Merrill Lynch Expands Correspondent Business; Bob Bodell heads the Mer

    Business Editors
    Mortgage Editors

    NEW YORK--(BUSINESS WIRE)--March 29, 2005--Merrill Lynch (NYSE:MER) today announced the expansion of the Merrill Lynch Correspondent Group, a prime mortgage loan purchaser that will provide correspondents with customized solutions to meet their product and profitability needs. The firm has hired a team of seasoned mortgage industry experts to lead the group including Bob Bodell, who will serve as the national sales director, and Gary Rosenberger, Patricia Slepkow, Dennis Brodhecker, Fred Hurt and David Smith, who will serve as regional sales managers.
    A division of the Merrill Lynch Credit Corporation (MLCC), the Merrill Lynch Correspondent Group will offer bulk and flow execution as well as customized deal structuring for jumbo and super jumbo loans. The group will offer a competitively priced suite of LIBOR-based products, expanded and alternative document guidelines, best efforts and mandatory pipeline management, backed by the financial resources of Merrill Lynch, one of the world's largest financial services firms.
    "Merrill Lynch is committed to providing correspondents with the knowledge, products and services to help them deliver true value to their borrowers," said Larry Washington, chairman and chief executive officer of MLCC. "Our financial strength provides us with the distinctive ability to create flexible and customizable arrangements to meet unique client needs."
    In his new role as national sales director, Mr. Bodell will be responsible for growing relationships with qualified correspondents across the nation. Mr. Bodell is a veteran of the mortgage banking business with more than 28 years of experience focusing on risk-based secondary marketing, including all areas of production and efficiency management. Prior to joining MLCC, Mr. Bodell was an executive vice president at First Nationwide Mortgage Corporation, where he managed the secondary marketing and correspondent divisions. He has also held various executive positions with Harbourton Mortgage Co., Franklin Mortgage Capital Corporation, and Dominion Federal Savings and Loan Association.
    Mr. Rosenberger, Ms. Slepkow, Mr. Hurt, Mr. Brodhecker, and Mr. Smith have also joined Merrill Lynch as vice presidents and regional sales managers for the Correspondent Group, responsible for identifying and developing relationships with qualified correspondents in their respective regions, negotiating structured deals, and managing bulk and flow purchases of Merrill Lynch's home financing products.
    As a vice president, Correspondent Group for the Southeastern region, Mr. Rosenberger brings more than 24 years of in-depth sales and marketing management experience in the insurance and banking industry to Merrill Lynch. Before joining MLCC, he managed sales in 11 states as vice president and regional manager, Correspondent Division at Countrywide Home Loans, Inc. For nine years, he was vice president/correspondent sales representative for the Midwest and Southeast regions at G.E. Capital Mortgage Corporation. Prior to that, Mr. Rosenberger spent nine years at Mortgage Guaranty Insurance Corporation as regional sales manager in both Minnesota and Wisconsin.
    Ms. Slepkow is vice president, Correspondent Group for the Northeast and sections of the Northcentral region. She brings more than 20 years of in-depth sales and marketing management experience in the mortgage industry to Merrill Lynch. Prior to joining MLCC, Ms. Slepkow was regional sales manager for Thornburg Mortgage, a REIT specializing in the purchase of jumbo/super jumbo ARM's. She also served as account manager in the Northeast Region for Freddie Mac. During her 15-year tenure at Freddie Mac, she managed relationships with lenders within New England and the Mid-Atlantic area. She also served as president of the Rhode Island Mortgage Bankers Association for two terms.
    Mr. Hurt is vice president, Correspondent Group for the Midwest region with more than 20 years of mortgage banking experience. Before joining MLCC, Mr. Hurt was vice president, Division Sales Manager for Wells Fargo's Correspondent Lending program and was also a regional sales manager with First Nationwide Mortgage Corporation. Most recently, Mr. Hurt was regional sales manager for the Huntington Mortgage Group.
    As vice president, Correspondent Group for the Western Region, Mr. Brodhecker has more than 14 years of correspondent sales and marketing experience in the mortgage banking industry. Prior to joining MLCC, he was a vice president and regional manager with CitiMortgage Correspondent Lending, where he was responsible for sales management and customer development in the Western United States. He was also a vice president at Norwest Funding, Inc. (formerly Prudential Home Mortgage) and has worked in the mortgage insurance industry.
    Mr. Smith is vice president, Correspondent Group for the Central region with more than 20 years of marketing and sales experience in the mortgage banking business. Most recently, Mr. Smith was correspondent and wholesale account executive for Commercial Federal Bank, where he responsible for business development and managing correspondent accounts in the Southern United States. Prior to that, he was a wholesale account executive at Principal Residential Mortgage and also a regional sales director at AIG/United Guaranty Residential Insurance Company.
    The Merrill Lynch Correspondent Group will be headquartered in Jacksonville, Florida. For more information, visit the Merrill Lynch Correspondent Group website at www.mlcorrespondent.com or call 800-921-MLCG.

    Merrill Lynch (NYSE:MER) is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide assets under management total $501 billion. For more information on Merrill Lynch, please visit www.ml.com.

--30--AM/ny*

CONTACT: Merrill Lynch Jennifer Grigas, 212-449-3260 Jennifer_Grigas@ml.com

KEYWORD: FLORIDA NEW YORK INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION HUMAN RESOURCES BANKING PRODUCT MANAGEMENT CHANGES SOURCE: Merrill Lynch

Copyright Business Wire 2005