Pat was named Director of Capital Markets in 1992 for both Fleet Real Estate
Funding and Fleet Mortgage, and was responsible for integrating the two
divisions.  Over the next several years, he led the secondary marketing and
risk management team that successfully acquired and merged Security
Pacific, Plaza Mortgage and others into the Fleet family.

In 1998, Pat was appointed Executive Vice President for Fleet Mortgage
Capital Markets and Risk Management divisions.  During this time, he
negotiated and managed the Fannie Mae Partnership Agreement, expanded
Fleet Bank's portfolio product line, and implemented an innovative Capital
Markets employee mentoring and training program.  As Executive Vice
President for quality control, Pat was also responsible for Fleet Mortgage's
Credit Policy, Quality Control, and Legal divisions, and directed multiple
corporate re-engineering efforts, including a major corporate-wide systems
upgrade.

Opting to stay in Columbia, South Carolina, Pat left the Fleet organization in
2002 following a successful merger between Fleet Mortgage and
Washington Mutual Home Loans.  Shortly afterward he brought together a
group of former Fleet and Washington Mutual senior managers to consult for
a national cooperative of mortgage lenders.  Their work included developing
capital markets and risk management business models, negotiating investor
affinity agreements and co-issue servicing takeouts, managing product
development efforts, and providing management advisory services for
individual member lenders.

In 2003 Pat accepted the position of Mortgage Director for First Citizens
Bank, a $5 billion bank headquartered in South Carolina, where he was
responsible for all residential lending including production, operations, capital
markets, and servicing.  During his tenure at First Citizens, Pat built and
staffed a best practices mortgage department, resulting in a substantial
increase in gain on sale income and 60% growth in retail mortgage
production.

With 30 years of mortgage banking experience, Pat left First Citizens in 2006
to found Cutler Consulting, Inc.
____________________________________________________________

Patricia Evans (Patti)
A graduate of the University of California at San Diego, Patti began her
mortgage banking career in 1984 as Vice President of Secondary Marketing
at Shearson Lehman Hutton Mortgage Corporation.  In 1986 she was
appointed to the team responsible for Shearson Lehman's startup jumbo
mortgage conduit division, with responsibility for pricing, risk
management,asset sales, contract finance, marketing and sales support,
and product development.  In addition to her management duties, Patti also
negotiated and structured the conduit's private label CMO securities issues,
and was instrumental in  the build-out of the company's master servicing
operation.

Patti was named Vice President and  Director of Secondary Marketing at
Bank of America in 1989.  Her division achieved a 100% increase in gain on
sale in 1991, with a $35 million contribution to plan.  As Director, she also led
a team to consolidate risk management and trading activities, standardize
polices and product lines, and integrate technologies for Bank of America's
affiliate banks operating in 11 western states.

In 1992, Patti was appointed Senior Vice President at ITT Residential Capital
Corporation, a newly-formed mortgage banking operation and subsidiary of
ITT Financial Corporation.  As part of the startup team, Patti built and staffed
the secondary marketing, risk management, asset sales, marketing, and
product development divisions; she also directed the design and
implementation of the organization's new products and risk management
technology platform.  The organization was fully staffed and operational
within four months of inception, with national correspondent and wholesale
lending channels, regional fulfillment centers in four states, and a national
servicing center.

Patti joined the Strategic Planning division at Fleet Mortgage in 1995 as Vice
President, with responsibility for managing product development, new
business initiative projects, and merger/acquisition due diligence teams.  In
1997, she was appointed Director of Mortgage Finance for the Capital
Markets division and given responsibility for risk management, asset sales,
and securitizations for all non-agency production.  Patti was also responsible
for Capital Markets information technology support, leading the installation
and integration of the QRM risk management system, and managing the
project to design and implement an integrated multi-channel origination and
secondary marketing system.  

Patti became an independent consultant in 2002.  Since then, she was
worked extensively with mortgage banking companies, banks and thrifts,
investors and servicing companies, startup organizations, industry  service  
providers, and technology vendors.  Patti joined Cutler Consulting, Inc. as a
senior advisor in 2007.
_____________________________________________________________

Margaret Ellis
Margaret is a cum laude graduate of Furman University, with a BS in
Computer Science and Mathematics.  She entered the mortgage banking
industry in 1998, following a successful ten year career as an engineer for
E.I. DuPont de Nemours, Inc.  After joining the Capital Markets group at Fleet
Mortgage, Margaret was given responsibility for budget planning and
reporting, research and publication of a financial markets commentary for
corporate wide distribution, and special projects.

Following the merger of Fleet Mortgage and Washington Mutual Home loans,
Margaret joined the Correspondent Lending division in 2003, with
responsibility for the division's monthly income and expense reconciliation
and reporting, the creation of monthly production reporting, correspondent
production planning and goals, and development of a special incentive plan
to increase CRA production.  Margaret also worked with the Corporate
Finance division to build an organizational profitability model, and acted as
the division's corporate HR liaison for a staff of 54.

In 2004, Margaret was appointed Assistant Vice President at First Citizens
Bank in charge of Production Strategy and Special Projects.  In this position,  
Margaret was the mortgage division's liaison for 165 retail bank branches,
and was instrumental in the design and implementation of a production
strategy that resulted in a 60% increase in branch production.   She
designed and launched a successful intranet site for residential lending,
including the creation of online calculators,  product comparisons, and
educational materials. She also designed mortgage lending marketing and
sales support materials and created a special lender recognition program.  
Margaret also developed a comprehensive corporate training program, and
delivered over 50 residential mortgage training courses to corporate and
branch employees.  In addition to her production duties, Margaret was
extensively involved in daily secondary marketing activities, including pricing,
hedging, loan sales, investor relations, and product development.

Margaret joined Cutler Consulting, Inc. in 2008.
_____________________________________________________________
Strategic Mortgage Partners
Management Biographies

E. Patrick Cutler (Pat)
Following his graduation from the University of South
Carolina in 1976, Pat began his mortgage banking career
as an originator for Fleet Real Estate Funding.  He became
a branch manager in 1978, and joined the Fleet Capital
Markets team in 1980.  Soon after, he was promoted to
Senior Vice President, with responsibility for all secondary
marketing functions including pricing, interest rate risk
management, investor relations, securitization and
production support.  Pat established Fleet’s
Correspondent Lending Program in 1982, which grew to
become one of the nation’s largest buyers of servicing-
released whole loans.