I have over 30 years of experience with all aspects of mortgage lending, including 16 years as a mortgage warehouse lender. Courts have admitted me as an expert witness and I have rendered opinions concerning mortgage fraud, repurchase disputes, mortgage warehouse lending and mortgage industry-related matters, and I have testified in complex and lengthy jury and bench trials. As a consultant with Perrin & Associates, I assist mortgage companies to obtain warehouse lines and raise capital, provide expert witness services and aid in mergers, acquisitions, and raising private equity. Perrin & Associates also provides due diligence and re-engineering services for warehouse lenders, banks, and private equity companies.

Qualified to testify in cases involving: Mortgage Banking, Mortgage Lending, Banking, Warehouse Lending, Mortgage Loans, Credit Review for Mortgages, Mortgage Fraud, Warehousing, Mergers & Acquisitions, Loss Mitigation, Warehouse Lending, Capital Markets, Real Estate Private Equity, Mortgage Consulting, Accounting, Refinance, Investment Properties, Funding, Commercial Mortgages, Mergers, Credit Analysis, Underwriting, Expert Witness, Financial Advisory, Financial Analysis, Real Estate Financing, Financial Services, Credit Risk, Business Process, Financial Structuring, Mortgage Accounting, Warehouse Due Diligence

MICHELE PERRIN, CPA, CMB 10352 Cowan Heights Drive Office (714) 669-0627 Santa Ana, CA 92705 michele@perrinassoc.com Cell (714) 925-3158 PROFESSIONAL EXPERIENCE PERRIN & ASSOCIATES, Tustin, CA March 2009 to Present Assisting mortgage companies and banks with expert witness services and other financial consulting, including aiding mortgage companies in obtaining warehouse financing. Recent assignments include: • Set up startup warehouse program for international bank, including creating detailed profitability and balance sheet projections for five years, creating all procedures, policies, controls and legal documents, selecting software, and identifying candidates for all roles • Performed extensive due diligence on large national warehouse program for potential investors • Performing onsite audits of mortgage clients and preparing extensive credit analyses for warehouse lenders • Re-engineering warehouse platforms for efficiency, ease of use, and improved fraud prevention and detection, including planning implementation and justifying changes for board and regulators • Advising banks on whether or not to enter into warehouse lending business through explanation of risks and creating pro formas to demonstrate rewards of warehouse lending • Consulting with banks on entering riskier warehouse lending areas such as Non-QM and hard money lending • Providing expert witness services to warehouse lenders affected by fraud, including banks involved in the Taylor Bean & Whitaker fraud (losses total over $2 billion) • Assisting nontraditional mortgage lenders, including hard money lenders and non-QM originators, to obtain warehouse-type financing from banks and nontraditional sources, such as private equity lenders. JPMORGAN/CHASE BANK, Santa Ana, CA March 2008 to March 2009 Relationship Manager, CHASE WAREHOUSE LENDING Chase bought Washington Mutual’s warehouse lending platform and hired a select group from WaMu to start a new warehouse program in March 2008. Assisted in setting up new procedures and legal documents for the Chase program. Developed new lending relationships under very difficult and changing circumstances during continued upheaval in mortgage market and lending. Territory covered half of the US: the Midwest, Northwest and California, as only 2 of 18 WaMu regional managers were hired by Chase. WASHINGTON MUTUAL (Formerly BANK UNITED), Tustin, CA January 1998-March 2008 First Vice President, Mortgage Banking Finance/California Regional Manager Top producer in largest warehouse program in the US for over 10 years. • Developed and managed over $5 billion in new warehouse lending relationships in California for warehouse lending division with $18 billion in commitments. Identifying prospects, performing due diligence, analyzing financial stability and creditworthiness of potential and existing clients, preparing thorough credit analyses for presentation to Credit Committee and Board of Directors, reviewing monthly financial statements and monitoring collateral to identify possible problems. • During market collapse in 2007-2008, managed the termination of over $4 billion in lines to 35 clients, including monitoring repurchase exposure to identify at-risk clients early, holding cash as loans settled, cutting off funding when risks became unacceptable, obtaining additional collateral, seizing assets, collecting on personal guaranties, assisting clients in disposing of mortgages, advising clients throughout process on their best exit strategy. • Assisted in development and evaluation of operational procedures for warehouse lending. • Designed forms for collecting data on prospects, for tracking clients' progress through the approval and setup process and created pricing models to determine profitability to the bank and savings to the client for various pricing structures. • Customized SalesForce for tracking details of warehouse clients' businesses and key metrics. • Worked closely with Washington Mutual correspondent lending and designed joint product offerings. • Worked extensively with outside counsel and large CPA firms to redesign legal agreements to meet true sale requirements of WaMu's and our clients' auditors. • Represented the Bank as a frequent speaker at MBA and CMBA conferences. • Elected to President’s Club every year for top performance and won every sales contest for warehouse division. INDYMAC, Pasadena, CA March 1997-January 1998 Warehouse and Conduit Relationship Manager Provided warehouse lines of credit to and acquired mortgages from mortgage bankers across the US with net worth over $1,000,000. Created credit packages for approval. Brought in over 30 warehouse applications through articles in Mortgage Originator Magazine. Booked 28 new LOCs totaling $140MM in eight months. PERRIN & ASSOCIATES, Tustin, CA 1992-1997 President • Chief Financial Officer Services: Strategic planning, development of new business lines, cash management, compensation & contract review, recruiting staff, and facilitating leadership development, including conducting leadership training seminars. • Warehouse Lending: Assessing feasibility of and designing and installing systems, procedures, credit policies and legal documents to start up warehouse lending operations for large mortgage companies. • Expert Witness: Performing expert witness services for large and complex cases, involving Big 4 accounting firms, national banks and large mortgage bankers, through deposition and trial testimony for jury and bench trials. Issues included fraud, industry practices, reasonableness of credit process, damages, and repurchases. Trained by top jury consultants on best witness strategies. • REIT Public Offerings: Wrote IPO presentations, arranged and designed presentations to over 30 Wall Street and regional bankers, created business models, coordinated all-hands meetings, facilitated due diligence, and prepared SEC S-11 registration statements. Worked on 4 mortgage REIT company public offerings. Providing consulting primarily to the mortgage banking industry in the areas of: Clients included: KPMG Peat Marwick, Grant Thornton, American Residential Mortgage, ComUnity Lending, Imperial Bank, First Franklin Financial, American Cities Mortgage, Guild Mortgage, BrooksAmerica. IMPERIAL CREDIT INDUSTRIES (IMPAC Mtg. Holdings), Newport Beach, CA 1988–1992 Senior Vice President/Chief Financial Officer/Treasurer Responsible for accounting, loan servicing, investor reporting, warehouse lending, negotiating and creating contracts, planning, and strategy for 9-branch publicly-held national mortgage banking company. • Took the company public in 1992, selling 27% of company for $16MM. Drafted key portions of S-1 and wrote company's first 10Q. Acted as primary liaison with market analysts, investors, and media. • Created systems and procedures and developed staff to support growth from $5 million per month in originations to more than $300 million and from $40 million in servicing to over $2.5 billion. • Recruited, trained and supervised staff of 45 in accounting, servicing and warehouse departments. • Evaluated, negotiated, and managed actual transfer of over $2 billion in servicing purchases and sales. • Introduced warehouse lending operation offering lines to small mortgage companies, including designing all procedures, loan agreements and approval guidelines; supervised warehouse staff; and approved participants. • Negotiated the acquisition at net asset value and assimilation of four large production branches. SOURCE FINANCE, Irvine, CA 1988 Partner Top producer in Orange County office of national executive search firm. Set nationwide record for first-month sales. Attended intensive six-week sales training course. Specialized in recruitment and placement of mortgage banking professionals. PLAZA SAVINGS AND LOAN ASSOCIATION, Santa Ana, CA 1986 – 1988 CFO/Controller Developed staff, systems, procedures, and funding sources to take Association from $4 million per month in originations to over $150 million per month, reporting directly to president. (Plaza originated over $8 billion in 1993 and was acquired in 1996 by Fleet Funding for almost $100 million). • Established all financing, including warehouse lending relationships of over $75 million. • Identified and analyzed all packages for loan servicing sales, coordinating sales process. • Designed and implemented 3-year monthly budget, financial statements, board report and automated regulatory reports utilizing LOTUS and Excel. • Coordinated conversion of servicing function to DataLink system. DELOITTE TOUCHE & COMPANY, Newport Beach, CA 1981 – 1985 Senior Auditor Specialized in the audits of major savings and loan associations and mortgage bankers. Experienced in SEC and FHLB reporting, as well as public offerings. Performed extensive consulting engagements, including business valuations, for financial institutions. Active in practice development. PART-TIME ACCOUNTING POSITIONS 1977 - 1981 with HALBERT HARGROVE & COMPANY, a Long Beach investment banking firm (1978-1981), a local public accountant, and PACIFIC FINANCE to finance 100% of college and living expenses. EDUCATION: B.S. - Accounting and Finance, California State University, Long Beach, Magna cum laude. First business major elected to membership in Phi Beta Kappa. GPA - 3.9. CERTIFICATIONS: CPA, State of California. Passed all parts of CPA examination in first sitting in 1981. Master CMB (Master Certified Mortgage Banker), October 2004. Qualified as expert through experience, courses, references, and written and oral exams covering both Commercial and Residential Mortgage Banking to receive the mortgage industry’s highest honor.

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