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Top Subprime Subservicers at 3/31/05

(Dollars in Millions)

(part 1 of 2)

Rk Organization Name Location

1 Option One Mortgage Corp. Irvine, CA

2 Ocwen Financial Corp. West Palm Beach, FL

3 Homeq Servicing Corp. North Highlands, CA

4 Mortgage Lenders Network, USA Middletown, CT

5 Select Portfolio Servicing Salt Lake City, UT

6 Wilshire Credit Corp. (E) (1) Beaverton, OR

7 Countrywide Financial Corp. Calabasas, CA

8 Encore Credit Corporation Irvine, CA

9 GMAC Residential Holdings Horsham, PA

10 Wendover Financial Services (E) Greensboro, NC

(part 2 of 2)

Subservicing Volume Percent

Rk 3/31/2005 3/31/2004 Change

1 $17,945 $7,977 125%

2 $12,790 $3,529 262%

3 $8,956 $9,498 -6%

4 $8,092 $5,658 43%

5 $7,868 $9,866 -20%

6 $7,202 $1,928 274%

7 $4,605 $3,816 21%

8 $2,705 na na

9 $1,383 $5 25994%

10 $1,316 $2,105 -37%

Top 10 Totals:

$72,862 $44,382 64%

Submitted Totals:

$73,437 $44,790 64%

Notes: Results may vary because some firms would not disclose subprime subservicing figures.

(E) Estimate. (1) Last year Wilshire was recently bought by Merrill Lynch which promptly stopped reporting Wilshire's numbers.

Source: MSN/Quarterly Data Report. Questons? Email: Paul.MuoloSourceMedia.com.

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