	 	 	(23,651	) 	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchase Closing Units	  	 	211	  	 	 	188	  	 	 	143	  	 	 	2,163	  	 	 	2,126	  	 	 	2,163	  	 	 	37	  	 	 	—  	  
	Purchase Closing Dollars	  	$	22,367	  	 	$	20,451	  	 	$	16,074	  	 	$	229,487	  	 	$	299,696	  	 	$	229,487	  	 	$	(70,209	) 	 	$	—  	  
	Average Loan Amount	  	 	106,003	  	 	 	108,782	  	 	 	112,405	  	 	 	106,097	  	 	 	141,000	  	 	 	106,097	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Refl Closings - Units	  	 	48	  	 	 	44	  	 	 	49	  	 	 	630	  	 	 	708	  	 	 	630	  	 	 	(78	) 	 	 	—  	  
	Refl Closings - Dollars	  	$	5,898	  	 	$	4,716	  	 	$	6,298	  	 	$	98,269	  	 	$	99,898	  	 	$	98,269	  	 	$	(1,629	) 	 	$	—  	  
	Average Loan Amount	  	 	122,877	  	 	 	107,171	  	 	 	128,526	  	 	 	155,983	  	 	 	141,000	  	 	 	155,983	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	5,709	  	 	$	6,237	  	 	$	6,070	  	 	$	46,102	  	 				 				 				 			
	*CONFIDENTIAL	  	 	20.9	% 	 	 	18.7	% 	 	 	28.2	% 	 	 	30.0	% 	 	 	25.0	% 	 	 	30.0	% 	 				 			
	*CONFIDENTIAL	  	 	18.0	% 	 	 	15.2	% 	 	 	18.6	% 	 	 	17.0	% 	 				 				 				 			
	*CONFIDENTIAL	  	 	20.2	% 	 	 	24.8	% 	 	 	27.1	% 	 	 	14.1	% 	 				 				 				 			
	*CONFIDENTIAL	  	 	1.77	% 	 	 	2.06	% 	 	 	-0.21	% 	 	 	1.51	% 	 	 	1.85	% 	 	 	1.65	% 	 				 			
	*CONFIDENTIAL	  	 	297	  	 	 	156	  	 	 	259	  	 	 	274	  	 	 	381	  	 	 	317	  	 				 			
	*CONFIDENTIAL	  	 	62.47	% 	 	 	62.18	% 	 	 	-20.88	% 	 	 	73.68	% 	 	 	62.65	% 	 	 	62.65	% 	 				 			
	*CONFIDENTIAL	  	 	0.69	% 	 	 	0.85	% 	 	 	0.84	% 	 	 	0.88	% 	 	 	0.80	% 	 	 	0.80	% 	 				 			
	*CONFIDENTIAL	  	 	2.62	% 	 	 	3.22	% 	 	 	1.00	% 	 	 	2.72	% 	 	 	3.14	% 	 	 	3.14	% 	 				 			
	*CONFIDENTIAL	  	 	1.71	% 	 	 	1.94	% 	 	 	0.96	% 	 	 	1.61	% 	 	 	1.98	% 	 	 	1.98	% 	 				 			
	*CONFIDENTIAL	  	$	3,076	  	 	$	3,492	  	 	$	1,171	  	 	$	3,194	  	 	$	4,429	  	 	$	3,686	  	 				 			
	*CONFIDENTIAL	  	$	1,476	  	 	$	1,670	  	 	$	1,856	  	 	$	1,733	  	 	$	1,790	  	 	$	1,737	  	 				 			
	*CONFIDENTIAL	  	 	1.35	% 	 	 	1.54	% 	 	 	1.59	% 	 	 	1.48	% 	 	 	1.27	% 	 	 	1.48	% 	 				 			
	 Loans over 60 days
	  	 	5	  	 	 	N/A	  	 	 	N/A	  	 	 	27	  	 	 	N/A	  	 	 	N/A	  	 				 			
	Summary Headcount	  	 	92	  	 	 	91	  	 	 	91	  	 	 
	91
	  
	 	 	96	  	 	 	96	  	 	 	—  	  	 	 	(5	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VALUE
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	Revenue	  				 				 				 				 				 				 				 			
	*CONFIDENTIAL	  	 	500,790	  	 	 	519,641	  	 	 	(46,293	) 	 	 	4,955,781	  	 	 	7,392,489	  	 	 	6,063,487	  	 	 	(2,436,708	) 	 	 	(1,107,706	) 
	*CONFIDENTIAL	  	 	(10,340	) 	 	 	19,519	  	 	 	13,926	  	 	 	(50,476	) 	 	 	131,866	  	 	 	108,160	  	 	 	(182,342	) 	 	 	(158,636	) 
	*CONFIDENTIAL	  	 	76,869	  	 	 	36,167	  	 	 	49,726	  	 	 	765,487	  	 	 	1,078,904	  	 	 	884,941	  	 	 	(313,417	) 	 	 	(11,941	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(86,067	) 	 	 	(48,000	) 	 	 	(39,371	) 	 	 	(38,067	) 	 	 	(46,696	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(49,786	) 	 	 	(60,000	) 	 	 	(49,213	) 	 	 	10,214	  	 	 	(572	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,196	  	 	 	39,959	  	 	 	32,776	  	 	 	(37,763	) 	 	 	(30,580	) 
	*CONFIDENTIAL	  	 	35,288	  	 	 	22,077	  	 	 	20,252	  	 	 	513,338	  	 	 	839,147	  	 	 	688,288	  	 	 	(325,809	) 	 	 	(174,950	) 
	*CONFIDENTIAL	  	 	194,000	  	 	 	212,830	  	 	 	187,169	  	 	 	2,871,062	  	 	 	3,176,772	  	 	 	2,605,661	  	 	 	(305,710	) 	 	 	265,401	  
	Gross Revenue	  	 	796,607	  	 	 	810,234	  	 	 	224,781	  	 	 	8,921,538	  	 	 	12,551,138	  	 	 	10,294,728	  	 	 	3,629,602	  	 	 	1,373,193	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commissions	  	 	312,863	  	 	 	323,112	  	 	 	9,668	  	 	 	3,651,631	  	 	 	4,631,241	  	 	 	3,798,649	  	 	 	(979,609	) 	 	 	(147,017	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue	  	 	483,745	  	 	 	487,121	  	 	 	215,113	  	 	 	5,269,904	  	 	 	7,919,897	  	 	 	6,496,080	  	 	 	(2,649,983	) 	 	 	(1,226,175	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Indirect Costs	  				 				 				 				 				 				 				 			
	*CONFIDENTIAL	  	 	160,211	  	 	 	174,771	  	 	 	170,585	  	 	 	2,106,171	  	 	 	2,030,719	  	 	 	2,030,719	  	 	 	75,452	  	 	 	75,452	  
	*CONFIDENTIAL	  	 	1,011	  	 	 	461	  	 	 	610	  	 	 	10,937	  	 	 	—  	  	 	 	—  	  	 	 	10,937	  	 	 	10,937	  
	*CONFIDENTIAL	  	 	6,972	  	 	 	6,905	  	 	 	6,996	  	 	 	116,491	  	 	 	80,000	  	 	 	60,000	  	 	 	56,491	  	 	 	56,491	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	1,898	  	 	 	1,898	  	 	 	1,898	  	 	 	16,515	  	 	 	900	  	 	 	738	  	 	 	15,615	  	 	 	15,777	  
	*CONFIDENTIAL	  	 	56,528	  	 	 	51,791	  	 	 	5,905	  	 	 	664,657	  	 	 	604,240	  	 	 	604,240	  	 	 	60,418	  	 	 	60,418	  
	*CONFIDENTIAL	  	 	24,865	  	 	 	27,324	  	 	 	30,362	  	 	 	439,303	  	 	 	466,337	  	 	 	466,337	  	 	 	(27,034	) 	 	 	(27,034	) 
	*CONFIDENTIAL	  	 	258	  	 	 	7	  	 	 	690	  	 	 	5,759	  	 	 	10,800	  	 	 	10,800	  	 	 	(5,041	) 	 	 	(5,041	) 
	*CONFIDENTIAL	  	 	4,729	  	 	 	143	  	 	 	500	  	 	 	22,661	  	 	 	24,000	  	 	 	24,000	  	 	 	(1,339	) 	 	 	(1,339	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	256,472	  	 	 	263,299	  	 	 	217,746	  	 	 	3,382,494	  	 	 	3,196,996	  	 	 	3,196,834	  	 	 	185,498	  	 	 	185,660	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	35,045	  	 	 	35,175	  	 	 	35,206	  	 	 	399,371	  	 	 	393,670	  	 	 	393,670	  	 	 	5,701	  	 	 	5,701	  
	*CONFIDENTIAL	  	 	2,598	  	 	 	2,534	  	 	 	1,929	  	 	 	38,484	  	 	 	11,400	  	 	 	11,400	  	 	 	27,084	  	 	 	27,084	  
	*CONFIDENTIAL	  	 	2,070	  	 	 	1,461	  	 	 	3,090	  	 	 	22,360	  	 	 	25,200	  	 	 	25,200	  	 	 	(2,840	) 	 	 	(2,840	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	39,713	  	 	 	39,191	  	 	 	40,227	  	 	 	460,215	  	 	 	430,270	  	 	 	430,270	  	 	 	29,945	  	 	 	29,945	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	45,600	  	 	 	45,600	  	 	 	(45,600	) 	 	 	(45,600	) 
	*CONFIDENTIAL	  	 	7,431	  	 	 	4,827	  	 	 	6,429	  	 	 	66,191	  	 	 	42,000	  	 	 	42,000	  	 	 	24,191	  	 	 	24,191	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	7,431	  	 	 	4,827	  	 	 	6,429	  	 	 	66,191	  	 	 	87,600	  	 	 	87,600	  	 	 	(21,409	) 	 	 	(21,409	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	17,710	  	 	 	11,125	  	 	 	19,473	  	 	 	189,538	  	 	 	349,608	  	 	 	286,756	  	 	 	(160,070	) 	 	 	(97,218	) 
	*CONFIDENTIAL	  	 	2,936	  	 	 	2,470	  	 	 	7,571	  	 	 	37,941	  	 	 	55,192	  	 	 	55,192	  	 	 	(17,251	) 	 	 	(17,251	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	20,645	  	 	 	13,595	  	 	 	27,043	  	 	 	227,479	  	 	 	404,800	  	 	 	341,948	  	 	 	(177,321	) 	 	 	(114,470	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	32,085	  	 	 	33,061	  	 	 	30,889	  	 	 	353,886	  	 	 	396,000	  	 	 	324,808	  	 	 	(42,114	) 	 	 	29,078	  
	*CONFIDENTIAL	  	 	3,391	  	 	 	4,016	  	 	 	3,204	  	 	 	21,918	  	 	 	60,000	  	 	 	49,213	  	 	 	(38,082	) 	 	 	(27,296	) 
	*CONFIDENTIAL	  	 	465	  	 	 	1,456	  	 	 	1,452	  	 	 	20,998	  	 	 	18,600	  	 	 	15,256	  	 	 	2,398	  	 	 	5,741	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	35,940	  	 	 	38,533	  	 	 	35,545	  	 	 	398,801	  	 	 	474,600	  	 	 	389,278	  	 	 	(77,799	) 	 	 	7,523	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	16,239	  	 	 	14,246	  	 	 	21,131	  	 	 	198,675	  	 	 	274,728	  	 	 	225,338	  	 	 	(76,053	) 	 	 	(26,664	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	16,239	  	 	 	14,246	  	 	 	21,131	  	 	 	198,675	  	 	 	274,728	  	 	 	225,338	  	 	 	(76,053	) 	 	 	(26,664	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	24,000	  	 	 	19,685	  	 	 	(24,000	) 	 	 	(19,685	) 
	*CONFIDENTIAL	  	 	2,485	  	 	 	9,254	  	 	 	3,658	  	 	 	52,761	  	 	 	81,000	  	 	 	81,000	  	 	 	(28,239	) 	 	 	(28,239	) 
	*CONFIDENTIAL	  	 	492	  	 	 	122	  	 	 	202	  	 	 	6,178	  	 	 	19,200	  	 	 	19,200	  	 	 	(13,022	) 	 	 	(13,022	) 
	*CONFIDENTIAL	  	 	(386	) 	 	 	745	  	 	 	418	  	 	 	10,482	  	 	 	12,996	  	 	 	12,996	  	 	 	(2,514	) 	 	 	(2,514	) 
	*CONFIDENTIAL	  	 	3,148	  	 	 	3,025	  	 	 	3,016	  	 	 	30,413	  	 	 	24,000	  	 	 	24,000	  	 	 	6,413	  	 	 	6,413	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	5,739	  	 	 	13,145	  	 	 	7,292	  	 	 	99,834	  	 	 	161,196	  	 	 	158,881	  	 	 	(61,362	) 	 	 	(57,048	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	658	  	 	 	561	  	 	 	798	  	 	 	7,243	  	 	 	7,440	  	 	 	7,440	  	 	 	(197	) 	 	 	(197	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,000	  	 	 	6,000	  	 	 	(6,000	) 	 	 	(6,000	) 
	*CONFIDENTIAL	  	 	(0	) 	 	 	—  	  	 	 	—  	  	 	 	(0	) 	 	 	9,600	  	 	 	9,600	  	 	 	(9,600	) 	 	 	(9,600	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	250	  	 	 	—  	  	 	 	—  	  	 	 	250	  	 	 	250	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	658	  	 	 	561	  	 	 	798	  	 	 	7,493	  	 	 	23,040	  	 	 	23,040	  	 	 	(15,547	) 	 	 	(15,547	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	54	  	 	 	—  	  	 	 	52	  	 	 	771	  	 				 				 	 	771	  	 	 	771	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	54	  	 	 	—  	  	 	 	52	  	 	 	771	  	 	 	21,000	  	 	 	—  	  	 	 	(20,229	) 	 	 	771	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses	  	 	382,893	  	 	 	387,398	  	 	 	356,263	  	 	 	4,839,951	  	 	 	5,074,230	  	 	 	4,851,190	  	 	 	(234,279	) 	 	 	(11,239	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Corporate Allocations	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Controllable Expenses	  	 	382,893	  	 	 	387,398	  	 	 	356,263	  	 	 	4,839,951	  	 	 	5,074,230	  	 	 	4,851,190	  	 	 	(234,279	) 	 	 	(11,239	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses	  	 	100,852	  	 	 	99,724	  	 	 	(141,150	) 	 	 	429,953	  	 	 	2,845,668	  	 	 	1,644,890	  	 	 	(2,415,714	) 	 	 	(1,786,040	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses-BPS	  	 	35.68	  	 	 	39.63	  	 	 	(63.09	) 	 	 	13.12	  	 	 	71.21	  	 				 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  
 * The term “Confidential”
indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934,
as amended. 
  

 195 









 Confidential Treatment 
  


																								
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 		
	 Total Application Units
	  	 	301	  	 	 	323	  	 	 	341	  	 	 	301	  	 	 	(22	) 	 	—  	  
	 Total Application Dollars
	  	$	56,123	  	 	$	47,758	  	 	$	55,500	  	 	$	56,123	  	 	$	8,367	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	326	  	 	 	294	  	 	 	267	  	 	 	326	  	 	 	32	  	 	—  	  
	 Total Closing Dollars
	  	$	51,873	  	 	$	43,512	  	 	$	43,500	  	 	$	51,873	  	 	$	8,361	  	 	—  	  
	 Average Loan Amount
	  	 	159,121	  	 	 	148,000	  	 	 	162,921	  	 	 	159,121	  	 				 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	289	  	 	 	265	  	 	 	216	  	 	 	289	  	 	 	24	  	 	—  	  
	 Purchase Closing Dollars
	  	$	47,095	  	 	$	38,996	  	 	$	34,683	  	 	$	47,095	  	 	$	8,100	  	 	—  	  
	 Average Loan Amount
	  	 	162,960	  	 	 	147,376	  	 	 	160,571	  	 	 	182,960	  	 				 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	37	  	 	 	29	  	 	 	51	  	 	 	37	  	 	 	8	  	 	—  	  
	 Refi Closings - Dollars
	  	$	4,778	  	 	$	4,516	  	 	$	8,817	  	 	$	4,778	  	 	$	262	  	 	—  	  
	 Average Loan Amount
	  	 	129,136	  	 	 	153,819	  	 	 	172,875	  	 	 	129,136	  	 				 		
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	10,212	  	 				 	$	4,500	  	 				 				 		
	 *CONFIDENTIAL
	  	 	9.2	% 	 	 	10.4	% 	 	 	20.3	% 	 	 	9.2	% 	 				 		
	 *CONFIDENTIAL
	  	 	16.6	% 	 				 				 				 				 		
	 *CONFIDENTIAL
	  	 	19.7	% 	 				 	 	10.3	% 	 				 				 		
	 *CONFIDENTIAL
	  	 	1.51	% 	 	 	1.45	% 	 	 	1.49	% 	 	 	1.45	% 	 				 		
	 *CONFIDENTIAL
	  	 	30	  	 	 	(35	) 	 	 	18	  	 	 	(37	) 	 				 		
	 *CONFIDENTIAL
	  	 	21.79	% 	 	 	55.00	% 	 	 	55.00	% 	 	 	55.00	% 	 				 		
	 *CONFIDENTIAL
	  	 	0.30	% 	 	 	0.74	% 	 	 	0.91	% 	 	 	0.74	% 	 				 		
	 *CONFIDENTIAL
	  	 	2.13	% 	 	 	2.40	% 	 	 	2.60	% 	 	 	2.40	% 	 				 		
	 *CONFIDENTIAL
	  	 	1.80	% 	 	 	1.60	% 	 	 	1.78	% 	 	 	1.60	% 	 				 		
	 *CONFIDENTIAL
	  	$	3,397	  	 	$	3,554	  	 	$	4,242	  	 	 	3,821	  	 				 		
	 *CONFIDENTIAL
	  	$	1,197	  	 	$	1,533	  	 	$	1,954	  	 	 	1,434	  	 				 		
	 *CONFIDENTIAL
	  	 	0.75	% 	 	 	1.04	% 	 	 	1.20	% 	 	 	0.90	% 	 				 		
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 		
	 Summary Headcount
	  	 	89	  	 	 	100	  	 	 	93	  	 	 	100	  	 	 	(11	) 	 	(11	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 		
	 *CONFIDENTIAL
	  	 	785,554	  	 	 	630,924	  	 	 	648,150	  	 	 	752,164	  	 	 
	154,630
	  
	 	33,390	  
	 *CONFIDENTIAL
	  	 	134,930	  	 	 	108,780	  	 	 	97,500	  	 	 	129,683	  	 	 	26,150	  	 	5,246	  
	 *CONFIDENTIAL
	  	 	9,735	  	 	 	(10,225	) 	 	 	4,795	  	 	 	(12,190	) 	 	 	19,960	  	 	21,925	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	23,853	  	 	 	(6,612	) 	 	 	(11,823	) 	 	 	(7,862	) 	 	 	30,465	  	 	31,735	  
	 *CONFIDENTIAL
	  	 	153,217	  	 	 	321,989	  	 	 	393,900	  	 	 	383,863	  	 	 	(168,772	) 	 	(230,646	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	1,107,286	  	 	 	1,044,856	  	 	 	1,132,522	  	 	 	1,245,638	  	 	 	62,432	  	 	(138,350	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	171,199	  	 	 	347,008	  	 	 	356,483	  	 	 	413,690	  	 	 	(175,809	) 	 	(242,491	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	936,089	  	 	 	697,848	  	 	 	776,040	  	 	 	831,948	  	 	 	238,241	  	 	104,140	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 		
	 *CONFIDENTIAL
	  	 	167,195	  	 	 	202,074	  	 	 	185,853	  	 	 	202,074	  	 	 	(34,879	) 	 	(34,879	) 
	 *CONFIDENTIAL
	  	 	744	  	 	 	2,000	  	 	 	944	  	 	 	2,000	  	 	 	(1,256	) 	 	(1,256	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	8,310	  	 	 	500	  	 	 	9,907	  	 	 	(8,310	) 	 	(9,907	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	59,122	  	 	 	37,881	  	 	 	40,474	  	 	 	44,922	  	 	 	21,440	  	 	14,199	  
	 *CONFIDENTIAL
	  	 	6,501	  	 	 	54,684	  	 	 	53,149	  	 	 	54,684	  	 	 	(48,183	) 	 	(48,183	) 
	 *CONFIDENTIAL
	  	 	15,674	  	 	 	22,043	  	 	 	24,991	  	 	 	22,043	  	 	 	(8,370	) 	 	(6,370	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	100	  	 	 	100	  	 	 	100	  	 	 	(100	) 	 	(100	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	9,000	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	9,053	  	 	 	3,400	  	 	 	3,400	  	 	 	3,400	  	 	 	5,653	  	 	5,653	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	258,288	  	 	 	330,292	  	 	 	318,411	  	 	 	339,130	  	 	 	(72,004	) 	 	(80,842	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	31,083	  	 	 	30,000	  	 	 	37,000	  	 	 	30,000	  	 	 	1,063	  	 	1,063	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	50	  	 	 	50	  	 	 	50	  	 	 	(50	) 	 	(50	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	31,083	  	 	 	30,050	  	 	 	37,050	  	 	 	30,050	  	 	 	1,013	  	 	1,013	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	681	  	 	 	2,300	  	 	 	500	  	 	 	2,300	  	 	 	(1,619	) 	 	(1,619	) 
	 *CONFIDENTIAL
	  	 	4,465	  	 	 	9,028	  	 	 	3,000	  	 	 	9,028	  	 	 	(4,563	) 	 	(4,563	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,148	  	 	 	11,326	  	 	 	3,500	  	 	 	11,328	  	 	 	(8,182	) 	 	(8,182	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	9,100	  	 	 	8,989	  	 	 	8,189	  	 	 	10,716	  	 	 	111	  	 	(1,617	) 
	 *CONFIDENTIAL
	  	 	8,380	  	 	 	4,909	  	 	 	10,009	  	 	 	4,909	  	 	 	1,471	  	 	1,471	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	15,479	  	 	 	13,898	  	 	 	18,198	  	 	 	15,625	  	 	 	1,582	  	 	(146	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	17,166	  	 	 	11,760	  	 	 	17,000	  	 	 	14,020	  	 	 	5,406	  	 	3,146	  
	 *CONFIDENTIAL
	  	 	11,654	  	 	 	8,820	  	 	 	10,000	  	 	 	10,515	  	 	 	2,834	  	 	1,139	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	28,820	  	 	 	20,580	  	 	 	27,000	  	 	 	24,535	  	 	 	8,240	  	 	4,285	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,973	  	 	 	11,760	  	 	 	9,000	  	 	 	14,020	  	 	 	(2,787	) 	 	(5,047	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	6,973	  	 	 	11,760	  	 	 	9,000	  	 	 	14,020	  	 	 	(2,787	) 	 	(5,047	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	35,851	  	 	 	26,460	  	 	 	30,000	  	 	 	26,460	  	 	 	9,391	  	 	9,391	  
	 *CONFIDENTIAL
	  	 	1,300	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,300	  	 	1,300	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	294	  	 	 	240	  	 	 	294	  	 	 	(294	) 	 	(294	) 
	 *CONFIDENTIAL
	  	 	1,957	  	 	 	882	  	 	 	1,920	  	 	 	882	  	 	 	1,075	  	 	1,075	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	39,109	  	 	 	27,636	  	 	 	32,160	  	 	 	27,636	  	 	 	11,473	  	 	11,473	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,404	  	 	 	900	  	 	 	900	  	 	 	900	  	 	 	504	  	 	504	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	544	  	 	 	490	  	 	 	544	  	 	 	(544	) 	 	(544	) 
	 *CONFIDENTIAL
	  	 	2,004	  	 	 	3,100	  	 	 	74,451	  	 	 	3,100	  	 	 	(1,097	) 	 	(1,097	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	600	  	 	 	600	  	 	 	715	  	 	 	(600	) 	 	(715	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,408	  	 	 	5,144	  	 	 	76,441	  	 	 	5,259	  	 	 	(1,736	) 	 	(1,851	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	390,285	  	 	 	450,688	  	 	 	521,759	  	 	 	467,583	  	 	 	(60,402	) 	 	(77,297	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	390,285	  	 	 	450,688	  	 	 	521,759	  	 	 	467,583	  	 	 	(60,402	) 	 	(77,297	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	545,803	  	 	 	247,160	  	 	 	254,280	  	 	 	364,365	  	 	 	298,643	  	 	181,438	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	105.22	  	 	 	47.65	  	 	 	49.02	  	 	 	70.24	  	 				 		

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 196 









 Confidential Treatment 
  


																																					
	 	  	*YTD total only includes actual expenses.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	374	  	 	 	435	  	 	 	538	  	 	 	437	  	 	 	288	  	 	 	428	  	 	 	413	  	 	 	378	  	 	 	308	  
	 Total Application Dollars
	  	$	59,708	  	 	$	70,558	  	 	$	87,580	  	 	$	75,929	  	 	$	49,689	  	 	$	65,693	  	 	$	67,473	  	 	$	56,734	  	 	$	52,559	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	194	  	 	 	251	  	 	 	365	  	 	 	408	  	 	 	367	  	 	 	390	  	 	 	382	  	 	 	332	  	 	 	274	  
	 Total Closing Dollars
	  	$	29,986	  	 	$	38,280	  	 	$	58,515	  	 	$	65,466	  	 	$	64,038	  	 	$	83,735	  	 	$	60,482	  	 	$	51,866	  	 	$	42,469	  
	 Average Loan Amount
	  	 	152,981	  	 	 	152,431	  	 	 	160,314	  	 	 	160,432	  	 	 	174,489	  	 	 	183,424	  	 	 	158,331	  	 	 	158,523	  	 	 	154,997	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	176	  	 	 	223	  	 	 	314	  	 	 	334	  	 	 	333	  	 	 	386	  	 	 	352	  	 	 	300	  	 	 	247	  
	 Purchase Closing Dollars
	  	$	27,231	  	 	 	33,804	  	 	 	49,720	  	 	 	5,306	  	 	 	58,302	  	 	 	60,621	  	 	 	56,799	  	 	 	47,486	  	 	 	38,668	  
	 Average Loan Amount
	  	 	154,720	  	 	 	151,587	  	 	 	158,344	  	 	 	15,885	  	 	 	175,080	  	 	 	165,631	  	 	 	181,362	  	 	 	156,952	  	 	 	156,349	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	20	  	 	 	28	  	 	 	51	  	 	 	74	  	 	 	34	  	 	 	24	  	 	 	30	  	 	 	32	  	 	 	27	  
	 Refi Closings - Dollars
	  	$	2,755	  	 	$	4,456	  	 	$	8,794	  	 	$	60,151	  	 	$	5,736	  	 	$	3,115	  	 	$	3,683	  	 	$	4,880	  	 	$	3,602	  
	 Average Loan Amount
	  	 	137,770	  	 	 	159,158	  	 	 	172,440	  	 	 	812,848	  	 	 	168,707	  	 	 	129,777	  	 	 	122,764	  	 	 	152,503	  	 	 	140,803	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	16,149	  	 	$	948	  	 	$	106	  	 	$	3,704	  	 	$	5,242	  	 	$	2,787	  
	 *CONFIDENTIAL
	  	 	9.2	% 	 	 	11.6	% 	 	 	15.0	% 	 	 	91.9	% 	 	 	9.0	% 	 	 	4.9	% 	 	 	6.1	% 	 	 	9.4	% 	 	 	9.0	% 
	 *CONFIDENTIAL
	  	 	15.3	% 	 	 	17.1	% 	 	 	16.3	% 	 	 	17.0	% 	 	 	16.8	% 	 	 	17.0	% 	 	 	18.3	% 	 	 	15.3	% 	 	 	16.8	% 
	 *CONFIDENTIAL
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	2.5	% 	 	 	1.5	% 	 	 	0.2	% 	 	 	6.1	% 	 	 	10.1	% 	 	 	6.8	% 
	 *CONFIDENTIAL
	  	 	1.56	% 	 	 	1.42	% 	 	 	1.50	% 	 	 	1.29	% 	 	 	1.27	% 	 	 	1.37	% 	 	 	1.46	% 	 	 	1.51	% 	 	 	1.50	% 
	 *CONFIDENTIAL
	  	 	26	  	 	 	46	  	 	 	65	  	 	 	53	  	 	 	36	  	 	 	32	  	 	 	41	  	 	 	35	  	 	 	21	  
	 *CONFIDENTIAL
	  	 	50.34	% 	 	 	53.84	% 	 	 	53.73	% 	 	 	54.03	% 	 	 	50.63	% 	 	 	54.56	% 	 	 	49.82	% 	 	 	53.99	% 	 	 	52.17	% 
	 *CONFIDENTIAL
	  	 	1.00	% 	 	 	0.63	% 	 	 	0.56	% 	 	 	0.65	% 	 	 	0.75	% 	 	 	0.72	% 	 	 	0.71	% 	 	 	0.87	% 	 	 	0.85	% 
	 *CONFIDENTIAL
	  	 	3.04	% 	 	 	2.22	% 	 	 	2.26	% 	 	 	2.22	% 	 	 	2.32	% 	 	 	2.39	% 	 	 	2.52	% 	 	 	2.66	% 	 	 	2.67	% 
	 *CONFIDENTIAL
	  	 	2.25	% 	 	 	1.45	% 	 	 	1.45	% 	 	 	1.53	% 	 	 	1.68	% 	 	 	1.64	% 	 	 	1.79	% 	 	 	1.85	% 	 	 	1.88	% 
	 *CONFIDENTIAL
	  	$	4,649	  	 	$	3,384	  	 	$	3,616	  	 	$	3,568	  	 	$	4,042	  	 	$	3,901	  	 	$	3,967	  	 	$	4,168	  	 	$	4,137	  
	 *CONFIDENTIAL
	  	$	2,323	  	 	$	1,855	  	 	$	1,310	  	 	$	1,241	  	 	$	1,360	  	 	$	1,130	  	 	$	1,253	  	 	$	1,647	  	 	$	1,928	  
	 *CONFIDENTIAL
	  	 	1.52	% 	 	 	1.22	% 	 	 	0.82	% 	 	 	0.77	% 	 	 	0.78	% 	 	 	0.69	% 	 	 	0.79	% 	 	 	1.05	% 	 	 	1.24	% 
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 Summary Headcount
	  	 	86	  	 	 	88	  	 	 	93	  	 	 	90	  	 	 	87	  	 	 	85	  	 	 	87	  	 	 	94	  	 	 	92	  
										
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue
	  	 	468,201	  	 	 	544,869	  	 	 	875,204	  	 	 	844,736	  	 	 	810,296	  	 	 	872,705	  	 	 	881,311	  	 	 	785,817	  	 	 	638,991	  
	 *CONFIDENTIAL
	  	 	74,487	  	 	 	77,621	  	 	 	132,765	  	 	 	144,717	  	 	 	122,598	  	 	 	140,097	  	 	 	162,507	  	 	 	113,073	  	 	 	111,285	  
	 *CONFIDENTIAL
	  	 	5,048	  	 	 	11,555	  	 	 	23,681	  	 	 	21,583	  	 	 	13,797	  	 	 	12,393	  	 	 	15,486	  	 	 	11,722	  	 	 	5,624	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(17,206	) 	 	 	(23,686	) 	 	 	(26,345	) 	 	 	(12,307	) 	 	 	(17,377	) 	 	 	(13,589	) 	 	 	(7,882	) 	 	 	(10,889	) 	 	 	(11,188	) 
	 *CONFIDENTIAL
	  				 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	82,133	  	 	 	(3,113	) 	 	 	(15,285	) 	 	 	34,560	  	 	 	74,005	  	 	 	51,450	  	 	 	41,576	  	 	 	31,757	  	 	 	28,828	  
	 *CONFIDENTIAL
	  	 	298,627	  	 	 	242,018	  	 	 	329,699	  	 	 	422,347	  	 	 	480,179	  	 	 	458,155	  	 	 	429,915	  	 	 	452,181	  	 	 	359,967	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	911,288	  	 	 	849,264	  	 	 	1,319,719	  	 	 	1,455,638	  	 	 	1,483,496	  	 	 	1,521,211	  	 	 	1,522,914	  	 	 	1,383,660	  	 	 	1,133,599	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	235,709	  	 	 	293,336	  	 	 	470,227	  	 	 	456,405	  	 	 	410,215	  	 	 	476,156	  	 	 	439,026	  	 	 	424,288	  	 	 	333,349	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	675,579	  	 	 	555,926	  	 	 	649,492	  	 	 	999,231	  	 	 	1,073,283	  	 	 	1,045,055	  	 	 	1,083,886	  	 	 	959,372	  	 	 	800,159	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	149,793	  	 	 	202,795	  	 	 	156,641	  	 	 	188,198	  	 	 	180,766	  	 	 	171,582	  	 	 	188,605	  	 	 	227,448	  	 	 	231,166	  
	 *CONFIDENTIAL
	  	 	5,155	  	 	 	402	  	 	 	1,264	  	 	 	8,727	  	 	 	7,978	  	 	 	4,165	  	 	 	4,098	  	 	 	3,015	  	 	 	2,013	  
	 *CONFIDENTIAL
	  	 	11,748	  	 	 	9,252	  	 	 	10,883	  	 	 	8,612	  	 	 	6,188	  	 	 	9,178	  	 	 	8,742	  	 	 	8,565	  	 	 	1,426	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	27,611	  	 	 	22,447	  	 	 	38,233	  	 	 	41,214	  	 	 	44,156	  	 	 	(7,527	) 	 	 	49,899	  	 	 	40,098	  	 	 	45,140	  
	 *CONFIDENTIAL
	  	 	82,701	  	 	 	45,887	  	 	 	61,860	  	 	 	61,738	  	 	 	64,662	  	 	 	58,602	  	 	 	70,675	  	 	 	60,141	  	 	 	46,859	  
	 *CONFIDENTIAL
	  	 	58,194	  	 	 	41,604	  	 	 	59,095	  	 	 	48,299	  	 	 	41,118	  	 	 	45,122	  	 	 	27,093	  	 	 	32,548	  	 	 	22,058	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	1,472	  	 	 	1,174	  	 	 	959	  	 	 	217	  	 	 	140	  	 	 	337	  	 	 	(18,730	) 	 	 	9,725	  	 	 	9,705	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	336,674	  	 	 	323,541	  	 	 	326,936	  	 	 	357,205	  	 	 	347,008	  	 	 	281,459	  	 	 	330,381	  	 	 	381,537	  	 	 	358,366	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,117	  	 	 	31,977	  	 	 	27,057	  	 	 	27,161	  	 	 	28,618	  	 	 	28,008	  	 	 	27,920	  	 	 	29,589	  	 	 	82,962	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	93	  	 	 	203	  	 	 	—  	  	 	 	238	  	 	 	286	  	 	 	—  	  	 	 	144	  	 	 	1,488	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,210	  	 	 	32,180	  	 	 	27,057	  	 	 	27,399	  	 	 	26,902	  	 	 	26,006	  	 	 	28,064	  	 	 	31,057	  	 	 	62,962	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,433	  	 	 	137	  	 	 	2,372	  	 	 	2,000	  	 	 	1,547	  	 	 	1,880	  	 	 	1,955	  	 	 	2,072	  	 	 	437	  
	 *CONFIDENTIAL
	  	 	3,705	  	 	 	2,899	  	 	 	4,403	  	 	 	5,192	  	 	 	5,168	  	 	 	13,752	  	 	 	4,523	  	 	 	4,625	  	 	 	4,567	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,138	  	 	 	3,036	  	 	 	6,775	  	 	 	7,192	  	 	 	6,715	  	 	 	15,632	  	 	 	6,478	  	 	 	6,697	  	 	 	5,094	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,306	  	 	 	7,459	  	 	 	9,861	  	 	 	8,744	  	 	 	9,320	  	 	 	10,304	  	 	 	12,321	  	 	 	12,225	  	 	 	9,888	  
	 *CONFIDENTIAL
	  	 	10,046	  	 	 	30,918	  	 	 	14,309	  	 	 	12,130	  	 	 	9,342	  	 	 	7,617	  	 	 	6,633	  	 	 	13,431	  	 	 	8,626	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	21,355	  	 	 	38,378	  	 	 	24,170	  	 	 	20,874	  	 	 	18,662	  	 	 	17,921	  	 	 	18,954	  	 	 	25,655	  	 	 	18,514	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,905	  	 	 	15,351	  	 	 	18,972	  	 	 	16,246	  	 	 	17,458	  	 	 	17,763	  	 	 	17,349	  	 	 	17,303	  	 	 	17,901	  
	 *CONFIDENTIAL
	  	 	9,360	  	 	 	9,875	  	 	 	12,061	  	 	 	1,137	  	 	 	11,978	  	 	 	15,745	  	 	 	12,282	  	 	 	12,848	  	 	 	9,199	  
	 *CONFIDENTIAL
	  	 	211	  	 	 	5	  	 	 	52	  	 	 	—  	  	 	 	148	  	 	 	15	  	 	 	—  	  	 	 	47	  	 	 	19	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	23,477	  	 	 	25,231	  	 	 	31,105	  	 	 	27,383	  	 	 	29,584	  	 	 	33,523	  	 	 	29,631	  	 	 	30,197	  	 	 	27,118	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,056	  	 	 	13,853	  	 	 	16,348	  	 	 	16,430	  	 	 	17,540	  	 	 	17,460	  	 	 	16,619	  	 	 	16,041	  	 	 	13,106	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,056	  	 	 	13,853	  	 	 	16,348	  	 	 	16,430	  	 	 	17,540	  	 	 	17,460	  	 	 	16,619	  	 	 	16,041	  	 	 	13,106	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	23,090	  	 	 	21,493	  	 	 	29,509	  	 	 	35,014	  	 	 	39,518	  	 	 	38,881	  	 	 	38,126	  	 	 	41,881	  	 	 	34,795	  
	 *CONFIDENTIAL
	  	 	850	  	 	 	600	  	 	 	1,636	  	 	 	358	  	 	 	4,219	  	 	 	1,744	  	 	 	—  	  	 	 	—  	  	 	 	2,520	  
	 *CONFIDENTIAL
	  	 	495	  	 	 	—  	  	 	 	295	  	 	 	—  	  	 	 	—  	  	 	 	255	  	 	 	—  	  	 	 	60	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	5,244	  	 	 	4,041	  	 	 	10,766	  	 	 	10,179	  	 	 	5,217	  	 	 	4,664	  	 	 	6,664	  	 	 	6,568	  	 	 	4,096	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	29,679	  	 	 	26,134	  	 	 	42,206	  	 	 	45,551	  	 	 	48,953	  	 	 	43,524	  	 	 	44,790	  	 	 	48,509	  	 	 	41,411	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	717	  	 	 	631	  	 	 	689	  	 	 	729	  	 	 	955	  	 	 	649	  	 	 	716	  	 	 	897	  	 	 	1,031	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	(12	) 	 	 	2,717	  	 	 	687	  	 	 	3,780	  	 	 	2,693	  	 	 	2,484	  	 	 	2,826	  	 	 	6,080	  	 	 	661	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	705	  	 	 	3,347	  	 	 	1,376	  	 	 	4,488	  	 	 	3,648	  	 	 	3,134	  	 	 	3,544	  	 	 	6,976	  	 	 	1,692	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	455,292	  	 	 	465,699	  	 	 	477,973	  	 	 	506,523	  	 	 	499,013	  	 	 	440,659	  	 	 	478,461	  	 	 	546,669	  	 	 	528,173	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	455,292	  	 	 	465,699	  	 	 	477,973	  	 	 	506,523	  	 	 	499,013	  	 	 	440,659	  	 	 	478,461	  	 	 	546,669	  	 	 	528,173	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	220,288	  	 	 	90,229	  	 	 	371,519	  	 	 	492,708	  	 	 	574,270	  	 	 	604,396	  	 	 	605,425	  	 	 	412,703	  	 	 	271,986	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	73.46	  	 	 	23.58	  	 	 	63.49	  	 	 	75.27	  	 	 	89.68	  	 	 	94.83	  	 	 	100.10	  	 	 	79.42	  	 	 	64.04	  

  

																																	
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUAL	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	365	  	 	 	350	  	 	 	301	  	 	 	4,615	  	 	 	4,610	  	 	 	4,615	  	 	 	5	  	 	 	—  	  
	 Total Application Dollars
	  	$	60,353	  	 	$	54,171	  	 	$	56,123	  	 	$	756,576	  	 	$	582,222	  	 	$	756,576	  	 	$	74,354	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	296	  	 	 	292	  	 	 	326	  	 	 	3,879	  	 	 	4,399	  	 	 	3,879	  	 	 	(520	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	49,113	  	 	$	47,733	  	 	$	51,873	  	 	$	623,627	  	 	$	651,052	  	 	$	623,627	  	 	 	(27,425	) 	 	$	—  	  
	 Average Loan Amount
	  	 	185,922	  	 	 	163,471	  	 	 	159,121	  	 	 	160,770	  	 	 	148,000	  	 	 	160,770	  	 	 	12,770	  	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	251	  	 	 	243	  	 	 	289	  	 	 	3,428	  	 	 	3,959	  	 	 	3,428	  	 	 	(531	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	 	42,282	  	 	 	38,956	  	 	 	47,095	  	 	 	505,889	  	 	 	583,652	  	 	 	505,889	  	 	 	(77,784	) 	 	$	—  	  
	 Average Loan Amount
	  	 	188,456	  	 	 	160,311	  	 	 	162,960	  	 	 	147,570	  	 	 	147,420	  	 	 	147,570	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	45	  	 	 	49	  	 	 	37	  	 	 	451	  	 	 	440	  	 	 	451	  	 	 	11	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	6,830	  	 	$	8,778	  	 	$	4,778	  	 	$	117,759	  	 	$	67,400	  	 	$	117,759	  	 	$	50,359	  	 	$	(0	) 
	 Average Loan Amount
	  	 	151,788	  	 	 	179,141	  	 	 	129,136	  	 	 	261,106	  	 	 	153,216	  	 	 	261,106	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	2,083	  	 	$	3,586	  	 	$	10,212	  	 	$	30,316	  	 				 				 				 			
	 *CONFIDENTIAL
	  	 	13.9	% 	 	 	18.4	% 	 	 	9.2	% 	 	 	18.9	% 	 	 	10.4	% 	 	 	16.9	% 	 				 			
	 *CONFIDENTIAL
	  	 	16.5	% 	 	 	17.2	% 	 	 	16.6	% 	 	 	16.5	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	4.2	% 	 	 	7.5	% 	 	 	19.7	% 	 	 	4.9	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	1.49	% 	 	 	1.48	% 	 	 	1.51	% 	 	 	1.43	% 	 	 	1.45	% 	 	 	1.45	% 	 				 			
	 *CONFIDENTIAL
	  	 	18	  	 	 	6	  	 	 	.30	  	 	 	35	  	 	 	54	  	 	 	59	  	 				 			
	 *CONFIDENTIAL
	  	 	46.70	% 	 	 	52.22	% 	 	 	21.79	% 	 	 	49.41	% 	 	 	55.00	% 	 	 	55.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.74	% 	 	 	0.90	% 	 	 	0.30	% 	 	 	0.71	% 	 	 	0.74	% 	 	 	0.74	% 	 				 			
	 *CONFIDENTIAL
	  	 	2.50	% 	 	 	2.67	% 	 	 	2.13	% 	 	 	2.44	% 	 	 	2.46	% 	 	 	2.46	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.80	% 	 	 	1.90	% 	 	 	1.80	% 	 	 	1.73	% 	 	 	1.66	% 	 	 	1.66	% 	 				 			
	 *CONFIDENTIAL
	  	$	4,153	  	 	$	4,369	  	 	$	3,397	  	 	$	3,917	  	 	$	3,639	  	 	$	3,953	  	 				 			
	 *CONFIDENTIAL
	  	$	1,212	  	 	$	1,403	  	 	$	1,197	  	 	$	1,433	  	 	$	1,378	  	 	$	1,550	  	 				 			
	 *CONFIDENTIAL
	  	 	0.73	% 	 	 	0.86	% 	 	 	0.75	% 	 	 	0.89	% 	 	 	0.93	% 	 	 	0.96	% 	 				 			
	 Loans over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	—   	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	93	  	 	 	93	  	 	 	89	  	 	 	89	  	 	 	100	  	 	 	100	  	 				 			
									
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUAL	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue
	  	 	733,858	  	 	 	704,320	  	 	 	785,554	  	 	 	8,945,863	  	 	 	9,440,254	  	 	 	9,042,596	  	 	 	(494,391	) 	 	 	(96,733	) 
	 *CONFIDENTIAL
	  	 	101,722	  	 	 	115,260	  	 	 	134,930	  	 	 	1,431,062	  	 	 	1,627,630	  	 	 	1,559,088	  	 	 	(196,568	) 	 	 	(128,007	) 
	 *CONFIDENTIAL
	  	 	5,193	  	 	 	1,835	  	 	 	9,735	  	 	 	137,850	  	 	 	237,634	  	 	 	227,624	  	 	 	(99,964	) 	 	 	(89,974	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(140,468	) 	 	 	(390,631	) 	 	 	(374,176	) 	 	 	250,163	  	 	 	233,708	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	24,351	  	 	 	25,286	  	 	 	232,853	  	 	 	399,401	  	 	 	273,867	  	 	 	262,330	  	 	 	125,535	  	 	 	137,071	  
	 *CONFIDENTIAL
	  	 	364,033	  	 	 	429,084	  	 	 	153,217	  	 	 	4,419,422	  	 	 	4,817,785	  	 	 	4,614,642	  	 	 	(398,363	) 	 	 	(195,420	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	1,229,158	  	 	 	1,275,785	  	 	 	1,107,288	  	 	 	15,192,930	  	 	 	16,006,538	  	 	 	15,332,285	  	 	 	(613,609	) 	 	 	(139,355	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	342,692	  	 	 	367,802	  	 	 	171,199	  	 	 	4,420,407	  	 	 	5,192,140	  	 	 	4,973,428	  	 	 	(771,733	) 	 	 	553,021	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	888,466	  	 	 	907,983	  	 	 	836,088	  	 	 	10,772,523	  	 	 	10,814,396	  	 	 	10,358,857	  	 	 	(41,876	) 	 	 	413,666	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	185,541	  	 	 	161,160	  	 	 	167,195	  	 	 	2,210,690	  	 	 	2,285,252	  	 	 	2,285,252	  	 	 	(74,362	) 	 	 	(74,362	) 
	 *CONFIDENTIAL
	  	 	962	  	 	 	542	  	 	 	744	  	 	 	38,066	  	 	 	84,100	  	 	 	84,100	  	 	 	(45,034	) 	 	 	(45,034	) 
	 *CONFIDENTIAL
	  	 	740	  	 	 	—  	  	 	 	—  	  	 	 	77,534	  	 	 	131,480	  	 	 	131,460	  	 	 	(53,926	) 	 	 	(53,926	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	23,880	  	 	 	33,447	  	 	 	59,122	  	 	 	417,719	  	 	 	563,611	  	 	 	540,061	  	 	 	(146,092	) 	 	 	(122,342	) 
	 *CONFIDENTIAL
	  	 	53,030	  	 	 	52,349	  	 	 	6,501	  	 	 	664,984	  	 	 	746,208	  	 	 	746,208	  	 	 	(146,092	) 	 	 	(81,224	) 
	 *CONFIDENTIAL
	  	 	31,232	  	 	 	24,941	  	 	 	15,674	  	 	 	446,975	  	 	 	530,791	  	 	 	530,791	  	 	 	(63,816	) 	 	 	(83,816	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,200	  	 	 	1,200	  	 	 	(1,200	) 	 	 	(1,200	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	9,701	  	 	 	9,902	  	 	 	9,053	  	 	 	33,653	  	 	 	7,800	  	 	 	7,800	  	 	 	25,853	  	 	 	25,853	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	305,085	  	 	 	282,340	  	 	 	258,286	  	 	 	3,890,821	  	 	 	4,350,622	  	 	 	4,326,872	  	 	 	(459,801	) 	 	 	(436,051	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,078	  	 	 	32,438	  	 	 	31,063	  	 	 	361,962	  	 	 	360,000	  	 	 	360,000	  	 	 	1,962	  	 	 	1,962	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	4,123	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,123	  	 	 	4,123	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,452	  	 	 	600	  	 	 	600	  	 	 	1,852	  	 	 	1,852	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,076	  	 	 	36,551	  	 	 	31,063	  	 	 	368,538	  	 	 	360,600	  	 	 	360,600	  	 	 	7,938	  	 	 	7,938	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(3,150	) 	 	 	413	  	 	 	618	  	 	 	11,777	  	 	 	27,600	  	 	 	27,600	  	 	 	(15,823	) 	 	 	(15,823	) 
	 *CONFIDENTIAL
	  	 	4,468	  	 	 	2,885	  	 	 	4,465	  	 	 	60,651	  	 	 	118,788	  	 	 	118,788	  	 	 	(58,137	) 	 	 	(58,137	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,318	  	 	 	3,298	  	 	 	5,146	  	 	 	72,428	  	 	 	146,388	  	 	 	146,388	  	 	 	(73,960	) 	 	 	(73,960	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,698	  	 	 	83,231	  	 	 	9,100	  	 	 	116,549	  	 	 	107,865	  	 	 	103,321	  	 	 	8,684	  	 	 	13,227	  
	 *CONFIDENTIAL
	  	 	2,740	  	 	 	8,662	  	 	 	6,380	  	 	 	130,835	  	 	 	136,905	  	 	 	136,905	  	 	 	(6,070	) 	 	 	(6,070	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,437	  	 	 	16,985	  	 	 	15,479	  	 	 	247,383	  	 	 	244,770	  	 	 	240,228	  	 	 	2,613	  	 	 	7,157	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	16,857	  	 	 	17,616	  	 	 	17,166	  	 	 	203,886	  	 	 	175,960	  	 	 	168,548	  	 	 	27,926	  	 	 	35,388	  
	 *CONFIDENTIAL
	  	 	10,047	  	 	 	9,861	  	 	 	11,654	  	 	 	136,066	  	 	 	131,970	  	 	 	126,411	  	 	 	4,096	  	 	 	9,655	  
	 *CONFIDENTIAL
	  	 	33	  	 	 	—  	  	 	 	—  	  	 	 	530	  	 	 	—  	  	 	 	—  	  	 	 	530	  	 	 	530	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	26,937	  	 	 	27,477	  	 	 	28,820	  	 	 	340,482	  	 	 	307,930	  	 	 	294,959	  	 	 	32,552	  	 	 	45,523	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,318	  	 	 	9,024	  	 	 	8,973	  	 	 	166,768	  	 	 	175,960	  	 	 	168,548	  	 	 	(9,192	) 	 	 	(1,780	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,318	  	 	 	9,024	  	 	 	8,973	  	 	 	166,768	  	 	 	175,960	  	 	 	168,548	  	 	 	(9,192	) 	 	 	(1,780	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	29,883	  	 	 	28,865	  	 	 	35,651	  	 	 	394,815	  	 	 	395,910	  	 	 	395,910	  	 	 	(1,095	) 	 	 	(1,095	) 
	 *CONFIDENTIAL
	  	 	805	  	 	 	1,408	  	 	 	1,300	  	 	 	15,439	  	 	 	—  	  	 	 	—  	  	 	 	15,439	  	 	 	15,439	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,105	  	 	 	4,399	  	 	 	4,399	  	 	 	(3,294	) 	 	 	(3,294	) 
	 *CONFIDENTIAL
	  	 	(1,320	) 	 	 	1,889	  	 	 	1,957	  	 	 	59,966	  	 	 	13,197	  	 	 	13,197	  	 	 	46,769	  	 	 	46,769	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	29,348	  	 	 	32,112	  	 	 	39,109	  	 	 	471,325	  	 	 	413,506	  	 	 	413,506	  	 	 	57,819	  	 	 	57,819	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	945	  	 	 	887	  	 	 	1,404	  	 	 	10,252	  	 	 	10,800	  	 	 	10,800	  	 	 	(548	) 	 	 	(548	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7,399	  	 	 	7,399	  	 	 	(7,399	) 	 	 	(7,399	) 
	 *CONFIDENTIAL
	  	 	(35,744	) 	 	 	957	  	 	 	2,004	  	 	 	(10,889	) 	 	 	37,200	  	 	 	37,200	  	 	 	48,089	  	 	 	48,089	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7,200	  	 	 	6,897	  	 	 	(7,200	) 	 	 	(6,897	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(34,799	) 	 	 	1,845	  	 	 	3,408	  	 	 	(637	) 	 	 	62,599	  	 	 	62,296	  	 	 	(63,236	) 	 	 	(62,923	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	358,722	  	 	 	409,639	  	 	 	390,285	  	 	 	5,557,108	  	 	 	6,062,375	  	 	 	6,013,395	  	 	 	(505,267	) 	 	 	(456,287	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	358,722	  	 	 	409,639	  	 	 	390,285	  	 	 	5,557,108	  	 	 	6,062,375	  	 	 	6,013,395	  	 	 	(505,267	) 	 	 	(456,287	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	527,745	  	 	 	498,345	  	 	 	545,803	  	 	 	5,215,415	  	 	 	4,752,024	  	 	 	4,345,462	  	 	 	463,391	  	 	 	(3,799,659	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	107.46	  	 	 	104.40	  	 	 	105.22	  	 	 	83.63	  	 	 	72.99	  	 	 	69.68	  	 				 			

 The Budget is equal to the 0 & 12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 197 








 Confidential Treatment 
  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	606	  	 	 	340	  	 	 	485	  	 	 	606	  	 	 	266	  	 			
	 Total Application Dollars
	  	$	144,081	  	 	$	80,311	  	 	$	100,000	  	 	$	144,081	  	 	$	63,771	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	622	  	 	 	627	  	 	 	655	  	 	 	622	  	 	 	(5	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	135,525	  	 	$	148,020	  	 	$	135,000	  	 	$	135,525	  	 	$	(12,495	) 	 	$	—  	  
	 Average Loan Amount
	  	 	217,885	  	 	 	236,000	  	 	 	206,107	  	 	 	217,885	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	538	  	 	 	533	  	 	 	557	  	 	 	538	  	 	 	5	  	 	$	—  	  
	 Purchase Closing Dollars
	  	$	115,015	  	 	$	125,817	  	 	$	114,750	  	 	$	115,015	  	 	$	(10,802	) 	 	$	—  	  
	 Average Loan Amount
	  	 	213,783	  	 	 	236,000	  	 	 	206,107	  	 	 	213,783	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	64	  	 	 	94	  	 	 	98	  	 	 	84	  	 	 	(10	) 	 	$	—  	  
	 Refi Closings - Dollars
	  	$	20,509	  	 	$	22,203	  	 	$	20,250	  	 	$	20,509	  	 	$	(1,694	) 	 	$	—  	  
	 Average Loan Amount
	  	 	244,159	  	 	 	236,000	  	 	 	206,107	  	 	 	244,159	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	29,497	  	 				 	$	16,700	  	 				 				 			
	*CONFIDENTIAL	  	 	15.1	% 	 	 	15.0	% 	 	 	15.0	% 	 	 	15.1	% 	 				 			
	*CONFIDENTIAL	  	 	21.1	% 	 				 				 				 				 			
	*CONFIDENTIAL	  	 	21.8	% 	 				 	 	12.4	% 	 				 				 			
	*CONFIDENTIAL	  	 	1.35	% 	 	 	1.55	% 	 	 	1.35	% 	 	 	1.55	% 	 				 			
	*CONFIDENTIAL	  	 	(250	) 	 	 	(306	) 	 	 	(282	) 	 	 	(283	) 	 				 			
	*CONFIDENTIAL	  	 	19.69	% 	 	 	40.76	% 	 	 	47.19	% 	 	 	40.76	% 	 				 			
	*CONFIDENTIAL	  	 	-0.66	% 	 	 	0.10	% 	 	 	0.14	% 	 	 	0.10	% 	 				 			
	*CONFIDENTIAL	  	 	0.79	% 	 	 	1.65	% 	 	 	1.53	% 	 	 	1.65	% 	 				 			
	*CONFIDENTIAL	  	 	0.52	% 	 	 	1.02	% 	 	 	0.89	% 	 	 	1.02	% 	 				 			
	*CONFIDENTIAL	  	$	1,713	  	 	$	3,894	  	 	$	3,155	  	 	$	3,595	  	 				 			
	*CONFIDENTIAL	  	$	1,216	  	 	$	1,199	  	 	$	2,027	  	 	$	1,198	  	 				 			
	*CONFIDENTIAL	  	 	0.56	% 	 	 	0.51	% 	 	 	0.98	% 	 	 	0.55	% 	 				 			
	 Loans over 60 days
	  	 	3	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	171	  	 	 	185	  	 	 	172	  	 	 	185	  	 	 	(14	) 	 	 	(14	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue
	  				 				 				 				 				 			
	*CONFIDENTIAL	  	 	1,831,355	  	 	 	2,291,800	  	 	 	1,822,500	  	 	 	2,098,334	  	 	 	(450,445	) 	 	 	(266,979	) 
	*CONFIDENTIAL	  	 	214,768	  	 	 	44,449	  	 	 	105,356	  	 	 	40,697	  	 	 	170,318	  	 	 	174,071	  
	*CONFIDENTIAL	  	 	(155,366	) 	 	 	(191,935	) 	 	 	(184,881	) 	 	 	(175,732	) 	 	 	36,569	  	 	 	20,366	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	66,712	  	 	 	154,938	  	 	 	140,833	  	 	 	141,859	  	 	 	88,226	  	 	 	(75,147	) 
	*CONFIDENTIAL	  	 	(892,215	) 	 	 	143,020	  	 	 	182,813	  	 	 	130,947	  	 	 	(1,035,235	) 	 	 	(1,023,161	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	1,065,254	  	 	 	2,442,273	  	 	 	2,066,621	  	 	 	2,236,105	  	 	 	(1,377,019	) 	 	 	(1,170,851	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	360,539	  	 	 	934,220	  	 	 	860,000	  	 	 	855,356	  	 	 	(573,661	) 	 	 	(494,818	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	704,715	  	 	 	1,508,053	  	 	 	1,206,621	  	 	 	1,380,749	  	 	 	(803,338	) 	 	 	(676,033	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	*CONFIDENTIAL	  	 	347,860	  	 	 	343,152	  	 	 	368,852	  	 	 	343,152	  	 	 	4,708	  	 	 	4,708	  
	*CONFIDENTIAL	  	 	7,077	  	 	 	8,000	  	 	 	6,000	  	 	 	8,000	  	 	 	(923	) 	 	 	(923	) 
	*CONFIDENTIAL	  	 	7,187	  	 	 	—  	  	 	 	7,500	  	 	 	—  	  	 	 	7,187	  	 	 	7,187	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	14,876	  	 	 	14,802	  	 	 	5,805	  	 	 	13,552	  	 	 	74	  	 	 	1,324	  
	*CONFIDENTIAL	  	 	22,794	  	 	 	102,830	  	 	 	104,962	  	 	 	102,830	  	 	 	(80,036	) 	 	 	(80,036	) 
	*CONFIDENTIAL	  	 	51,065	  	 	 	64,269	  	 	 	49,394	  	 	 	64,269	  	 	 	(13,203	) 	 	 	(13,203	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	2,375	  	 	 	2,500	  	 	 	2,500	  	 	 	2,500	  	 	 	(125	) 	 	 	(125	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	453,235	  	 	 	535,553	  	 	 	545,013	  	 	 	534,303	  	 	 	(82,318	) 	 	 	(81,068	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	26,114	  	 	 	43,024	  	 	 	26,114	  	 	 	43,024	  	 	 	(16,880	) 	 	 	(16,880	) 
	*CONFIDENTIAL	  	 	9,200	  	 	 	—  	  	 	 	8,400	  	 	 	—  	  	 	 	9,200	  	 	 	9,200	  
	*CONFIDENTIAL	  	 	1,736	  	 	 	1,000	  	 	 	1,000	  	 	 	1,000	  	 	 	738	  	 	 	736	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	37,080	  	 	 	44,024	  	 	 	35,544	  	 	 	44,024	  	 	 	(6,944	) 	 	 	(6,944	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	2,700	  	 	 	2,700	  	 	 	2,700	  	 	 	(2,700	) 	 	 	(2,700	) 
	*CONFIDENTIAL	  	 	7,584	  	 	 	10,450	  	 	 	(9,550	) 	 	 	10,450	  	 	 	(2,866	) 	 	 	(2,866	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	7,584	  	 	 	13,150	  	 	 	(6,860	) 	 	 	13,150	  	 	 	(5,566	) 	 	 	(5,566	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	14,207	  	 	 	5,800	  	 	 	7,500	  	 	 	5,310	  	 	 	8,407	  	 	 	8,897	  
	*CONFIDENTIAL	  	 	110,255	  	 	 	47,500	  	 	 	150,000	  	 	 	47,500	  	 	 	62,755	  	 	 	62,755	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	124,462	  	 	 	53,300	  	 	 	157,500	  	 	 	52,810	  	 	 	71,162	  	 	 	71,651	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	13,305	  	 	 	18,500	  	 	 	15,000	  	 	 	16,938	  	 	 	(5,195	) 	 	 	(3,634	) 
	*CONFIDENTIAL	  	 	16,653	  	 	 	30,000	  	 	 	18,127	  	 	 	27,468	  	 	 	(13,147	) 	 	 	(10,615	) 
	*CONFIDENTIAL	  	 	1,153	  	 	 	2,500	  	 	 	2,500	  	 	 	2,289	  	 	 	(1,347	) 	 	 	(1,136	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	31,311	  	 	 	51,000	  	 	 	35,627	  	 	 	46,695	  	 	 	(19,689	) 	 	 	(15,384	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	24,630	  	 	 	7,000	  	 	 	7,000	  	 	 	6,409	  	 	 	17,630	  	 	 	18,221	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	24,630	  	 	 	7,000	  	 	 	7,000	  	 	 	6,409	  	 	 	17,630	  	 	 	18,221	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	25,721	  	 	 	4,300	  	 	 	16,300	  	 	 	4,300	  	 	 	21,421	  	 	 	21,421	  
	*CONFIDENTIAL	  	 	5,949	  	 	 	10,000	  	 	 	10,000	  	 	 	10,000	  	 	 	(4,051	) 	 	 	(4,051	) 
	*CONFIDENTIAL	  	 	390	  	 	 	1,000	  	 	 	1,000	  	 	 	1,000	  	 	 	(610	) 	 	 	(610	) 
	*CONFIDENTIAL	  	 	3,119	  	 	 	6,600	  	 	 	6,600	  	 	 	6,600	  	 	 	(3,481	) 	 	 	(3,481	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	35,179	  	 	 	21,900	  	 	 	33,900	  	 	 	21,900	  	 	 	13,279	  	 	 	13,279	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	6,275	  	 	 	1,000	  	 	 	2,000	  	 	 	1,000	  	 	 	5,275	  	 	 	5,275	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	594	  	 	 	—  	  	 	 	479,691	  	 	 	—  	  	 	 	594	  	 	 	594	  
	*CONFIDENTIAL	  	 	6,023	  	 	 	—  	  	 	 	1,000	  	 	 	—  	  	 	 	6,023	  	 	 	6,023	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	12,691	  	 	 	1,000	  	 	 	482,691	  	 	 	1,000	  	 	 	11,891	  	 	 	11,891	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	7,290	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	30,000	  	 	 	25,000	  	 	 	37,290	  	 	 	25,000	  	 	 	5,000	  	 	 	5,000	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	756,372	  	 	 	751,927	  	 	 	1,327,716	  	 	 	745,291	  	 	 	4,446	  	 	 	11,081	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	756,372	  	 	 	751,927	  	 	 	1,327,716	  	 	 	745,291	  	 	 	4,446	  	 	 	11,081	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	(51,657	) 	 	 	756,126	  	 	 	(121,094	) 	 	 	635,457	  	 	 	(807,783	) 	 	 	(687,114	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	(3.81	) 	 	 	55.79	  	 	 	(8.94	) 	 	 	46.89	  	 				 			

 The budget is equal to the 0 & 12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 198 









 Confidential Treatment 
  

 *CONFIDENTIAL 

	*	YTD total only includes actual expenses. 


																																					
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	Revenue/Key Drivers	  				 				 				 				 				 				 				 				 			
	Total Application Units	  	 	598	  	 	 	752	  	 	 	1,060	  	 	 	879	  	 	 	808	  	 	 	823	  	 	 	705	  	 	 	720	  	 	 	717	  
	Total Application Dollars	  	$	141,409	  	 	$	168,136	  	 	$	243,684	  	 	$	219,951	  	 	$	177,287	  	 	$	190,113	  	 	$	167,339	  	 	$	166,053	  	 	$	162,711	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Closing Units	  	 	393	  	 	 	412	  	 	 	577	  	 	 	834	  	 	 	780	  	 	 	955	  	 	 	735	  	 	 	667	  	 	 	586	  
	Total Closing Dollars	  	$	86,556	  	 	$	91,826	  	 	$	124,168	  	 	$	189,492	  	 	$	182,445	  	 	$	222,045	  	 	$	173,444	  	 	$	157,744	  	 	$	121,748	  
	Average Loan Amount	  	 	220,245	  	 	 	222,880	  	 	 	215,196	  	 	 	227,208	  	 	 	233,904	  	 	 	232,508	  	 	 	235,978	  	 	 	229,613	  	 	 	207,762	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchase Closing Units	  	 	314	  	 	 	331	  	 	 	459	  	 	 	627	  	 	 	617	  	 	 	907	  	 	 	688	  	 	 	630	  	 	 	526	  
	Purchase Closing Dollars	  	$	67,793	  	 	$	73,025	  	 	$	97,275	  	 	$	141,166	  	 	$	140,402	  	 	$	209,128	  	 	$	162,516	  	 	$	145,036	  	 	$	107,261	  
	Average Loan Amount	  	 	215,901	  	 	 	220,619	  	 	 	211,927	  	 	 	225,146	  	 	 	227,556	  	 	 	230,571	  	 	 	236,214	  	 	 	230,216	  	 	 	203,918	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Refi Closings - Units	  	 	79	  	 	 	81	  	 	 	118	  	 	 	207	  	 	 	163	  	 	 	48	  	 	 	47	  	 	 	57	  	 	 	60	  
	Refi Closings - Dollars	  	$	18,764	  	 	$	18,802	  	 	$	26,893	  	 	$	48,326	  	 	$	42,043	  	 	$	12,917	  	 	$	10,928	  	 	$	12,708	  	 	$	14,487	  
	Average Loan Amount	  	 	237,514	  	 	 	232,118	  	 	 	227,910	  	 	 	233,457	  	 	 	267,933	  	 	 	269,113	  	 	 	232,521	  	 	 	222,953	  	 	 	241,454	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	10,172	  	 	$	18,213	  	 	$	25,304	  	 	$	42,609	  	 	$	43,806	  	 	$	45,719	  	 	$	17,733	  	 	$	17,926	  	 	$	16,557	  
	 *CONFIDENTIAL
	  	 	21.7	% 	 	 	20.5	% 	 	 	21.7	% 	 	 	25.5	% 	 	 	23.0	% 	 	 	5.8	% 	 	 	6.3	% 	 	 	8.1	% 	 	 	11.9	% 
	 *CONFIDENTIAL
	  	 	23.0	% 	 	 	23.4	% 	 	 	22.7	% 	 	 	24.4	% 	 	 	22.0	% 	 	 	24.9	% 	 	 	20.2	% 	 	 	18.5	% 	 	 	19.9	% 
	 *CONFIDENTIAL
	  	 	11.8	% 	 	 	19.8	% 	 	 	20.4	% 	 	 	22.5	% 	 	 	24.0	% 	 	 	20.6	% 	 	 	10.2	% 	 	 	11.4	% 	 	 	13.6	% 
	 *CONFIDENTIAL
	  	 	1.45	% 	 	 	1.47	% 	 	 	1.42	% 	 	 	1.37	% 	 	 	1.36	% 	 	 	1.29	% 	 	 	1.30	% 	 	 	1.28	% 	 	 	1.40	% 
	 *CONFIDENTIAL
	  	 	(346	) 	 	 	(346	) 	 	 	(440	) 	 	 	(411	) 	 	 	(377	) 	 	 	(191	) 	 	 	(9	) 	 	 	(34	) 	 	 	(65	) 
	 *CONFIDENTIAL
	  	 	41.44	% 	 	 	36.06	% 	 	 	39.28	% 	 	 	41.18	% 	 	 	39.11	% 	 	 	41.03	% 	 	 	41.41	% 	 	 	44.26	% 	 	 	38.54	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.64	% 	 	 	-0.02	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.04	% 	 	 	0.15	% 	 	 	0.21	% 	 	 	0.22	% 
	 *CONFIDENTIAL
	  	 	1.62	% 	 	 	1.79	% 	 	 	1.40	% 	 	 	1.23	% 	 	 	1.27	% 	 	 	1.36	% 	 	 	1.54	% 	 	 	1.57	% 	 	 	1.66	% 
	 *CONFIDENTIAL
	  	 	1.02	% 	 	 	1.26	% 	 	 	0.84	% 	 	 	0.66	% 	 	 	0.74	% 	 	 	0.83	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.12	% 
	 *CONFIDENTIAL
	  	$	3,570	  	 	$	3,986	  	 	$	3,012	  	 	$	2,785	  	 	$	2,971	  	 	$	3,168	  	 	$	3,641	  	 	$	3,599	  	 	$	3,458	  
	 *CONFIDENTIAL
	  	$	3,131	  	 	$	2,248	  	 	$	1,514	  	 	$	1,006	  	 	$	1,151	  	 	$	943	  	 	$	1,259	  	 	$	1,176	  	 	$	1,361	  
	 *CONFIDENTIAL
	  	 	1.42	% 	 	 	1.01	% 	 	 	0.70	% 	 	 	0.44	% 	 	 	0.49	% 	 	 	0.41	% 	 	 	0.53	% 	 	 	0.51	% 	 	 	0.68	% 
	Loans over 60 days	  	 	36	  	 	 	28	  	 	 	8	  	 	 	3	  	 	 	1	  	 	 	1	  	 	 	N/A	  	 	 	4	  	 	 	5	  
	Summary Headcount	  	 	182	  	 	 	186	  	 	 	183	  	 	 	185	  	 	 	181	  	 	 	173	  	 	 	179	  	 	 	176	  	 	 	172	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 YTD PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	Revenue	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	1,257,008	  	 	 	1,351,076	  	 	 	1,768,793	  	 	 	2,594,150	  	 	 	2,477,338	  	 	 	2,863,537	  	 	 	2,255,633	  	 	 	2,026,567	  	 	 	1,710,081	  
	 *CONFIDENTIAL
	  	 	62,550	  	 	 	46,555	  	 	 	60,461	  	 	 	74,830	  	 	 	101,468	  	 	 	124,100	  	 	 	167,803	  	 	 	116,817	  	 	 	91,534	  
	 *CONFIDENTIAL
	  	 	(135,971	) 	 	 	(142,614	) 	 	 	(254,096	) 	 	 	(342,744	) 	 	 	(293,728	) 	 	 	(182,183	) 	 	 	(6,446	) 	 	 	(23,217	) 	 	 	(37,911	) 
	 *CONFIDENTIAL
	  	 	13,728	  	 	 	(75,282	) 	 	 	(29,802	) 	 	 	(33,523	) 	 	 	(34,701	) 	 	 	41,394	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	9,718	  	 	 	3,807	  	 	 	9,396	  	 	 	13,807	  	 	 	13,724	  	 	 	15,431	  	 	 	(9,955	) 	 	 	(440	) 	 	 	(13,862	) 
	 *CONFIDENTIAL
	  	 	21,979	  	 	 	—  	  	 	 	76,327	  	 	 	(413	) 	 	 	—  	  	 	 	2,021	  	 	 	(88,910	) 	 	 	(90,449	) 	 	 	(68,308	) 
	 *CONFIDENTIAL
	  	 	173,935	  	 	 	(127,564	) 	 	 	132,056	  	 	 	18,882	  	 	 	49,774	  	 	 	64,392	  	 	 	92,974	  	 	 	113,823	  	 	 	75,580	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	587,088	  	 	 	(25,054	) 	 	 	—  	  	 	 	3,389	  	 	 	94,566	  	 	 	264,949	  	 	 	329,662	  	 	 	269,318	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Revenue	  	 	1,402,946	  	 	 	1,642,086	  	 	 	1,738,083	  	 	 	2,322,989	  	 	 	2,317,284	  	 	 	2,023,278	  	 	 	2,676,048	  	 	 	2,472,762	  	 	 	2,025,432	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commissions	  	 	520,901	  	 	 	487,168	  	 	 	694,775	  	 	 	1,088,343	  	 	 	969,982	  	 	 	1,174,957	  	 	 	933,975	  	 	 	897,022	  	 	 	658,986	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue	  	 	582,044	  	 	 	1,154,896	  	 	 	1,043,308	  	 	 	1,254,646	  	 	 	1,348,282	  	 	 	1,848,321	  	 	 	1,742,073	  	 	 	1,575,740	  	 	 	1,.367,446	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Indirect Costs	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	372,739	  	 	 	327,790	  	 	 	362,499	  	 	 	366,719	  	 	 	350,552	  	 	 	407,821	  	 	 	362,777	  	 	 	350,677	  	 	 	348,810	  
	 *CONFIDENTIAL
	  	 	16,660	  	 	 	10,234	  	 	 	10,288	  	 	 	13,242	  	 	 	16,950	  	 	 	17,059	  	 	 	27,046	  	 	 	15,531	  	 	 	10,778	  
	 *CONFIDENTIAL
	  	 	29,690	  	 	 	8,940	  	 	 	7,157	  	 	 	10,483	  	 	 	20,124	  	 	 	10,214	  	 	 	28,872	  	 	 	6,678	  	 	 	10,772	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	2,167	  	 	 	2,187	  	 	 	7,607	  	 	 	2,167	  	 	 	13,167	  	 	 	11,867	  	 	 	14,667	  	 	 	8,000	  	 	 	24,306	  
	 *CONFIDENTIAL
	  	 	129,437	  	 	 	94,179	  	 	 	113,959	  	 	 	124,179	  	 	 	124,516	  	 	 	128,240	  	 	 	146,603	  	 	 	117,931	  	 	 	94,208	  
	 *CONFIDENTIAL
	  	 	123,020	  	 	 	84,985	  	 	 	77,648	  	 	 	91,756	  	 	 	94,446	  	 	 	87,947	  	 	 	108,569	  	 	 	66,505	  	 	 	57,857	  
	 *CONFIDENTIAL
	  	 	1,249	  	 	 	2,477	  	 	 	—  	  	 	 	5,000	  	 	 	250	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	920	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,350	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	60	  	 	 	18,731	  	 	 	13,592	  	 	 	11,172	  	 	 	10,871	  	 	 	10,904	  	 	 	19,993	  	 	 	(911	) 	 	 	(791	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	675,021	  	 	 	549,482	  	 	 	692,749	  	 	 	624,717	  	 	 	630,878	  	 	 	673,853	  	 	 	708,527	  	 	 	563,962	  	 	 	548,859	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	219,716	  	 	 	27,641	  	 	 	(19,070	) 	 	 	30,545	  	 	 	24,374	  	 	 	28,324	  	 	 	24,317	  	 	 	26,144	  	 	 	28,331	  
	 *CONFIDENTIAL
	  	 	1,463	  	 	 	48,606	  	 	 	8,056	  	 	 	419	  	 	 	3,032	  	 	 	4,561	  	 	 	3,443	  	 	 	10,021	  	 	 	26,358	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	140	  	 	 	70	  	 	 	—  	  	 	 	2,048	  	 	 	70	  	 	 	5,028	  	 	 	1,717	  	 	 	2,218	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	221,179	  	 	 	76,388	  	 	 	(10,943	) 	 	 	30,964	  	 	 	29,453	  	 	 	32,895	  	 	 	32,788	  	 	 	37,882	  	 	 	54,908	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	70	  	 	 	—  	  	 	 	—  	  	 	 	1,470	  	 	 	—  	  	 	 	2,328	  	 	 	1,733	  	 	 	3,988	  
	 *CONFIDENTIAL
	  	 	14,789	  	 	 	7,533	  	 	 	10,137	  	 	 	13,471	  	 	 	5,376	  	 	 	25,154	  	 	 	28,478	  	 	 	10,640	  	 	 	16,401	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,789	  	 	 	7,603	  	 	 	10,137	  	 	 	13,471	  	 	 	6,646	  	 	 	25,154	  	 	 	30,806	  	 	 	12,374	  	 	 	20,389	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,300	  	 	 	85,384	  	 	 	19,028	  	 	 	5,564	  	 	 	6,296	  	 	 	13,881	  	 	 	17,517	  	 	 	8,316	  	 	 	2,619	  
	 *CONFIDENTIAL
	  	 	169,327	  	 	 	53,893	  	 	 	20,038	  	 	 	34,343	  	 	 	27,821	  	 	 	30,301	  	 	 	32,908	  	 	 	40,621	  	 	 	42,233	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	183,628	  	 	 	139,277	  	 	 	39,066	  	 	 	39,907	  	 	 	34,117	  	 	 	44,183	  	 	 	50,425	  	 	 	48,937	  	 	 	44,852	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	25,493	  	 	 	21,735	  	 	 	26,765	  	 	 	20,610	  	 	 	23,008	  	 	 	(17,729	) 	 	 	(4,238	) 	 	 	9,350	  	 	 	16,480	  
	 *CONFIDENTIAL
	  	 	16,072	  	 	 	17,851	  	 	 	28,418	  	 	 	35,113	  	 	 	25,713	  	 	 	23,341	  	 	 	19,924	  	 	 	22,733	  	 	 	16,728	  
	 *CONFIDENTIAL
	  	 	1,052	  	 	 	2,042	  	 	 	8,941	  	 	 	3,375	  	 	 	796	  	 	 	3,093	  	 	 	1,593	  	 	 	4,457	  	 	 	4,517	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	42,617	  	 	 	41,827	  	 	 	84,124	  	 	 	59,098	  	 	 	49,519	  	 	 	8,705	  	 	 	17,279	  	 	 	36,539	  	 	 	37,723	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,656	  	 	 	24,983	  	 	 	7,663	  	 	 	9,746	  	 	 	37,530	  	 	 	6,473	  	 	 	12,913	  	 	 	33,791	  	 	 	15,305	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,656	  	 	 	24,983	  	 	 	7,663	  	 	 	9,746	  	 	 	73,530	  	 	 	6,473	  	 	 	12,913	  	 	 	33,791	  	 	 	15,305	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	4,967	  	 	 	1,150	  	 	 	6,574	  	 	 	124,868	  	 	 	13,355	  	 	 	32,022	  	 	 	23,202	  	 	 	14,434	  	 	 	13,793	  
	 *CONFIDENTIAL
	  	 	17,227	  	 	 	1,841	  	 	 	16,250	  	 	 	5,214	  	 	 	2,348	  	 	 	27,440	  	 	 	7,092	  	 	 	3,963	  	 	 	400	  
	 *CONFIDENTIAL
	  	 	1,445	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	328	  	 	 	1,592	  	 	 	198	  	 	 	—  	  	 	 	400	  
	 *CONFIDENTIAL
	  	 	16,798	  	 	 	7,494	  	 	 	77,876	  	 	 	(97,432	) 	 	 	22,769	  	 	 	4,224	  	 	 	7,292	  	 	 	3,407	  	 	 	5,125	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	40,457	  	 	 	10,486	  	 	 	100,700	  	 	 	32,650	  	 	 	38,800	  	 	 	65,277	  	 	 	37,784	  	 	 	21,504	  	 	 	19,718	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	6,751	  	 	 	28,165	  	 	 	4,308	  	 	 	(11,505	) 	 	 	6,949	  	 	 	—  	  	 	 	2,131	  	 	 	13,746	  	 	 	8,278	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,554	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	20,660	  	 	 	20,878	  	 	 	20,739	  	 	 	(60,000	) 	 	 	—  	  	 	 	678	  	 	 	678	  	 	 	678	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	24	  	 	 	451	  	 	 	1,586	  	 	 	7,325	  	 	 	5,412	  	 	 	1,125	  	 	 	1,146	  	 	 	356	  	 	 	674	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,456	  	 	 	49,294	  	 	 	26,630	  	 	 	(64,180	) 	 	 	12,361	  	 	 	4,357	  	 	 	3,955	  	 	 	14,780	  	 	 	8,952	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,556	  	 	 	16,927	  	 	 	33,175	  	 	 	2,550	  	 	 	28,491	  	 	 	9,516	  	 	 	1,081	  	 	 	8,164	  	 	 	18,985	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,556	  	 	 	26,927	  	 	 	43,175	  	 	 	92,550	  	 	 	58,491	  	 	 	39,516	  	 	 	31,081	  	 	 	38,164	  	 	 	48,985	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses	  	 	1,230,359	  	 	 	926,067	  	 	 	873,300	  	 	 	838,922	  	 	 	897,995	  	 	 	900,473	  	 	 	925,559	  	 	 	808,233	  	 	 	797,690	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Corporate Allocations	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Controllable Expenses	  	 	1,230,359	  	 	 	926,067	  	 	 	873,300	  	 	 	838,922	  	 	 	897,995	  	 	 	900,473	  	 	 	925,559	  	 	 	808,233	  	 	 	797,690	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses	  	 	(348,315	) 	 	 	228,831	  	 	 	170,008	  	 	 	415,725	  	 	 	450,287	  	 	 	947,848	  	 	 	816,515	  	 	 	767,508	  	 	 	569,756	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses-BPS	  	 	(40.24	) 	 	 	24.92	  	 	 	13.69	  	 	 	21.94	  	 	 	24.88	  	 	 	42.69	  	 	 	47.08	  	 	 	48.66	  	 	 	46.80	  

  

																																	
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	Revenue/Key Drivers	  				 				 				 				 				 				 				 			
	Total Application Units	  	 	698	  	 	 	679	  	 	 	806	  	 	 	9,035	  	 	 	9,685	  	 	 	9,035	  	 	 	(630	) 	 	 	—  	  
	Total Application Dollars	  	$	157,466	  	 	$	147,960	  	 	$	144,081	  	 	$	2,086,193	  	 	$	2,280,922	  	 	$	2,086,193	  	 	$	(194,730	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Closing Units	  	 	603	  	 	 	629	  	 	 	822	  	 	 	7,813	  	 	 	8,286	  	 	 	7,813	  	 	 	(473	) 	 	 	—  	  
	Total Closing Dollars	  	$	127,599	  	 	$	129,623	  	 	$	135,525	  	 	$	1,742,216	  	 	$	1,955,520	  	 	$	1,742,216	  	 	$	(213,304	) 	 	$	—  	  
	Average Loan Amount	  	 	211,607	  	 	 	206,078	  	 	 	217,885	  	 	 	222,989	  	 	 	236,000	  	 	 	222,989	  	 	 	(13,011	) 	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchase Closing Units	  	 	532	  	 	 	539	  	 	 	538	  	 	 	6,078	  	 	 	7,043	  	 	 	6,708	  	 	 	(335	) 	 	 	—  	  
	Purchase Closing Dollars	  	$	111,083	  	 	$	109,018	  	 	$	115,015	  	 	$	1,478,717	  	 	$	1,862,192	  	 	$	1,476,717	  	 	$	(183,475	) 	 	$	—  	  
	Average Loan Amount	  	 	208,802	  	 	 	202,260	  	 	 	213,783	  	 	 	220,441	  	 	 	236,000	  	 	 	220,441	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Refi Closings - Units	  	 	71	  	 	 	90	  	 	 	84	  	 	 	1,105	  	 	 	1,243	  	 	 	1,105	  	 	 	(138	) 	 	 	—  	  
	Refi Closings - Dollars	  	$	18,516	  	 	$	20,605	  	 	$	20,509	  	 	$	263,499	  	 	$	293,325	  	 	$	293,326	  	 	$	(29,829	) 	 	$	—  	  
	Average Loan Amount	  	 	232,624	  	 	 	228,941	  	 	 	244,159	  	 	 	238,481	  	 	 	236,000	  	 	 	238,461	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	24,593	  	 	$	16,112	  	 	$	29,497	  	 	$	308,241	  	 				 				 				 			
	 *CONFIDENTIAL
	  	 	12.9	% 	 	 	15.9	% 	 	 	15.1	% 	 	 	15.1	% 	 	 	15.0	% 	 	 	15.1	% 	 				 			
	 *CONFIDENTIAL
	  	 	22.4	% 	 	 	21.9	% 	 	 	21.1	% 	 	 	21.9	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	19.3	% 	 	 	12.4	% 	 	 	21.8	% 	 	 	17.7	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	1.41	% 	 	 	1.31	% 	 	 	1.35	% 	 	 	1.38	% 	 	 	1.52	% 	 	 	1.52	% 	 				 			
	 *CONFIDENTIAL
	  	 	(242	) 	 	 	(254	) 	 	 	(250	) 	 	 	(241	) 	 	 	(295	) 	 	 	(279	) 	 				 			
	 *CONFIDENTIAL
	  	 	40.99	% 	 	 	45.39	% 	 	 	19.69	% 	 	 	39.24	% 	 	 	40.42	% 	 	 	40.42	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.22	% 	 	 	0.20	% 	 	 	-0.66	% 	 	 	0.07	% 	 	 	0.08	% 	 	 	0.08	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.65	% 	 	 	1.51	% 	 	 	0.79	% 	 	 	1.42	% 	 	 	1.61	% 	 	 	1.61	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.07	% 	 	 	0.92	% 	 	 	0.52	% 	 	 	0.89	% 	 	 	0.99	% 	 	 	0.99	% 	 				 			
	 *CONFIDENTIAL
	  	$	3,486	  	 	$	3,116	  	 	$	1,713	  	 	$	3,168	  	 	$	3,800	  	 	$	3,590	  	 				 			
	 *CONFIDENTIAL
	  	$	1,182	  	 	$	1,219	  	 	$	1,216	  	 	$	1,336	  	 	$	1,130	  	 	$	1,146	  	 				 			
	 *CONFIDENTIAL
	  	 	0.56	% 	 	 	0.59	% 	 	 	0.56	% 	 	 	0.60	% 	 	 	0.48	% 	 	 	0.51	% 	 				 			
	Loans over 60 days	  	 	3	  	 	 	5	  	 	 	3	  	 	 	95	  	 	 	N/A	  	 	 	N/A	  	 				 			
	Summary Headcount	  	 	172	  	 	 	172	  	 	 	171	  	 	 	171	  	 	 	185	  	 	 	185	  	 	 	—  	  	 	 	(14	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 YTD PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	Revenue	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	1,796,877	  	 	 	1,693,104	  	 	 	1,831,355	  	 	 	23,627,519	  	 	 	29,787,800	  	 	 	26,538,615	  	 	 	(6,160,281	) 	 	 	(2,911,095	) 
	 *CONFIDENTIAL
	  	 	112,521	  	 	 	134,484	  	 	 	214,768	  	 	 	1,306,870	  	 	 	745,749	  	 	 	664,406	  	 	 	581,121	  	 	 	642,466	  
	 *CONFIDENTIAL
	  	 	(146,133	) 	 	 	(159,470	) 	 	 	(155,366	) 	 	 	(1,879,858	) 	 	 	(2,447,300	) 	 	 	(2,180,354	) 	 	 	567,442	  	 	 	300,496	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(118,188	) 	 	 	(159,786	) 	 	 	(142,357	) 	 	 	41,600	  	 	 	24,171	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	41,625	  	 	 	(108,945	) 	 	 	(97,062	) 	 	 	150,570	  	 	 	138,687	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(147,753	) 	 	 	—  	  	 	 	—  	  	 	 	(147,753	) 	 	 	(147,753	) 
	 *CONFIDENTIAL
	  	 	60,707	  	 	 	30,000	  	 	 	66,712	  	 	 	749,270	  	 	 	2,063,230	  	 	 	1,638,178	  	 	 	(1,313,960	) 	 	 	(1,088,908	) 
	 *CONFIDENTIAL
	  	 	276,329	  	 	 	281,989	  	 	 	(892,215	) 	 	 	1,170,021	  	 	 	1,605,020	  	 	 	1,429,948	  	 	 	(434,999	) 	 	 	(259,927	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Revenue	  	 	2,102,301	  	 	 	1,980,087	  	 	 	1,065,254	  	 	 	24,749,609	  	 	 	31,485,768	  	 	 	28,051,372	  	 	 	(6,736,259	) 	 	 	3,301,863	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commissions	  	 	737,374	  	 	 	768,614	  	 	 	360,539	  	 	 	9,271,535	  	 	 	12,040,320	  	 	 	10,726,989	  	 	 	(2,768,785	) 	 	 	(1,455,454	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Revenue	  	 	1,384,927	  	 	 	1,191,572	  	 	 	704,715	  	 	 	15,477,974	  	 	 	19,445,448	  	 	 	17,324,383	  	 	 	(3,967,474	) 	 	 	(1,846,409	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Indirect Costs	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	337,822	  	 	 	381,641	  	 	 	347,860	  	 	 	4,317,908	  	 	 	3,862,250	  	 	 	3,862,250	  	 	 	455,658	  	 	 	455,658	  
	 *CONFIDENTIAL
	  	 	7,120	  	 	 	4,785	  	 	 	7,077	  	 	 	158,770	  	 	 	100,000	  	 	 	100,000	  	 	 	56,770	  	 	 	56,770	  
	 *CONFIDENTIAL
	  	 	9,905	  	 	 	8,950	  	 	 	7,187	  	 	 	158,970	  	 	 	20,000	  	 	 	20,000	  	 	 	138,970	  	 	 	138,970	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	4,781	  	 	 	9,781	  	 	 	14,876	  	 	 	113,352	  	 	 	195,552	  	 	 	174,222	  	 	 	(82,200	) 	 	 	(60,870	) 
	 *CONFIDENTIAL
	  	 	104,752	  	 	 	99,761	  	 	 	22,794	  	 	 	1,300,559	  	 	 	1,280,206	  	 	 	1,280,206	  	 	 	20,354	  	 	 	20,354	  
	 *CONFIDENTIAL
	  	 	43,833	  	 	 	46,014	  	 	 	51,065	  	 	 	933,625	  	 	 	1,127,227	  	 	 	1,127,227	  	 	 	(193,602	) 	 	 	(193,602	) 
	 *CONFIDENTIAL
	  	 	603	  	 	 	—  	  	 	 	—  	  	 	 	10,499	  	 	 	—  	  	 	 	—  	  	 	 	10,499	  	 	 	10,499	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,350	  	 	 	—  	  	 	 	—  	  	 	 	1,350	  	 	 	1,350	  
	 *CONFIDENTIAL
	  	 	2,943	  	 	 	—  	  	 	 	2,375	  	 	 	88,940	  	 	 	30,000	  	 	 	30,000	  	 	 	58,940	  	 	 	58,940	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	511,760	  	 	 	550,932	  	 	 	453,235	  	 	 	7,081,974	  	 	 	6,815,235	  	 	 	859,905	  	 	 	466,738	  	 	 	488,069	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	28,494	  	 	 	26,144	  	 	 	26,144	  	 	 	469,105	  	 	 	719,827	  	 	 	719,827	  	 	 	(250,722	) 	 	 	(250,722	) 
	 *CONFIDENTIAL
	  	 	6,810	  	 	 	12,961	  	 	 	9,200	  	 	 	136,932	  	 	 	—  	  	 	 	—  	  	 	 	136,932	  	 	 	136,932	  
	 *CONFIDENTIAL
	  	 	449	  	 	 	211	  	 	 	1,736	  	 	 	13,686	  	 	 	12,000	  	 	 	12,000	  	 	 	1,686	  	 	 	1,686	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	37,753	  	 	 	39,316	  	 	 	37,080	  	 	 	619,723	  	 	 	731,827	  	 	 	731,827	  	 	 	(112,104	) 	 	 	(112,104	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	563	  	 	 	—  	  	 	 	10,152	  	 	 	17,350	  	 	 	17,350	  	 	 	(7198	) 	 	 	(7,198	) 
	 *CONFIDENTIAL
	  	 	11,828	  	 	 	33,632	  	 	 	7,584	  	 	 	185,024	  	 	 	95,000	  	 	 	95,000	  	 	 	90,024	  	 	 	90,024	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,828	  	 	 	34,195	  	 	 	7,584	  	 	 	195,176	  	 	 	112,350	  	 	 	112,350	  	 	 	82,826	  	 	 	82,826	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,065	  	 	 	2,209	  	 	 	14,207	  	 	 	196,386	  	 	 	127,500	  	 	 	113,593	  	 	 	88,886	  	 	 	82,794	  
	 *CONFIDENTIAL
	  	 	42,000	  	 	 	41,200	  	 	 	110,255	  	 	 	644,940	  	 	 	582,000	  	 	 	582,000	  	 	 	62,940	  	 	 	62,940	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	49,065	  	 	 	43,409	  	 	 	124,462	  	 	 	841,326	  	 	 	709,500	  	 	 	896,593	  	 	 	131,826	  	 	 	145,734	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	25,583	  	 	 	4,219	  	 	 	13,305	  	 	 	164,578	  	 	 	222,000	  	 	 	197,785	  	 	 	(57,422	) 	 	 	(33,207	) 
	 *CONFIDENTIAL
	  	 	24,468	  	 	 	15,734	  	 	 	16,853	  	 	 	262,946	  	 	 	360,000	  	 	 	320,732	  	 	 	(97,045	) 	 	 	(57,786	) 
	 *CONFIDENTIAL
	  	 	2,072	  	 	 	4,150	  	 	 	1,153	  	 	 	37,242	  	 	 	30,000	  	 	 	26,728	  	 	 	7,242	  	 	 	10,514	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	52,122	  	 	 	24,103	  	 	 	31,311	  	 	 	464,766	  	 	 	612,000	  	 	 	545,244	  	 	 	(147,234	) 	 	 	(80,476	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,301	  	 	 	17,387	  	 	 	24,630	  	 	 	209,378	  	 	 	84,000	  	 	 	74,837	  	 	 	125,378	  	 	 	134,540	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,301	  	 	 	17,387	  	 	 	24,630	  	 	 	209,378	  	 	 	84,000	  	 	 	74,837	  	 	 	125,378	  	 	 	134,540	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	2,120	  	 	 	15,598	  	 	 	25,721	  	 	 	277,822	  	 	 	51,600	  	 	 	51,600	  	 	 	226,222	  	 	 	226,222	  
	 *CONFIDENTIAL
	  	 	1,368	  	 	 	1,500	  	 	 	5,949	  	 	 	90,593	  	 	 	52,390	  	 	 	52,390	  	 	 	38,205	  	 	 	38,205	  
	 *CONFIDENTIAL
	  	 	1,200	  	 	 	1,715	  	 	 	390	  	 	 	7,268	  	 	 	3,000	  	 	 	3,000	  	 	 	4,268	  	 	 	4,268	  
	 *CONFIDENTIAL
	  	 	2,547	  	 	 	1,906	  	 	 	3,119	  	 	 	55,124	  	 	 	79,200	  	 	 	79,200	  	 	 	(24,076	) 	 	 	(24,076	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,235	  	 	 	20,717	  	 	 	35,179	  	 	 	430,807	  	 	 	186,190	  	 	 	186,190	  	 	 	244,617	  	 	 	244,617	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	5,766	  	 	 	8,092	  	 	 	6,275	  	 	 	78,954	  	 	 	12,000	  	 	 	12,000	  	 	 	86,954	  	 	 	66,954	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,554	  	 	 	—  	  	 	 	—  	  	 	 	2,554	  	 	 	2,554	  
	 *CONFIDENTIAL
	  	 	(0	) 	 	 	594	  	 	 	594	  	 	 	5,319	  	 	 	—  	  	 	 	—  	  	 	 	5,319	  	 	 	5,319	  
	 *CONFIDENTIAL
	  	 	1,810	  	 	 	749	  	 	 	6,023	  	 	 	26,679	  	 	 	—  	  	 	 	—  	  	 	 	26,679	  	 	 	26,679	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,575	  	 	 	9,434	  	 	 	12,891	  	 	 	113,508	  	 	 	12,000	  	 	 	12,000	  	 	 	101,506	  	 	 	101,506	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(2,000	) 	 	 	(2,464	) 	 	 	—  	  	 	 	117,981	  	 	 	—  	  	 				 	 	117,951	  	 	 	117,981	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	28,000	  	 	 	27,536	  	 	 	30,000	  	 	 	477,981	  	 	 	300,000	  	 	 	—  	  	 	 	177,981	  	 	 	477,981	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expenses	  	 	712,640	  	 	 	767,028	  	 	 	756,372	  	 	 	10,434,636	  	 	 	9,363,102	  	 	 	8,951,946	  	 	 	1,071,534	  	 	 	1,482,690	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Corporate Allocations	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Controllable Expenses	  	 	712,640	  	 	 	767,028	  	 	 	756,372	  	 	 	10,434,636	  	 	 	9,363,102	  	 	 	8,951,946	  	 	 	1,071,534	  	 	 	1,482,690	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses	  	 	652,288	  	 	 	242,544	  	 	 	(51,657	) 	 	 	5,043,338	  	 	 	10,082,346	  	 	 	8,372,436	  	 	 	(5,039,008	) 	 	 	(8,424,093	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	EBITDA before Executive Expenses-BPS	  	 	51.12	  	 	 	32.75	  	 	 	(3.81	) 	 	 	28.95	  	 	 	61.56	  	 	 	48.06	  	 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended 

  

 199 









 Confidential Treatment 
  


																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	103	  	 	 	87	  	 	 	116	  	 	 	103	  	 	 	16	  	 	 	—  	  
	 Total Application Dollars
	  	$	23,073	  	 	$	24,758	  	 	$	25,600	  	 	$	23,073	  	 	$	(1,686	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	109	  	 	 	96	  	 	 	100	  	 	 	109	  	 	 	11	  	 	 	—  	  
	 Total Closing Dollars
	  	$	25,439	  	 	$	27,717	  	 	$	25,800	  	 	$	25,439	  	 	$	(2,278	) 	 	$	—  	  
	 Average Loan Amount
	  	 	233,389	  	 	 	284,259	  	 	 	258,000	  	 	 	233,389	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	63	  	 	 	73	  	 	 	79	  	 	 	63	  	 	 	(10	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	16,827	  	 	$	20,511	  	 	$	20,382	  	 	$	16,827	  	 	$	(3,683	) 	 	$	—  	  
	 Average Loan Amount
	  	 	267,102	  	 	 	282,827	  	 	 	258,000	  	 	 	267,102	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	46	  	 	 	25	  	 	 	21	  	 	 	46	  	 	 	21	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	8,612	  	 	$	7,207	  	 	$	5,418	  	 	$	8,612	  	 	$	1,405	  	 	$	—  	  
	 Average Loan Amount
	  	 	187,217	  	 	 	288,417	  	 	 	258,000	  	 	 	187,217	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	$	6,648	  	 				 	$	2,580	  	 				 				 			
	*CONFIDENTIAL	  	 	33.9	% 	 	 	26.0	% 	 	 	21.0	% 	 	 	33.9	% 	 				 			
	*CONFIDENTIAL	  	 	16.1	% 	 				 				 				 				 			
	*CONFIDENTIAL	  	 	26.1	% 	 				 	 	10.0	% 	 				 				 			
	*CONFIDENTIAL	  	 	1.85	% 	 	 	1.39	% 	 	 	2.02	% 	 	 	1.39	% 	 				 			
	*CONFIDENTIAL	  	 	151	  	 	 	532	  	 	 	133	  	 	 	437	  	 				 			
	*CONFIDENTIAL	  	 	50.27	% 	 	 	45.00	% 	 	 	45.00	% 	 	 	67.28	% 	 				 			
	*CONFIDENTIAL	  	 	-0.08	% 	 	 	0.69	% 	 	 	0.02	% 	 	 	0.69	% 	 				 			
	*CONFIDENTIAL	  	 	1.85	% 	 	 	2.22	% 	 	 	2.12	% 	 	 	2.22	% 	 				 			
	*CONFIDENTIAL	  	 	0.96	% 	 	 	1.29	% 	 	 	1.20	% 	 	 	1.29	% 	 				 			
	*CONFIDENTIAL	  	$	4,320	  	 	$	6,308	  	 	$	5,466	  	 	$	5,179	  	 				 			
	*CONFIDENTIAL	  	$	2,763	  	 	$	3,365	  	 	$	3,298	  	 	$	2,997	  	 				 			
	*CONFIDENTIAL	  	 	1.19	% 	 	 	1.16	% 	 	 	1.28	% 	 	 	1.28	% 	 				 			
	 Loans over 80 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	62	  	 	 	58	  	 	 	60	  	 	 	58	  	 	 	4	  	 	 	4	  
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY
VARIANCE	 
	 Revenue
	  	 	470,014	  	 	 	384,104	  	 	 	521,160	  	 	 	352,537	  	 	 	85,910	  	 	 	117,477	  
	*CONFIDENTIAL	  	 	8,053	  	 	 	21,339	  	 	 	15,490	  	 	 	19,585	  	 	 	(15,287	) 	 	 	(11,533	) 
	*CONFIDENTIAL	  	 	18,506	  	 	 	51,875	  	 	 	13,275	  	 	 	47,612	  	 	 	(35,369	) 	 	 	(31,106	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	0	  	 	 	—  	  	 	 	0	  	 	 	(0	) 	 	 	(0	) 
	*CONFIDENTIAL	  	 	(7,854	) 	 	 	(38,877	) 	 	 	(9,675	) 	 	 	(35,682	) 	 	 	31,023	  	 	 	27,828	  
	*CONFIDENTIAL	  	 	3,309.10	  	 	 	6,391	) 	 	 	896	  	 	 	5,866	  	 	 	(3,082	) 	 	 	(2,556	) 
	*CONFIDENTIAL	  	 	(19,124	) 	 	 	190,211	  	 	 	5,450	  	 	 	174,579	  	 	 	(209,335	) 	 	 	(193,703	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	470,905	  	 	 	615,044	  	 	 	546,596	  	 	 	564,497	  	 	 	(144,139	) 	 	 	(93,593	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	226,682	  	 	 	258,442	  	 	 	236,975	  	 	 	237,202	  	 	 	(31,760	) 	 	 	(10,520	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	244,222	  	 	 	356,502	  	 	 	309,621	  	 	 	327,295	  	 	 	(112,380	) 	 	 	(83,073	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 			
	*CONFIDENTIAL	  	 	148,700	  	 	 	163,332	  	 	 	155,444	  	 	 	163,332	  	 	 	(14,632	) 	 	 	(14,632	) 
	*CONFIDENTIAL	  	 	1,067	  	 	 	—  	  	 	 	1,200	  	 	 	—  	  	 	 	1,067	  	 	 	1,067	  
	*CONFIDENTIAL	  	 	3,088	  	 	 	—  	  	 	 	2,500	  	 	 	—  	  	 	 	3,088	  	 	 	3,088	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	46,112	  	 	 	5,543	  	 	 	5,160	  	 	 	5,088	  	 	 	40,569	  	 	 	41,024	  
	*CONFIDENTIAL	  	 	24,484	  	 	 	37,960	  	 	 	47,469	  	 	 	37,960	  	 	 	(13,476	) 	 	 	(13,476	) 
	*CONFIDENTIAL	  	 	20,922	  	 	 	51,278	  	 	 	28,199	  	 	 	51,278	  	 	 	(30,356	) 	 	 	(30,356	) 
	*CONFIDENTIAL	  	 	1,321	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,321	  	 	 	1,321	  
	*CONFIDENTIAL	  	 	9,000	  	 	 	—  	  	 	 	10,000	  	 	 	—  	  	 	 	9,000	  	 	 	9,000	  
	*CONFIDENTIAL	  	 	2,750	  	 	 	—  	  	 	 	500	  	 	 	—  	  	 	 	2,750	  	 	 	2,750	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	257,445	  	 	 	258,113	  	 	 	250,472	  	 	 	257,658	  	 	 	(668	) 	 	 	(213	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	4,926	  	 	 	22,400	  	 	 	22,400	  	 	 	22,400	  	 	 	(17,474	) 	 	 	(17,474	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	4,098	  	 	 	—  	  	 	 	4,098	  	 	 	(4,098	) 	 	 	(4,098	) 
	*CONFIDENTIAL	  	 	3,044	  	 	 	724	  	 	 	500	  	 	 	724	  	 	 	2,320	  	 	 	2,320	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	7,970	  	 	 	27,222	  	 	 	22,900	  	 	 	27,222	  	 	 	(19,252	) 	 	 	(19,252	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	13,006	  	 	 	6,725	  	 	 	2,800	  	 	 	6,725	  	 	 	6,281	  	 	 	6,281	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	13,006	  	 	 	6,725	  	 	 	2,800	  	 	 	6,725	  	 	 	6,281	  	 	 	6,281	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	4,403	  	 	 	2,300	  	 	 	2,300	  	 	 	2,111	  	 	 	2,103	  	 	 	2,292	  
	*CONFIDENTIAL	  	 	1,490	  	 	 	4,964	  	 	 	3,000	  	 	 	4,984	  	 	 	(3,494	) 	 	 	(3,494	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	5,893	  	 	 	7,264	  	 	 	5,300	  	 	 	7,095	  	 	 	(1,391	) 	 	 	(1,202	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	3,070	  	 	 	3,870	  	 	 	3,870	  	 	 	3,552	  	 	 	(800	) 	 	 	(482	) 
	*CONFIDENTIAL	  	 	2,444	  	 	 	1,560	  	 	 	3,220	  	 	 	1,432	  	 	 	884	  	 	 	1,012	  
	*CONFIDENTIAL	  	 	1,000	  	 	 	3,882	  	 	 	1,004	  	 	 	3,379	  	 	 	(2,682	) 	 	 	(2,3790	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	6,514	  	 	 	9,112	  	 	 	8,094	  	 	 	6,363	  	 	 	(2,598	) 	 	 	(1,849	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	4,976	  	 	 	195	  	 	 	4,320	  	 	 	179	  	 	 	4,781	  	 	 	4,797	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	4,976	  	 	 	195	  	 	 	4,320	  	 	 	179	  	 	 	4,781	  	 	 	4,797	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	2,960	  	 	 	2,010	  	 	 	3,500	  	 	 	2,010	  	 	 	950	  	 	 	950	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	1,023	  	 	 	—  	  	 	 	2,000	  	 	 	—  	  	 	 	1,023	  	 	 	1,023	  
	*CONFIDENTIAL	  	 	3,983	  	 	 	2,010	  	 	 	5,500	  	 	 	2,010	  	 	 	1,973	  	 	 	1,973	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	500	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	15	  	 	 	764	  	 	 	26,389	  	 	 	764	  	 	 	(749	) 	 	 	(749	) 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	15	  	 	 	764	  	 	 	26,889	  	 	 	764	  	 	 	(749	) 	 	 	(749	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	*CONFIDENTIAL	  	 	3,500	  	 	 	16,667	  	 	 	3,500	  	 	 	16,667	  	 	 	(13,167	) 	 	 	(13,167	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	303,302	  	 	 	328,092	  	 	 	329,775	  	 	 	326,682	  	 	 	(24,790	) 	 	 	(23,381	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	303,302	  	 	 	328,092	  	 	 	329,775	  	 	 	326,682	  	 	 	(24,790	) 	 	 	(23,381	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	(59,080	) 	 	 	28,510	  	 	 	(20,153	) 	 	 	613	  	 	 	(87,590	) 	 	 	(59,692	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses-BPS
	  	 	(23.22	) 	 	 	11.21	  	 	 	(7.92	) 	 	 	0.24	  	 				 			

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 200 









 Confidential Treatment 
  


																																																					
	 *CONFIDENTIAL
YTD PROFIT & LOSS REVIEW
	  	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	   

	 Total Application Units
	  	 	177	  	 	 	132	  	 	 	110	  	 	 	111	  	 	 	118	  	 	 	159	  	 	 	125	  	 	 	103	  	 	 	1,035	  	 	 	1,572	  	 	 	1,035	  	 	 	(537	) 	 	 	—  	  
	 Total Application Dollars
	  	$	40,747	  	 	$	32,310	  	 	$	23,805	  	 	$	23,688	  	 	$	25,870	  	 	$	41,020	  	 	$	28,708	  	 	$	23,073	  	 	$	239,197	  	 	$	440,574	  	 	$	239,197	  	 	$	201,376	  	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	115	  	 	 	122	  	 	 	99	  	 	 	126	  	 	 	96	  	 	 	72	  	 	 	78	  	 	 	109	  	 	 	617	  	 	 	1,256	  	 	 	817	  	 	 	(439	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	25,278	  	 	$	27,737	  	 	$	25,888	  	 	$	27,386	  	 	$	21,692	  	 	$	16,940	  	 	$	16,248	  	 	$	25,439	  	 	$	186,589	  	 	$	353,752	  	 	$	186,589	  	 	$	(167,163	) 	 	$	—  	  
	 Average Loan Amount
	  	 	219,805	  	 	 	227,354	  	 	 	261,298	  	 	 	217,349	  	 	 	225,963	  	 	 	235,272	  	 	 	208,312	  	 	 	233,389	  	 	 	228,383	  	 	 	281,558	  	 	 	223,383	  	 	 	(53,175	) 	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	65	  	 	 	86	  	 	 	74	  	 	 	99	  	 	 	89	  	 	 	51	  	 	 	62	  	 	 	63	  	 	 	589	  	 	 	911	  	 	 	589	  	 	 	(322	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	18,019	  	 	$	21,534	  	 	$	16,875	  	 	$	22,184	  	 	$	16,273	  	 	$	1,343	  	 	$	13,079	  	 	$	16,827	  	 	$	128,116	  	 	$	261,554	  	 	$	128,116	  	 	$	(133,438	) 	 	$	—  	  
	 Average Loan Amount
	  	 	211,986	  	 	 	250,398	  	 	 	255,073	  	 	 	223,880	  	 	 	235,846	  	 	 	26,332	  	 	 	210,957	  	 	 	267,102	  	 	 	217,514	  	 	 	287,201	  	 	 	217,514	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refl Closings - Units
	  	 	30	  	 	 	36	  	 	 	25	  	 	 	27	  	 	 	27	  	 	 	21	  	 	 	16	  	 	 	46	  	 	 	228	  	 	 	346	  	 	 	228	  	 	 	(118	) 	 	 	—  	  
	 Refl Closings - Dollars
	  	$	7,259	  	 	$	6,203	  	 	$	6,993	  	 	$	5,222	  	 	$	5,419	  	 	$	15,597	  	 	$	3,169	  	 	$	8,612	  	 	$	58,473	  	 	$	92,198	  	 	$	58,473	  	 	$	(33,725	) 	 	$	—  	  
	 Average Loan Amount
	  	 	241,959	  	 	 	172,306	  	 	 	279,722	  	 	 	193,403	  	 	 	200,706	  	 	 	742,696	  	 	 	198,063	  	 	 	187,217	  	 	 	258,462	  	 	 	266,693	  	 	 	256,462	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	—  	  	 	$	—  	  	 	$	402	  	 	$	568	  	 	$	578	  	 	$	1,283	  	 	$	2,650	  	 	$	6,646	  	 	$	12,127	  	 				 				 				 			
	 *CONFIDENTIAL
	  	 	28.7	% 	 	 	22.4	% 	 	 	27.0	% 	 	 	19.1	% 	 	 	25.0	% 	 	 	92.1	% 	 	 	19.5	% 	 	 	33.9	% 	 	 	31.3	% 	 	 	26.1	% 	 	 	31.3	% 	 				 			
	 *CONFIDENTIAL
	  	 	14.8	% 	 	 	20.2	% 	 	 	17.6	% 	 	 	16.4	% 	 	 	14.0	% 	 	 	11.9	% 	 	 	12.6	% 	 	 	18.1	% 	 	 	15.9	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	0.0	% 	 	 	0.0	% 	 	 	1.6	% 	 	 	2.1	% 	 	 	2.7	% 	 	 	7.6	% 	 	 	16.3	% 	 	 	26.1	% 	 	 	6.5	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	0.58	% 	 	 	0.63	% 	 	 	0.43	% 	 	 	0.51	% 	 	 	0.88	% 	 	 	1.72	% 	 	 	2.02	% 	 	 	1.85	% 	 	 	0.99	% 	 	 	1.17	% 	 	 	1.17	% 	 				 			
	 *CONFIDENTIAL
	  	 	75	  	 	 	92	  	 	 	61	  	 	 	207	  	 	 	185	  	 	 	215	  	 	 	197	  	 	 	151	  	 	 	143	  	 	 	390	  	 	 	317	  	 				 			
	 *CONFIDENTIAL
	  	 	140.15	% 	 	 	142.56	% 	 	 	181.77	% 	 	 	221.60	% 	 	 	128.38	% 	 	 	46.83	% 	 	 	50.50	% 	 	 	48.23	% 	 	 	94.05	% 	 	 	77.37	% 	 	 	77.37	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.19	% 	 	 	1.35	% 	 	 	1.44	% 	 	 	1.66	% 	 	 	1.54	% 	 	 	0.03	% 	 	 	0.02	% 	 	 	-0.08	% 	 	 	0.98	% 	 	 	0.90	% 	 	 	0.90	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.86	% 	 	 	2.12	% 	 	 	1.86	% 	 	 	2.21	% 	 	 	2.45	% 	 	 	1.95	% 	 	 	2.01	% 	 	 	1.85	% 	 	 	2.04	% 	 	 	2.23	% 	 	 	2.23	% 	 				 			
	 *CONFIDENTIAL
	  	 	1.05	% 	 	 	1.22	% 	 	 	1.08	% 	 	 	1.07	% 	 	 	1.32	% 	 	 	1.15	% 	 	 	0.99	% 	 	 	0.96	% 	 	 	1.11	% 	 	 	1.32	% 	 	 	1.32	% 	 				 			
	 *CONFIDENTIAL
	  	$	4,086	  	 	$	4,816	  	 	$	4,871	  	 	$	4,814	  	 	$	5,544	  	 	$	4,589	  	 	$	4,163	  	 	$	4,320	  	 	$	4,658	  	 	$	8,266	  	 	$	5,083	  	 				 			
	 *CONFIDENTIAL
	  	$	1,977	  	 	$	2,665	  	 	$	3,058	  	 	$	2,544	  	 	$	3,858	  	 	$	4,889	  	 	$	3,329	  	 	$	2,783	  	 	$	3,012	  	 	$	3,106	  	 	$	4,462	  	 				 			
	 *CONFIDENTIAL
	  	 	0.90	% 	 	 	1.17	% 	 	 	1.17	% 	 	 	1.17	% 	 	 	1.71	% 	 	 	2.08	% 	 	 	1.80	% 	 	 	1.19	% 	 	 	1.32	% 	 	 	1.10	% 	 	 	1.95	% 	 				 			
	 Loan over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	181	  	 	 	173	  	 	 	179	  	 	 	176	  	 	 	172	  	 	 	172	  	 	 	172	  	 	 	171	  	 	 	62	  	 	 	58	  	 	 	58	  	 	 	109	  	 	 	113	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
														
	 YTD PROFIT & LOSS REVIEW
	  	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 	 	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET
VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 *CONFIDENTIAL
	  	 	145,863	  	 	 	175,098	  	 	 	111,850	  	 	 	141,013	  	 	 	191,274	  	 	 	291,046	  	 	 	327,917	  	 	 	470,014	  	 	 	1,853,877	  	 	 	4,127,032	  	 	 	2,176,833	  	 	 	(2,273,155	) 	 	 	(322,956	) 
	 *CONFIDENTIAL
	  	 	19,744	  	 	 	39,736	  	 	 	(3,550	) 	 	 	5,877	  	 	 	9,000	  	 	 	26,779	  	 	 	(8,673	) 	 	 	8,053	  	 	 	96,966	  	 	 	333,964	  	 	 	176,152	  	 	 	(236,998	) 	 	 	(79,188	) 
	 *CONFIDENTIAL
	  	 	8,580	  	 	 	11,224	  	 	 	6,019	  	 	 	28,105	  	 	 	17,718	  	 	 	15,512	  	 	 	15,330	  	 	 	16,506	  	 	 	116,994	  	 	 	490,610	  	 	 	258,776	  	 	 	(373,616	) 	 	 	(141,782	) 
	 *CONFIDENTIAL
	  	 	5,636	  	 	 	158	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	5,794	  	 	 	68,351	  	 	 	36,052	  	 	 	(62,557	) 	 	 	(30,258	) 
	 *CONFIDENTIAL
	  	 	(3,727	) 	 	 	(6,333	) 	 	 	(3,727	) 	 	 	(8,388	) 	 	 	(5,846	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(28,022	) 	 	 	(29,754	) 	 	 	(15,694	) 	 	 	1,733	  	 	 	(12,327	) 
	 *CONFIDENTIAL
	  	 	(6,623	) 	 	 	(11,956	) 	 	 	(311	) 	 	 	(12,823	) 	 	 	(9,899	) 	 	 	(4,236	) 	 	 	(7,474	) 	 	 	(7,654	) 	 	 	(61,175	) 	 	 	(338,659	) 	 	 	(178,628	) 	 	 	277,484	  	 	 	117,453	  
	 *CONFIDENTIAL
	  	 	(788	) 	 	 	3,794	  	 	 	(1,444	) 	 	 	767	  	 	 	(4,527	) 	 	 	(3,076	) 	 	 	(3,684	) 	 	 	3,309	  	 	 	(5,650	) 	 	 	39,386	  	 	 	20,764	  	 	 	(45,018	) 	 	 	(26,414	) 
	 *CONFIDENTIAL
	  	 	301,181	  	 	 	375,836	  	 	 	373,632	  	 	 	453,960	  	 	 	334,502	  	 	 	4,373	  	 	 	2,850	  	 	 	(19,124	) 	 	 	1,527,191	  	 	 	3,181,860	  	 	 	1,678,295	  	 	 	(1,354,669	) 	 	 	148,896	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Gross Revenue
	  	 	489,846	  	 	 	587,557	  	 	 	482,270	  	 	 	508,510	  	 	 	532,222	  	 	 	330,400	  	 	 	326,286	  	 	 	470,905	  	 	 	3,805,975	  	 	 	7,872,768	  	 	 	4,152,549	  	 	 	(4,868,795	) 	 	 	(348,574	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Commissions
	  	 	204,424	  	 	 	249,627	  	 	 	202,946	  	 	 	312,485	  	 	 	245,550	  	 	 	136,285	  	 	 	165,804	  	 	 	226,682	  	 	 	1,743,604	  	 	 	3,193,151	  	 	 	1,684,250	  	 	 	(1,449,547	) 	 	 	59,353	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	265,422	  	 	 	337,930	  	 	 	279,324	  	 	 	294,025	  	 	 	286,871	  	 	 	194,115	  	 	 	160,662	  	 	 	244,222	  	 	 	2,062,371	  	 	 	4,679,619	  	 	 	2,468,299	  	 	 	(2,617,248	) 	 	 	(405,827	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  	 	141,469	  	 	 	190,759	  	 	 	181,634	  	 	 	169,174	  	 	 	190,339	  	 	 	226,109	  	 	 	155,587	  	 	 	148,700	  	 	 	1,403,771	  	 	 	1,805,282	  	 	 	1,805,282	  	 	 	(401,511	) 	 	 	(401,511	) 
	 *CONFIDENTIAL
	  	 	61	  	 	 	487	  	 	 	813	  	 	 	1,273	  	 	 	1,192	  	 	 	582	  	 	 	1,172	  	 	 	1,067	  	 	 	6,647	  	 	 	—  	  	 	 	—  	  	 	 	6,647	  	 	 	6,647	  
	 *CONFIDENTIAL
	  	 	1,828	  	 	 	2,148	  	 	 	1,849	  	 	 	1,977	  	 	 	2,258	  	 	 	3,673	  	 	 	3,483	  	 	 	3,088	  	 	 	20,302	  	 	 	—  	  	 	 	—  	  	 	 	20,302	  	 	 	20,302	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	3,585	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	16,200	  	 	 	15,875	  	 	 	4,480	  	 	 	46,112	  	 	 	86,252	  	 	 	69,367	  	 	 	36,588	  	 	 	16,865	  	 	 	49,664	  
	 *CONFIDENTIAL
	  	 	5,771	  	 	 	18,037	  	 	 	26,781	  	 	 	46,583	  	 	 	33,974	  	 	 	35,893	  	 	 	30,175	  	 	 	24,484	  	 	 	221,797	  	 	 	569,711	  	 	 	569,711	  	 	 	(347,914	) 	 	 	(347,914	) 
	 *CONFIDENTIAL
	  	 	20,371	  	 	 	29,056	  	 	 	30,558	  	 	 	35,867	  	 	 	21,450	  	 	 	19,596	  	 	 	17,382	  	 	 	20,922	  	 	 	195,202	  	 	 	488,651	  	 	 	488,651	  	 	 	(293,449	) 	 	 	(293,449	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,630	  	 	 	6,104	  	 	 	—  	  	 	 	400	  	 	 	1,321	  	 	 	9,456	  	 	 	—  	  	 	 	—  	  	 	 	9,456	  	 	 	9,456	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	12,500	  	 	 	—  	  	 	 	9,000	  	 	 	21,500	  	 	 	50,000	  	 	 	50,000	  	 	 	(24,500	) 	 	 	(28,500	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	3,857	  	 	 	5,580	  	 	 	1,356	  	 	 	3,100	  	 	 	460	  	 	 	478	  	 	 	2,750	  	 	 	17,581	  	 	 	—  	  	 	 	—  	  	 	 	17,581	  	 	 	17,581	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	173,086	  	 	 	224,343	  	 	 	247,215	  	 	 	257,959	  	 	 	274,617	  	 	 	314,688	  	 	 	213,156	  	 	 	257,445	  	 	 	1,982,509	  	 	 	2,983,011	  	 	 	2,950,232	  	 	 	(1,000,502	) 	 	 	(967,724	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	12,598	  	 	 	12,685	  	 	 	13,000	  	 	 	13,779	  	 	 	12,310	  	 	 	12,310	  	 	 	12,466	  	 	 	4,926	  	 	 	94,075	  	 	 	227,966	  	 	 	227,966	  	 	 	(133,891	) 	 	 	(133,891	) 
	 *CONFIDENTIAL
	  	 	2,745	  	 	 	17,873	  	 	 	670	  	 	 	618	  	 	 	1,411	  	 	 	—  	  	 	 	1,715	  	 	 	—  	  	 	 	25,035	  	 	 	59,278	  	 	 	59,278	  	 	 	(34,243	) 	 	 	(34,243	) 
	 *CONFIDENTIAL
	  	 	1,419	  	 	 	866	  	 	 	521	  	 	 	1,487	  	 	 	272	  	 	 	—  	  	 	 	837	  	 	 	3,044	  	 	 	8,446	  	 	 	8,556	  	 	 	8,556	  	 	 	(110	) 	 	 	(110	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	16,765	  	 	 	11,424	  	 	 	14,191	  	 	 	15,884	  	 	 	13,993	  	 	 	12,310	  	 	 	15,018	  	 	 	7,970	  	 	 	127,556	  	 	 	295,800	  	 	 	295,800	  	 	 	(168,244	) 	 	 	(168,244	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	1,092	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,092	  	 	 	—  	  	 	 	—  	  	 	 	1,092	  	 	 	1,092	  
	 *CONFIDENTIAL
	  	 	1,125	  	 	 	2,415	  	 	 	750	  	 	 	5,850	  	 	 	4,372	  	 	 	1,685	  	 	 	(1,976	) 	 	 	13,008	  	 	 	27,228	  	 	 	78,968	  	 	 	78,968	  	 	 	(51,740	) 	 	 	(51,740	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,126	  	 	 	3,507	  	 	 	750	  	 	 	5,850	  	 	 	4,372	  	 	 	1,685	  	 	 	(1,976	) 	 	 	13,008	  	 	 	28,320	  	 	 	78,968	  	 	 	78,968	  	 	 	(50,648	) 	 	 	(50,648	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,514	  	 	 	13,601	  	 	 	8,399	  	 	 	5,122	  	 	 	2,651	  	 	 	850	  	 	 	2,181	  	 	 	4,403	  	 	 	39,921	  	 	 	41,475	  	 	 	21,876	  	 	 	(1,554	) 	 	 	18,045	  
	 *CONFIDENTIAL
	  	 	8,380	  	 	 	3,135	  	 	 	1,001	  	 	 	3,328	  	 	 	3,964	  	 	 	1,853	  	 	 	5,098	  	 	 	1,490	  	 	 	28,259	  	 	 	81,784	  	 	 	81,784	  	 	 	(53,525	) 	 	 	(53,525	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,894	  	 	 	16,936	  	 	 	9,400	  	 	 	3,451	  	 	 	6,615	  	 	 	2,713	  	 	 	7,279	  	 	 	5,893	  	 	 	68,180	  	 	 	123,259	  	 	 	103,660	  	 	 	(55,079	) 	 	 	(35,480	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,714	  	 	 	4,493	  	 	 	3,570	  	 	 	4,312	  	 	 	3,239	  	 	 	4,365	  	 	 	3,284	  	 	 	3,070	  	 	 	29,048	  	 	 	45,496	  	 	 	23,997	  	 	 	(16,448	) 	 	 	5,051	  
	 *CONFIDENTIAL
	  	 	3,275	  	 	 	3,715	  	 	 	4,769	  	 	 	4,228	  	 	 	2,683	  	 	 	1,819	  	 	 	3,363	  	 	 	2,444	  	 	 	26,296	  	 	 	22,667	  	 	 	11,956	  	 	 	3,629	  	 	 	14,340	  
	 *CONFIDENTIAL
	  	 	1,060	  	 	 	1,000	  	 	 	1,694	  	 	 	1,735	  	 	 	1,043	  	 	 	1,000	  	 	 	1,500	  	 	 	1,000	  	 	 	10,032	  	 	 	43,073	  	 	 	22,719	  	 	 	(13,041	) 	 	 	(12,687	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	7,050	  	 	 	9,208	  	 	 	10,034	  	 	 	10,275	  	 	 	6,965	  	 	 	7,184	  	 	 	6,147	  	 	 	8,514	  	 	 	65,378	  	 	 	111,236	  	 	 	56,672	  	 	 	(45,859	) 	 	 	6,704	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,365	  	 	 	3,907	  	 	 	6,671	  	 	 	5,354	  	 	 	4,735	  	 	 	4,620	  	 	 	4,081	  	 	 	4,976	  	 	 	42,709	  	 	 	4,974	  	 	 	2,624	  	 	 	37,735	  	 	 	40,085	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,365	  	 	 	3,907	  	 	 	6,671	  	 	 	5,354	  	 	 	4,735	  	 	 	4,620	  	 	 	4,081	  	 	 	4,976	  	 	 	42,709	  	 	 	4,974	  	 	 	2,624	  	 	 	37,735	  	 	 	40,085	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	6,022	  	 	 	2,971	  	 	 	705	  	 	 	4,522	  	 	 	7,067	  	 	 	3,385	  	 	 	4,627	  	 	 	2,960	  	 	 	32,259	  	 	 	81,767	  	 	 	81,767	  	 	 	(49,508	) 	 	 	(49,508	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	4,107	  	 	 	230	  	 	 	6,512	  	 	 	(2,562	) 	 	 	—  	  	 	 	—  	  	 	 	8,287	  	 	 	—  	  	 	 	—  	  	 	 	8,287	  	 	 	8,287	  
	 *CONFIDENTIAL
	  	 	5	  	 	 	(110	) 	 	 	—  	  	 	 	802	  	 	 	—  	  	 	 	99	  	 	 	—  	  	 	 	—  	  	 	 	796	  	 	 	100	  	 	 	100	  	 	 	696	  	 	 	696	  
	 *CONFIDENTIAL
	  	 	2,858	  	 	 	3,038	  	 	 	3,845	  	 	 	2,758	  	 	 	3,524	  	 	 	3,456	  	 	 	4,957	  	 	 	1,023	  	 	 	25,459	  	 	 	—  	  	 	 	—  	  	 	 	25,459	  	 	 	25,459	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,885	  	 	 	5,899	  	 	 	6,657	  	 	 	8,311	  	 	 	17,103	  	 	 	4,377	  	 	 	9,585	  	 	 	3,983	  	 	 	68,800	  	 	 	81,867	  	 	 	81,887	  	 	 	(15,067	) 	 	 	(15,067	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	240	  	 	 	—  	  	 	 	—  	  	 	 	240	  	 	 	3,994	  	 	 	3,994	  	 	 	(3,754	) 	 	 	(3,754	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	500	  	 	 	—  	  	 	 	500	  	 	 	25,000	  	 	 	25,000	  	 	 	(24,500	) 	 	 	(24,500	) 
	 *CONFIDENTIAL
	  	 	1,201	  	 	 	2,450	  	 	 	2,041	  	 	 	4,905	  	 	 	38,496	  	 	 	678	  	 	 	875	  	 	 	15	  	 	 	50,160	  	 	 	44,783	  	 	 	44,783	  	 	 	5,377	  	 	 	5,377	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	1,201	  	 	 	2,450	  	 	 	2,041	  	 	 	4,905	  	 	 	38,496	  	 	 	918	  	 	 	875	  	 	 	15	  	 	 	50,901	  	 	 	73,777	  	 	 	73,777	  	 	 	(22,876	) 	 	 	(22,876	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	460	  	 	 	282	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	742	  	 	 	—  	  	 				 	 	742	  	 	 	742	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	7,000	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	28,000	  	 	 	150,000	  	 				 	 	(122,000	) 	 	 	28,000	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	7,460	  	 	 	3,782	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	3,500	  	 	 	28,742	  	 	 	150,000	  	 	 	—  	  	 	 	(121,258	) 	 	 	26,742	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	227,371	  	 	 	325,135	  	 	 	302,740	  	 	 	320,488	  	 	 	370,395	  	 	 	351,996	  	 	 	259,668	  	 	 	303,302	  	 	 	2,461,093	  	 	 	3,902,692	  	 	 	3,645,600	  	 	 	(1,441,799	) 	 	 	(1,184,507	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Corporate Allocations
	  	 	227,371	  	 	 	325,135	  	 	 	302,740	  	 	 	320,488	  	 	 	370,395	  	 	 	351,998	  	 	 	259,668	  	 	 	303,302	  	 	 	2,461,093	  	 	 	3,902,892	  	 	 	3,645,600	  	 	 	(1,441,799	) 	 	 	(1,184,507	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses
	  	 	38,051	  	 	 	12,795	  	 	 	(23,417	) 	 	 	(26,463	) 	 	 	(83,723	) 	 	 	(157,881	) 	 	 	(99,004	) 	 	 	(59,080	) 	 	 	(398,722	) 	 	 	776,727	  	 	 	(1,177,301	) 	 	 	(1,175,449	) 	 	 	1,118,222	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA before Executive Expenses -BPS
	  	 	15.05	  	 	 	4.61	  	 	 	(9.05	) 	 	 	(9.66	) 	 	 	(38.60	) 	 	 	(93.20	) 	 	 	(60.93	) 	 	 	(23.22	) 	 	 	(21.37	) 	 	 	21.96	  	 				 				 			

 The Budget is equal to the 0&12 Forecast for the following pages. 
  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 201 








 Confidential Treatment 
  

																									
	 *CONFIDENTIAL
 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Revenue/Key Drivers
	  				 				 				 				 				 			
	 Total Application Units
	  	 	374	  	 	 	739	  	 	 	465	  	 	 	374	  	 	 	(365	) 	 	 	—  	  
	 Total Application Dollars
	  	$	89,393	  	 	$	140,363	  	 	$	113,224	  	 	$	89,393	  	 	$	(50,970	) 	 	$	—  	  
	 Total Closing Units
	  	 	452	  	 	 	539	  	 	 	369	  	 	 	452	  	 	 	(87	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	101,382	  	 	$	102,414	  	 	$	79,208	  	 	$	101,382	  	 	$	(1,032	) 	 	$	—  	  
	 Average Loan Amount
	  	 	224,296	  	 	 	190,000	  	 	 	214,644	  	 	 	224,296	  	 				 			
	 Purchase Closing Units
	  	 	330	  	 	 	485	  	 	 	332	  	 	 	330	  	 	 	(155	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	68,984	  	 	$	92,172	  	 	$	71,287	  	 	$	68,984	  	 	$	(23,188	) 	 	$	—  	  
	 Average Loan Amount
	  	 	209,043	  	 	 	190,000	  	 	 	214,644	  	 	 	209,043	  	 				 			
	 Refi Closings - Units
	  	 	122	  	 	 	54	  	 	 	37	  	 	 	122	  	 	 	68	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	32,398	  	 	$	10,241	  	 	$	7,921	  	 	$	32,398	  	 	$	22,156	  	 	$	—  	  
	 Average Loan Amount
	  	 	265,555	  	 	 	190,000	  	 	 	214,644	  	 	 	265,555	  	 				 			
	 *CONFIDENTIAL
	  	$	95,484	  	 				 	$	79,208	  	 				 				 			
	 *CONFIDENTIAL
	  	 	32.0	% 	 	 	10.0	% 	 	 	10.0	% 	 	 	32.0	% 	 				 			
	 *CONFIDENTIAL
	  	 	24.6	% 	 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	94.2	% 	 				 	 	100.0	% 	 				 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	00.0	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	-0.74	% 	 	 	-0.73	% 	 	 	-0.73	% 	 	 	-0.73	% 	 				 			
	 *CONFIDENTIAL
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 				 			
	 *CONFIDENTIAL
	  	$	1,867	  	 	$	1,322	  	 	$	2,140	  	 	$	1,574	  	 				 			
	 *CONFIDENTIAL
	  	 	0.83	% 	 	 	0.70	% 	 	 	1.00	% 	 	 	0.70	% 	 				 			
	 Loan over 60 days
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	174	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	(14	) 	 	 	(14	) 
							
	 PROFIT & LOSS REVIEW
	  	Dec-04	 	 	BUDGET	 	 	FORECAST	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET PRODUCTIVITY
VARIANCE	 
	 Commissions
	  	 	748,441	  	 	 	747,619	  	 	 	578,216	  	 	 	740,087	  	 	 	822	  	 	 	8,354	  
	 Net Revenue
	  	 	(748,441	) 	 	 	(747,619	) 	 	 	(578,216	) 	 	 	(740,087	) 	 	 	(822	) 	 	 	(8,354	) 
	 Indirect Costs
	  				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	382,422	  	 	 	354,063	  	 	 	354,063	  	 	 	354,063	  	 	 	28,359	  	 	 	28,359	  
	 *CONFIDENTIAL
	  	 	293	  	 	 	2,000	  	 	 	2,000	  	 	 	2,000	  	 	 	(1,707	) 	 	 	(1,707	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	61,676	  	 	 	36,074	  	 	 	40,674	  	 	 	35,711	  	 	 	25,602	  	 	 	25,966	  
	 *CONFIDENTIAL
	  	 	101,678	  	 	 	92,060	  	 	 	118,314	  	 	 	92,060	  	 	 	9,617	  	 	 	9,617	  
	 *CONFIDENTIAL
	  	 	39,504	  	 	 	46,030	  	 	 	39,438	  	 	 	46,030	  	 	 	(6,528	) 	 	 	(6,526	) 
	 *CONFIDENTIAL
	  	 	1,386	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,386	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	16,140	  	 	 	8,000	  	 	 	14,000	  	 	 	8,000	  	 	 	8,140	  	 	 	6,140	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	603,100	  	 	 	538,227	  	 	 	568,489	  	 	 	537,664	  	 	 	64,872	  	 	 	65,235	  
	 *CONFIDENTIAL
	  	 	55,552	  	 	 	30,000	  	 	 	53,800	  	 	 	30,000	  	 	 	25,552	  	 	 	25,552	  
	 *CONFIDENTIAL
	  	 	5,570	  	 	 	2,625	  	 	 	2,625	  	 	 	2,625	  	 	 	2,946	  	 	 	2,946	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	61,123	  	 	 	32,625	  	 	 	56,423	  	 	 	32,625	  	 	 	28,498	  	 	 	28,498	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	2,957	  	 	 	2,957	  	 	 	2,957	  	 	 	(2,957	) 	 	 	(2,957	) 
	 *CONFIDENTIAL
	  	 	4,965	  	 	 	2,400	  	 	 	5,000	  	 	 	2,400	  	 	 	2,565	  	 	 	2,565	  
	 *CONFIDENTIAL
	  	 	4,965	  	 	 	5,357	  	 	 	7,957	  	 	 	5,357	  	 	 	(392	) 	 	 	(392	) 
	 *CONFIDENTIAL
	  	 	111,971	  	 	 	50,000	  	 	 	60,613	  	 	 	49,496	  	 	 	61,971	  	 	 	62,474	  
	 *CONFIDENTIAL
	  	 	6,340	  	 	 	7,000	  	 	 	7,000	  	 	 	7,000	  	 	 	(660	) 	 	 	(660	) 
	 *CONFIDENTIAL
	  	 	118,311	  	 	 	57,000	  	 	 	67,613	  	 	 	56,496	  	 	 	61,313	  	 	 	61,815	  
	 *CONFIDENTIAL
	  	 	5,231	  	 	 	13,000	  	 	 	9,000	  	 	 	12,869	  	 	 	(7,769	) 	 	 	(7,638	) 
	 *CONFIDENTIAL
	  	 	2,147	  	 	 	7,000	  	 	 	3,990	  	 	 	6,929	  	 	 	(4,853	) 	 	 	(4,783	) 
	 *CONFIDENTIAL
	  	 	2,621	  	 	 	6,863	  	 	 	7,039	  	 	 	6,794	  	 	 	(4,242	) 	 	 	(4,173	) 
	 *CONFIDENTIAL
	  	 	5,999	  	 	 	26,863	  	 	 	20,029	  	 	 	26,593	  	 	 	(16,864	) 	 	 	(16,594	) 
	 *CONFIDENTIAL
	  	 	17,015	  	 	 	20,000	  	 	 	20,023	  	 	 	19,799	  	 	 	(2,985	) 	 	 	(2,784	) 
	 *CONFIDENTIAL
	  	 	17,015	  	 	 	20,000	  	 	 	20,023	  	 	 	19,799	  	 	 	(2,985	) 	 	 	(2,784	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	25,069	  	 	 	22,000	  	 	 	22,000	  	 	 	22,000	  	 	 	3,069	  	 	 	3,069	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	1,400	  	 	 	1,500	  	 	 	1,400	  	 	 	(1,400	) 	 	 	(1,400	) 
	 *CONFIDENTIAL
	  	 	6,897	  	 	 	3,500	  	 	 	10,500	  	 	 	3,500	  	 	 	3,397	  	 	 	3,397	  
	 *CONFIDENTIAL
	  	 	31,966	  	 	 	26,900	  	 	 	34,000	  	 	 	26,900	  	 	 	5,066	  	 	 	5,066	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	500	  	 	 	500	  	 	 	500	  	 	 	(500	) 	 	 	(500	) 
	 *CONFIDENTIAL
	  	 	(0	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(0	) 	 	 	(0	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	1,000	  	 	 	1,000	  	 	 	990	  	 	 	(1,000	) 	 	 	(990	) 
	 *CONFIDENTIAL
	  	 	(2,268	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2,268	) 	 	 	(2,268	) 
	 *CONFIDENTIAL
	  	 	117	  	 	 	174	  	 	 	174	  	 	 	174	  	 	 	(57	) 	 	 	(57	) 
	 *CONFIDENTIAL
	  	 	(2,151	) 	 	 	1,674	  	 	 	1,674	  	 	 	1,664	  	 	 	(3,825	) 	 	 	(3,815	) 
	 *CONFIDENTIAL
	  	 	(1,309	) 	 	 	2,500	  	 	 	10,500	  	 	 	2,500	  	 	 	(3,809	) 	 	 	(3,809	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	1,00	  	 	 	—  	  	 	 	1,000	  	 	 	(1,000	) 	 	 	(1,000	) 
	 *CONFIDENTIAL
	  	 	905	  	 	 	500	  	 	 	3,000	  	 	 	500	  	 	 	405	  	 	 	405	  
	 *CONFIDENTIAL
	  	 	(405	) 	 	 	4,000	  	 	 	13,500	  	 	 	4,000	  	 	 	(4,405	) 	 	 	(4,405	) 
	 Total Expenses
	  	 	843,922	  	 	 	712,646	  	 	 	789,710	  	 	 	711,297	  	 	 	131,276	  	 	 	132,625	  
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Total Controllable Expenses
	  	 	843,922	  	 	 	712,646	  	 	 	789,710	  	 	 	711,297	  	 	 	131,276	  	 	 	132,625	  

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 202 









 Confidential Treatment 
  


	*	YTD total only includes actual expenses. 


																																					
	 PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	527	  	 	 	635	  	 	 	1,139	  	 	 	903	  	 	 	656	  	 	 	684	  	 	 	595	  	 	 	583	  	 	 	536	  
	 Total Application Dollars
	  	$	107,501	  	 	$	129,491	  	 	$	243,180	  	 	$	194,933	  	 	$	149,172	  	 	$	147,524	  	 	$	121,213	  	 	$	126,530	  	 	$	121,455	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	316	  	 	 	368	  	 	 	575	  	 	 	747	  	 	 	807	  	 	 	744	  	 	 	604	  	 	 	593	  	 	 	521	  
	 Total Closing Dollars
	  	$	62,012	  	 	$	72,314	  	 	$	118,125	  	 	$	151,819	  	 	$	171,533	  	 	$	160,513	  	 	$	133,543	  	 	$	130,238	  	 	$	103,829	  
	 Average Loan Amount
	  	 	196,239	  	 	 	196,505	  	 	 	205,434	  	 	 	203,238	  	 	 	212,556	  	 	 	215,743	  	 	 	221,098	  	 	 	219,526	  	 	 	199,289	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	248	  	 	 	231	  	 	 	406	  	 	 	504	  	 	 	605	  	 	 	658	  	 	 	558	  	 	 	531	  	 	 	447	  
	 Purchase Closing Dollars
	  	$	49,013	  	 	$	48,195	  	 	$	83,288	  	 	$	99,614	  	 	$	123,551	  	 	$	138,146	  	 	$	122,951	  	 	$	114,779	  	 	$	84,483	  
	 Average Loan Amount
	  	 	197,632	  	 	 	199,977	  	 	 	205,094	  	 	 	197,646	  	 	 	204,217	  	 	 	209,946	  	 	 	220,342	  	 	 	216,156	  	 	 	189,000	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	68	  	 	 	137	  	 	 	169	  	 	 	243	  	 	 	202	  	 	 	88	  	 	 	46	  	 	 	62	  	 	 	74	  
	 Refi Closings - Dollars
	  	$	12,999	  	 	$	26,119	  	 	$	34,857	  	 	$	52,205	  	 	$	47,982	  	 	$	22,367	  	 	$	10,592	  	 	$	15,459	  	 	$	19,346	  
	 Average Loan Amount
	  	 	191,180	  	 	 	190,651	  	 	 	206,252	  	 	 	214,836	  	 	 	237,534	  	 	 	260,087	  	 	 	230,270	  	 	 	249,339	  	 	 	261,437	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	55,603	  	 	$	66,402	  	 	$	111,585	  	 	$	142,850	  	 	$	160,771	  	 	$	151,763	  	 	$	126,144	  	 	$	120,528	  	 	$	100,057	  
										
	 *CONFIDENTIAL
	  	 	21.0	% 	 	 	36.1	% 	 	 	29.5	% 	 	 	34.4	% 	 	 	28.0	% 	 	 	13.9	% 	 	 	7.9	% 	 	 	11.9	% 	 	 	18.6	% 
	 *CONFIDENTIAL
	  	 	26.5	% 	 	 	25.0	% 	 	 	26.7	% 	 	 	29.7	% 	 	 	29.0	% 	 	 	26.3	% 	 	 	27.0	% 	 	 	24.4	% 	 	 	26.0	% 
	 *CONFIDENTIAL
	  	 	89.7	% 	 	 	91.8	% 	 	 	94.5	% 	 	 	94.1	% 	 	 	93.7	% 	 	 	94.5	% 	 	 	94.5	% 	 	 	92.5	% 	 	 	96.4	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 *CONFIDENTIAL
	  	 	-0.79	% 	 	 	-0.71	% 	 	 	-1.01	% 	 	 	-0.50	% 	 	 	-0.73	% 	 	 	-0.64	% 	 	 	-0.82	% 	 	 	-0.74	% 	 	 	-0.73	% 
	 *CONFIDENTIAL
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  
	 *CONFIDENTIAL
	  	$	2,591	  	 	$	1,911	  	 	$	1,509	  	 	$	1,165	  	 	$	1,087	  	 	$	1,190	  	 	$	1,438	  	 	$	1,449	  	 	$	1,156	  
	 *CONFIDENTIAL
	  	 	1.32	% 	 	 	0.97	% 	 	 	0.73	% 	 	 	0.57	% 	 	 	-0.50	% 	 	 	0.55	% 	 	 	0.65	% 	 	 	0.66	% 	 	 	0.58	% 
										
	 *CONFIDENTIAL
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  
	 Summary Headcount
	  	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  	 	 	188	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 PROFIT & LOSS REVIEW
	  	Jan-04	 	 	Feb-04	 	 	Mar-04	 	 	Apr-04	 	 	May-04	 	 	Jun-04	 	 	Jul-04	 	 	Aug-04	 	 	Sep-04	 
	 Commissions
	  	 	488,174	  	 	 	512,386	  	 	 	1,188,944	  	 	 	762,126	  	 	 	1,258,698	  	 	 	1,034,419	  	 	 	1,099,658	  	 	 	983,491	  	 	 	754,127	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	(488,174	) 	 	 	(512,386	) 	 	 	(1,188,944	) 	 	 	(762,126	) 	 	 	(1,258,698	) 	 	 	(1,034,419	) 	 	 	(1,099,658	) 	 	 	(983,491	) 	 	 	(754,127	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	379,883	  	 	 	339,348	  	 	 	395,962	  	 	 	369,298	  	 	 	354,844	  	 	 	382,350	  	 	 	383,384	  	 	 	372,231	  	 	 	355,712	  
	 *CONFIDENTIAL
	  	 	13,967	  	 	 	492	  	 	 	447	  	 	 	302	  	 	 	4,891	  	 	 	3,823	  	 	 	3,492	  	 	 	2,185	  	 	 	359	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	3,627	  	 	 	6,139	  	 	 	30,501	  	 	 	49,526	  	 	 	56,215	  	 	 	50,374	  	 	 	24,667	  	 	 	46,115	  	 	 	52,894	  
	 *CONFIDENTIAL
	  	 	169,566	  	 	 	132,022	  	 	 	152,640	  	 	 	165,383	  	 	 	167,949	  	 	 	173,904	  	 	 	179,277	  	 	 	153,048	  	 	 	149,883	  
	 *CONFIDENTIAL
	  	 	83,161	  	 	 	69,477	  	 	 	120,916	  	 	 	74,655	  	 	 	102,354	  	 	 	77,559	  	 	 	70,737	  	 	 	133,127	  	 	 	(13,249	) 
	 *CONFIDENTIAL
	  	 	208	  	 	 	2,331	  	 	 	—  	  	 	 	75	  	 	 	310	  	 	 	1,990	  	 	 	—  	  	 	 	285	  	 	 	675	  
	 *CONFIDENTIAL
	  	 	62	  	 	 	15	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	20,846	  	 	 	9,799	  	 	 	15,417	  	 	 	7,548	  	 	 	6,037	  	 	 	10,409	  	 	 	15,754	  	 	 	13,833	  	 	 	16,553	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	671,321	  	 	 	559,621	  	 	 	715,883	  	 	 	666,788	  	 	 	692,599	  	 	 	700,408	  	 	 	677,511	  	 	 	720,604	  	 	 	562,627	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	27,519	  	 	 	28,463	  	 	 	44,012	  	 	 	30,691	  	 	 	30,484	  	 	 	30,766	  	 	 	29,962	  	 	 	29,292	  	 	 	30,324	  
	 *CONFIDENTIAL
	  	 	2,358	  	 	 	1,479	  	 	 	—  	  	 	 	170	  	 	 	377	  	 	 	471	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	29,877	  	 	 	29,962	  	 	 	44,012	  	 	 	30,861	  	 	 	30,861	  	 	 	31,237	  	 	 	29,962	  	 	 	29,292	  	 	 	30,324	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	3,777	  	 	 	2,103	  	 	 	4,233	  	 	 	1,924	  	 	 	4,800	  	 	 	2,570	  	 	 	942	  	 	 	1,264	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	5,041	  	 	 	7,674	  	 	 	2,639	  	 	 	2,985	  	 	 	6,938	  	 	 	3,028	  	 	 	9,252	  	 	 	4,031	  	 	 	5,059	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	8,818	  	 	 	9,777	  	 	 	5,872	  	 	 	4,903	  	 	 	11,737	  	 	 	5,598	  	 	 	10,195	  	 	 	5,295	  	 	 	5,059	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	24,715	  	 	 	29,220	  	 	 	54,129	  	 	 	62,152	  	 	 	69,003	  	 	 	68,011	  	 	 	78,555	  	 	 	46,983	  	 	 	(79,906	) 
	 *CONFIDENTIAL
	  	 	(13,814	) 	 	 	(13,277	) 	 	 	(30,271	) 	 	 	132	  	 	 	3,072	  	 	 	465	  	 	 	1,937	  	 	 	2,270	  	 	 	8,112	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	10,901	  	 	 	15,943	  	 	 	23,858	  	 	 	62,284	  	 	 	72,075	  	 	 	68,476	  	 	 	80,492	  	 	 	49,253	  	 	 	(71,794	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,790	  	 	 	7,318	  	 	 	14,498	  	 	 	9,723	  	 	 	7,978	  	 	 	8,555	  	 	 	10,407	  	 	 	6,961	  	 	 	15,659	  
	 *CONFIDENTIAL
	  	 	4,385	  	 	 	2,749	  	 	 	8,810	  	 	 	5,239	  	 	 	6,698	  	 	 	5,942	  	 	 	5,882	  	 	 	6,204	  	 	 	4,088	  
	 *CONFIDENTIAL
	  	 	1,033	  	 	 	1,425	  	 	 	1,084	  	 	 	8,420	  	 	 	(2,307	) 	 	 	2,351	  	 	 	1,852	  	 	 	7,384	  	 	 	2,375	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	17,208	  	 	 	11,492	  	 	 	24,389	  	 	 	23,383	  	 	 	12,369	  	 	 	16,848	  	 	 	18,140	  	 	 	20,549	  	 	 	22,102	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	22,342	  	 	 	24,407	  	 	 	30,489	  	 	 	15,350	  	 	 	13,826	  	 	 	31,939	  	 	 	15,573	  	 	 	13,646	  	 	 	12,204	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	22,342	  	 	 	24,407	  	 	 	30,489	  	 	 	15,350	  	 	 	13,826	  	 	 	31,939	  	 	 	15,573	  	 	 	13,646	  	 	 	12,204	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	23,306	  	 	 	21,000	  	 	 	22,631	  	 	 	22,408	  	 	 	21,564	  	 	 	20,778	  	 	 	23,865	  	 	 	21,894	  	 	 	22,246	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	500	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	583	  	 	 	—  	  	 	 	867	  	 	 	4,221	  	 	 	1,346	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	606	  
	 *CONFIDENTIAL
	  	 	10,465	  	 	 	8,923	  	 	 	10,227	  	 	 	18,911	  	 	 	9,672	  	 	 	9,761	  	 	 	7,549	  	 	 	12,086	  	 	 	3,196	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	34,354	  	 	 	29,922	  	 	 	33,725	  	 	 	45,537	  	 	 	32,583	  	 	 	31,038	  	 	 	31,414	  	 	 	33,980	  	 	 	26,060	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	749	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	100	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	1,307	  	 	 	4,433	  	 	 	856	  	 	 	818	  	 	 	4	  	 	 	6	  	 	 	5	  	 	 	(0	) 	 	 	0	  
	 *CONFIDENTIAL
	  	 	372	  	 	 	175	  	 	 	1,175	  	 	 	20	  	 	 	42	  	 	 	75	  	 	 	45	  	 	 	654	  	 	 	67	  
	 *CONFIDENTIAL
	  	 	2,208	  	 	 	3,000	  	 	 	(40,400	) 	 	 	3,485	  	 	 	(28,146	) 	 	 	(2,232	) 	 	 	(3,786	) 	 	 	(19,287	) 	 	 	2,807	  
	 *CONFIDENTIAL
	  	 	186	  	 	 	2,844	  	 	 	—  	  	 	 	360	  	 	 	(449	) 	 	 	105	  	 	 	273	  	 	 	328	  	 	 	209	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,073	  	 	 	10,452	  	 	 	(37,659	) 	 	 	4,683	  	 	 	(28,550	) 	 	 	(2,048	) 	 	 	(3,362	) 	 	 	(18,305	) 	 	 	3,083	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	19,754	  	 	 	6,418	  	 	 	23,814	  	 	 	15,877	  	 	 	19,256	  	 	 	(5,875	) 	 	 	7,957	  	 	 	2,940	  	 	 	12,428	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	5,363	  	 	 	2,401	  	 	 	652	  	 	 	4,685	  	 	 	8,103	  	 	 	652	  	 	 	1,883	  	 	 	432	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	19,754	  	 	 	11,780	  	 	 	26,214	  	 	 	16,529	  	 	 	23,941	  	 	 	2,227	  	 	 	8,609	  	 	 	4,824	  	 	 	12,859	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	818,848	  	 	 	703,357	  	 	 	867,782	  	 	 	870,323	  	 	 	861,441	  	 	 	885,725	  	 	 	868,533	  	 	 	859,138	  	 	 	602,514	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	818,848	  	 	 	703,357	  	 	 	867,782	  	 	 	870,323	  	 	 	861,441	  	 	 	685,725	  	 	 	868,533	  	 	 	859,138	  	 	 	602,514	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

																																	
	 PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Revenue/Key Drivers
	  				 				 				 				 				 				 				 			
	 Total Application Units
	  	 	522	  	 	 	589	  	 	 	374	  	 	 	7,743	  	 	 	9,150	  	 	 	7,743	  	 	 	(1,407	) 	 	 	—  	  
	 Total Application Dollars
	  	$	123,670	  	 	$	125,000	  	 	$	89,393	  	 	$	1,679,040	  	 	$	1,755,277	  	 	$	1,679,040	  	 	$	(76,237	) 	 	$	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Closing Units
	  	 	465	  	 	 	458	  	 	 	452	  	 	 	6,845	  	 	 	7,421	  	 	 	8,648	  	 	 	(773	) 	 	 	—  	  
	 Total Closing Dollars
	  	$	98,439	  	 	$	102,043	  	 	$	101,382	  	 	$	1,405,789	  	 	$	1,410,000	  	 	$	1,405,789	  	 	$	(4,211	) 	 	$	—  	  
	 Average Loan Amount
	  	 	211,696	  	 	 	223,778	  	 	 	224,298	  	 	 	211,460	  	 	 	190,000	  	 	 	211,460	  	 	 	(21,460	) 	 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Purchase Closing Units
	  	 	387	  	 	 	361	  	 	 	330	  	 	 	5,266	  	 	 	6,586	  	 	 	5,268	  	 	 	(1,300	) 	 	 	—  	  
	 Purchase Closing Dollars
	  	$	79,994	  	 	$	74,650	  	 	$	68,984	  	 	$	1,085,628	  	 	$	1,259,200	  	 	$	1,085,626	  	 	$	(173,574	) 	 	$	—  	  
	 Average Loan Amount
	  	 	206,702	  	 	 	206,785	  	 	 	209,043	  	 	 	208,158	  	 	 	191,790	  	 	 	206,158	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Refi Closings - Units
	  	 	78	  	 	 	95	  	 	 	122	  	 	 	1,382	  	 	 	856	  	 	 	1,382	  	 	 	526	  	 	 	—  	  
	 Refi Closings - Dollars
	  	$	18,445	  	 	$	27,393	  	 	$	32,398	  	 	$	320,163	  	 	$	150,800	  	 	$	320,163	  	 	$	169,363	  	 	$	—  	  
	 Average Loan Amount
	  	 	236,473	  	 	 	288,351	  	 	 	265,555	  	 	 	231,666	  	 	 	176,265	  	 	 	231,666	  	 				 			
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	$	92,814	  	 	$	98,402	  	 	$	85,484	  	 	$	1,322,402	  	 				 				 				 			
									
	 *CONFIDENTIAL
	  	 	18.7	% 	 	 	26.6	% 	 	 	32.0	% 	 	 	22.8	% 	 	 	10.7	% 	 	 	22.8	% 	 				 			
	 *CONFIDENTIAL
	  	 	23.7	% 	 	 	25.9	% 	 	 	24.6	% 	 	 	28.4	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	94.3	% 	 	 	96.4	% 	 	 	94.2	% 	 	 	94.1	% 	 				 				 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 				 			
	 *CONFIDENTIAL
	  	 	-0.79	% 	 	 	-0.71	% 	 	 	-0.74	% 	 	 	-0.73	% 	 	 	-0.73	% 	 	 	-0.73	% 	 				 			
	 *CONFIDENTIAL
	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 				 			
	 *CONFIDENTIAL
	  	$	1,595	  	 	$	1,785	  	 	$	1,867	  	 	$	1,465	  	 	$	1,176	  	 	$	1,322	  	 				 			
	 *CONFIDENTIAL
	  	 	0.75	% 	 	 	0.80	% 	 	 	0.83	% 	 	 	0.69	% 	 	 	0.62	% 	 	 	0.63	% 	 				 			
									
	 *CONFIDENTIAL
	  	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 				 			
	 Summary Headcount
	  	 	168	  	 	 	168	  	 	 	188	  	 	 	174	  	 	 	188	  	 	 	188	  	 	 	14	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 PROFIT & LOSS REVIEW
	  	Oct-04	 	 	Nov-04	 	 	Dec-04	 	 	YTD*	 	 	BUDGET	 	 	BUDGET VOLUME
ACTUALS	 	 	BUDGET
VARIANCE	 	 	BUDGET
PRODUCTIVITY	 
	 Commissions
	  	 	773,288	  	 	 	729,599	  	 	 	748,441	  	 	 	10,313,550	  	 	 	10,293,000	  	 	 	10,262,260	  	 	 	20,550	  	 	 	51,290	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Net Revenue
	  	 	(773,288	) 	 	 	(729,599	) 	 	 	(748,441	) 	 	 	(10,313,550	) 	 	 	(10,293,000	) 	 	 	(10,262,260	) 	 	 	(20,550	) 	 	 	(51,290	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Indirect Costs
	  				 				 				 				 				 				 				 			
	 *CONFIDENTIAL
	  	 	334,215	  	 	 	354,480	  	 	 	382,422	  	 	 	4,404,127	  	 	 	3,979,834	  	 	 	3,979,834	  	 	 	424,294	  	 	 	424,294	  
	 *CONFIDENTIAL
	  	 	232	  	 	 	112	  	 	 	293	  	 	 	30,596	  	 	 	24,000	  	 	 	24,000	  	 	 	6,596	  	 	 	6,596	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	15,091	  	 	 	37,961	  	 	 	61,676	  	 	 	435,186	  	 	 	459,968	  	 	 	458,595	  	 	 	(24,782	) 	 	 	(23,409	) 
	 *CONFIDENTIAL
	  	 	137,567	  	 	 	137,598	  	 	 	101,678	  	 	 	1,820,312	  	 	 	1,187,052	  	 	 	1,187,052	  	 	 	633,261	  	 	 	633,261	  
	 *CONFIDENTIAL
	  	 	49,870	  	 	 	45,518	  	 	 	38,504	  	 	 	853,628	  	 	 	884,861	  	 	 	884,861	  	 	 	(31,233	) 	 	 	(31,233	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	189	  	 	 	1,386	  	 	 	7,409	  	 	 	—  	  	 	 	—  	  	 	 	7,409	  	 	 	7,409	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	432	  	 	 	—  	  	 	 	508	  	 	 	—  	  	 	 	—  	  	 	 	508	  	 	 	508	  
	 *CONFIDENTIAL
	  	 	12,619	  	 	 	13,176	  	 	 	16,140	  	 	 	157,932	  	 	 	96,000	  	 	 	96,000	  	 	 	61,932	  	 	 	61,932	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	549,594	  	 	 	589,443	  	 	 	603,100	  	 	 	7,709,698	  	 	 	6,631,715	  	 	 	6,630,341	  	 	 	1,077,983	  	 	 	1,079,157	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	29,605	  	 	 	52,801	  	 	 	55,552	  	 	 	419,490	  	 	 	360,000	  	 	 	360,000	  	 	 	59,490	  	 	 	59,490	  
	 *CONFIDENTIAL
	  	 	924	  	 	 	426	  	 	 	5,570	  	 	 	11,775	  	 	 	31,495	  	 	 	31,495	  	 	 	(19,720	) 	 	 	(19,720	) 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	30,529	  	 	 	53,227	  	 	 	61,123	  	 	 	431,266	  	 	 	391,495	  	 	 	391,495	  	 	 	39,771	  	 	 	39,771	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	21,612	  	 	 	35,484	  	 	 	35,484	  	 	 	(13,872	) 	 	 	(13,872	) 
	 *CONFIDENTIAL
	  	 	21,702	  	 	 	4,693	  	 	 	4,965	  	 	 	78,006	  	 	 	28,800	  	 	 	28,800	  	 	 	49,206	  	 	 	49,206	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	21,702	  	 	 	4,693	  	 	 	4,965	  	 	 	99,619	  	 	 	64,284	  	 	 	64,284	  	 	 	35,336	  	 	 	35,335	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	59,186	  	 	 	102,713	  	 	 	111,971	  	 	 	636,732	  	 	 	600,000	  	 	 	598,208	  	 	 	36,732	  	 	 	38,524	  
	 *CONFIDENTIAL
	  	 	76	  	 	 	297	  	 	 	6,340	  	 	 	(34,661	) 	 	 	84,000	  	 	 	64,000	  	 	 	(118,681	) 	 	 	(118,661	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	59,282	  	 	 	103,011	  	 	 	118,311	  	 	 	602,071	  	 	 	684,000	  	 	 	682,208	  	 	 	(81,929	) 	 	 	(80,137	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	(1,829	) 	 	 	9,513	  	 	 	5,231	  	 	 	105,801	  	 	 	156,000	  	 	 	155,534	  	 	 	(50,199	) 	 	 	(49,733	) 
	 *CONFIDENTIAL
	  	 	4,313	  	 	 	5,163	  	 	 	2,147	  	 	 	61,599	  	 	 	84,000	  	 	 	83,749	  	 	 	(22,401	) 	 	 	(22,150	) 
	 *CONFIDENTIAL
	  	 	215	  	 	 	7,058	  	 	 	2,621	  	 	 	33,511	  	 	 	82,361	  	 	 	32,115	  	 	 	(48,850	) 	 	 	(48,604	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	2,698	  	 	 	21,734	  	 	 	9,999	  	 	 	200,911	  	 	 	322,361	  	 	 	321,398	  	 	 	(121,450	) 	 	 	(120,487	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,789	  	 	 	22,079	  	 	 	17,015	  	 	 	230,659	  	 	 	240,000	  	 	 	239,283	  	 	 	(9,341	) 	 	 	(8,624	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	11,789	  	 	 	22,079	  	 	 	17,015	  	 	 	230,659	  	 	 	240,000	  	 	 	239,283	  	 	 	(9,341	) 	 	 	(8,624	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	23,368	  	 	 	22,132	  	 	 	25,069	  	 	 	270,257	  	 	 	264,000	  	 	 	264,000	  	 	 	6,257	  	 	 	6,257	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	500	  	 	 	—  	  	 	 	—  	  	 	 	500	  	 	 	500	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	772	  	 	 	—  	  	 	 	8,396	  	 	 	16,800	  	 	 	16,800	  	 	 	(8,404	) 	 	 	(8,404	) 
	 *CONFIDENTIAL
	  	 	13,942	  	 	 	5,530	  	 	 	6,897	  	 	 	117,159	  	 	 	42,000	  	 	 	42,000	  	 	 	75,159	  	 	 	75,159	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	37,310	  	 	 	28,433	  	 	 	31,966	  	 	 	396,312	  	 	 	322,800	  	 	 	322,800	  	 	 	73,512	  	 	 	73,512	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	900	  	 	 	—  	  	 	 	1,749	  	 	 	6,000	  	 	 	6,000	  	 	 	(4,251	) 	 	 	(4,251	) 
	 *CONFIDENTIAL
	  	 	8	  	 	 	5	  	 	 	(0	) 	 	 	7,444	  	 	 	—  	  	 	 	—  	  	 	 	7,444	  	 	 	7,444	  
	 *CONFIDENTIAL
	  	 	(6	) 	 	 	78	  	 	 	—  	  	 	 	2,697	  	 	 	12,000	  	 	 	11,964	  	 	 	(9,304	) 	 	 	(9,288	) 
	 *CONFIDENTIAL
	  	 	5,036	  	 	 	(8,638	) 	 	 	(2,268	) 	 	 	(88,260	) 	 	 	—  	  	 	 	—  	  	 	 	(88,260	) 	 	 	(88,260	) 
	 *CONFIDENTIAL
	  	 	(95	) 	 	 	306	  	 	 	117	  	 	 	4,184	  	 	 	2,088	  	 	 	2,088	  	 	 	2,096	  	 	 	2,096	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	4,943	  	 	 	(7,349	) 	 	 	(2,151	) 	 	 	(72,187	) 	 	 	20,088	  	 	 	20,052	  	 	 	(92,275	) 	 	 	(92,239	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	14,978	  	 	 	(4,148	) 	 	 	(1,309	) 	 	 	112,089	  	 	 	30,000	  	 	 	30,000	  	 	 	82,089	  	 	 	82,089	  
	 *CONFIDENTIAL
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	12,000	  	 	 	12,000	  	 	 	(12,000	) 	 	 	(12,000	) 
	 *CONFIDENTIAL
	  	 	(1,000	) 	 	 	2,729	  	 	 	905	  	 	 	26,803	  	 	 	6,000	  	 	 	8,000	  	 	 	20,803	  	 	 	20,803	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 *CONFIDENTIAL
	  	 	13,978	  	 	 	(1,419	) 	 	 	(405	) 	 	 	138,892	  	 	 	48,000	  	 	 	48,000	  	 	 	90,892	  	 	 	90,892	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Expenses
	  	 	741,804	  	 	 	813,852	  	 	 	843,922	  	 	 	9,737,240	  	 	 	8,724,742	  	 	 	8,787,151	  	 	 	1,012,498	  	 	 	1,017,379	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Other Corporate Allocations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Controllable Expenses
	  	 	741,804	  	 	 	813,852	  	 	 	843,922	  	 	 	9,737,240	  	 	 	8,724,742	  	 	 	8,787,151	  	 	 	1,012,498	  	 	 	1,017,379	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. 

  

 203 








 Schedule 8.1(e) 
 Cendant List 
  

	1.	*CONFIDENTIAL 

  

	2.	*CONFIDENTIAL 

  

	3.	*CONFIDENTIAL 

  

	4.	*CONFIDENTIAL 

  

	5.	*CONFIDENTIAL 

  

	6.	*CONFIDENTIAL 

  

	7.	*CONFIDENTIAL 

  

	8.	*CONFIDENTIAL 

  

	9.	*CONFIDENTIAL 

  

	10.	*CONFIDENTIAL 

  

	*	The term “Confidential” indicates material that has been omitted and for which confidential treatment has been requested. All such omitted material has been
filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.