REVIEWER: Chip Register, senior vice president and CIO, and Todd Warnock, technology services manager, for Resource Bancshares Mortgage Group, Inc.

BACKGROUND: As part of its primary business focus, residential mortgage banking, Resource Bancshares Mortgage Group, Inc. (RBMG) purchases agency-eligible mortgage loans through its correspondents and accepts agency-eligible mortgage loans for funding through its wholesale division. Substantially all the agency-eligible mortgage loans are sold with the rights to service the loans being retained by RBMG. The retained servicing is then either held in RBMG's portfolio or sold separately. RBMG earns servicing fees in consideration of its servicing activities for loans originated through its correspondent and wholesale channels. Further, RBMG, Inc. earns servicing fees with respect to agency-eligible mortgage loans for which it had acquired the servicing rights in bulk or flow acquisitions of servicing rights. It also receives sub-servicing fees during an interim or transitional period after it has sold the servicing rights to an institutional purchaser of servicing. RBMG was acquired by NetBank, Inc., the country's first profitable and largest independent FDIC-insured Internet bank, operating exclusively online.

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