Valuation Services Update FY’ 18 3/27/2017

Digital Risk Valuation Services Differentiators Experience, training and staff Trained directly by FNMA and Freddie Mac on appraisal guidelines and repurchase Trained by FNMA on Collateral Underwriter (CU) 1 of 2 vendors Implemented bifurcated loan process Has led to increased loan quality and decreased turn times Average appraisal experience over 18 years and tenure at DR over 6 years Scalability One of the largest third party appraisal review departments (W2 Appraisers, non- AMC related) Flexible staffing (W2/1099 Blend) Ability to ramp fast Competitors lean towards remote, contracted employees Model leads to degraded quality and high employee turnover Or are too small to expand Ability to Calibrate to Scopes and Customize We can provide any scope related to residential valuation review Including complex assignments outside of the typical review We perform customizable reviews in the Clients system as well as PDF outputs Few competitors have Appraisers logging into the Clients systems Valuation IQ is trademarked and is “approved” by Fitch Licensing Individual Appraiser licensure in 43 of the 51 licensable jurisdictions 30 Licensed W2 Appraisers, 1099 panel of 10 Appraisers Partnership We partner with our Clients and consider ourselves to be a part of their Team. As a result we built a positive relationship, wherein, we are viewed as more than just a vendor. Strong Client survey results Appraisal Management Services

Product Offerings Product Offerings Price Per Unit Margin Profile Location Desk Review Level 1 $35 to $40 25% Onshore Desk Review Level 2 $90 $95 to $115 CU Appraisal Escalations $45 to $95 20% ValuationIQ $150 to $195 32% Pre-underwriting Appraisal Reviews $32 to $50 Servicing Reviews $50 BPO Reconciliations for trades Collateral Underwriting $40 to $50 Appraisal Reviews/Reconciliations Scope Related TBD Rebuttals Repurchase Reviews White Labeled BPOs (Outsourced) TAT Related White Labeled Property Inspections (Outsourced) AVM's (Outsourced) Output Related

Product Offerings Product Output Scope Product Outcome Desk Review Level 1 PDF Administrative review of the appraisal using guidelines and only the appraisal (no outside information). Appraisal approval, denial, revisions recommended (and provided) or escalate for further review. Desk Review Level 2 Technical Appraisal review of the appraisal using guidelines and external data. Form type 1. Appraisal approval, denial or revisions recommended (and provided). Technical Appraisal review of the appraisal using guidelines and external data. Form type 2. CU Appraisal Escalations PDF/In LOS Esalation reviews of appraisals with issues and high CU scores from RUM/RUS. Appraisal approval or secondary product recommended (FR, OA). ValuationIQ Deep dive review of the appraisal leveraging multiple lising service (MLS) access. Appraisal is reviewed to guides, overall risk and a value provided . Value approved or alternative value provided. Risk level of low, medium or high. Pre-underwriting Appraisal Reviews In LOS Review of the apprasial using the Client provided guides, checklist or review template. Role is to ensure the appraisal meets all requirements prior to underwriting. Appraisal approval, revisions required (and cured by DR reviewer) or escalation for further review and potential denial by Client. Servicing Reviews Review of the most recent valution in the Clients system. Comparison performed to prior products and analysis provided indicating current value for loan servicing process. Value approved or alternative value provided. BPO Reconciliations for trades Excel Review of the most recent Broker Price Opinion (BPO) using third party data to ensure the value provided is correct and if applicable any property damage is provided to Client. Value approved or alternative value provided. Damage in BPO provided. Collateral Underwriting Review of the appraisal leveraging FNMAs Collateral Underwriter (CU) and Client guides. Appraisal Reviews/Reconciliations Any Review of the apprasial using scope provided by Client. Dependent upon scope. Rebuttals Review of the appraisal, Clients documents and rebuttal documents to recommend final outcome. Rebuttal recommended or denied. Repurchase Reviews Review of the appraisal with the purposing of quantifying why the appraisal went into default and if any fraud occurred. Review of the appraisal for value and guidelines issues. Value approved, alternative value provided, or guideline issues. White Labeled BPOs (Outsourced) Broker Price Opinion (BPO) provided by third party in DR name. BPO provided White Labeled Property Inspections (Outsourced) Property Inspection/Condtion report provided by third party in DR name. Inspection/condition report provided. AVM's (Outsourced) Excel/PDF link Automated valuation model (AVM) provided by third party. AVM provided

Active Clients and Scopes

Current Opportunities

Digital Risk Valuation Services Potential Opportunities FNMA “Day 1 Certainty” Capital Markets Opportunities/Loan Purchasing If a property meets certain criteria then the lenders receive rep and warrants Files that do not meet the proposed criteria (CU scores above 2.5) need to be reviewed to ensure lenders are limiting repurchase risk. Can be done via Desk Reviews, CU reviews http://www.fanniemae.com/portal/media/corporate-news/2016/6467.html ValuationIQ Extract marketplace owned by Clear Capital CDA BPO Recons Escalations Value Reconciliations Similar to FAMC, Clients may need expertise Using high level RUM’s/RUS’s is not viable or affordable Clients have multiple Appraisals and are unsure which to utilize for Closing Cross sell current non-valuation Clients Call prior Valuation Clients to address nee Ally was previously unaware we have a Valuation department What other opportunities are we missing by not addressing the expertise we have? Package with other services (ie PLS) They already know us See prior clients and scopes slide

Digital Risk Valuation Services

Digital Risk Valuation Services - Competitors Clear Capital ProTeck https://www.clearcapital.com/solutions/appraisals/ CDA (Collateral Desktop Analysis) Competitive product to ValautionIQ Key Differentiator: Clear Capital has a Broker pull the data and provide to a 1099 Appraiser. (The final reviewer does not pull the data and as a result is not aware of gaps. Additionally, the reviewers results are not calibrated.) For ValIQ, DR uses trained W2 Appraisers who understand appraisal defects and pull the data directly during the review process. https://www.proteckservices.com/solutions/review-products/ ARR (Appraisal Risk Review) Competitve product to ValuationIQ Value Reconciliations Desk Reviews “Collateral valuation and due diligence to support loan pool purchase, sale and securitization.” Summit Valuation Clayton/RedBell http://www.clayton.com/solutions-and-services/loan-review-and-due-diligence/property-valuation-review/ Appraisal Reviews Desk Reviews https://summitvaluations.com/ SVR – product similar to ValuationIQ “From investors in the REO to rehab space to loan servicers and clients in the capital markets sector. The SVR is a great option if you are looking to accurately establish a value or reconcile a single, or multiple valuation reports.” Old Republic http://oldrepublicdefault.com/Valuation.aspx Desk Reviews Corelogic Opus CMC http://www.opuscmc.com/residential-due-diligence Valuation Reconciliations Fraud Reviews http://www.corelogic.com/solutions/valuation-collateral-risk.aspx

Prior Projects

Addendum Product Samples

ValuationIQ Appraisal Management Services

ValuationIQ (cont.) Appraisal Management Services

ValuationIQ (cont.) Appraisal Management Services

Desk Review Level 1 or 2 Output Appraisal Management Services

Desk Review Level 3 Output Appraisal Management Services

Desk Review Level 3 Output (cont.) Appraisal Management Services

BPO Recon Output Appraisal Management Services

CU Appraisal Escalation Output Appraisal Management Services

Property Condition Report (PCR Inspection – Outsourced)

Collateral Underwriter Workflow

Marketing Valuations Marketing Material review

Marketing Material For Valuation