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Form SCA — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Page #1

Borrower/ClientProperty AddressCityLender

County State Zip Code

Form MAP.FLOOD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Flood MapNot Applicable for this Assignment2317 SHADYOAKS LN

Rowlett Dallas Texas 750886344Lonny and Jamie Jepsen

Page #2



Form MAP.LOC — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Location MapNot Applicable for this Assignment2317 SHADYOAKS LN


Page #3



Form SKT.BldSkI — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Building Sketch (Page 1)Not Applicable for this Assignment2317 SHADYOAKS LN


Page #4



Form PICPIX.CR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Comparable Photo PageNot Applicable for this Assignment2317 SHADYOAKS LN


Comparable 1

Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

7505 Seascape Drive0.28 miles113,0001,448632LakecrestResidential65x112/interiorAverage20

Comparable 2


2114 Loretta Lane0.77 miles119,0001,711632LakecrestResidential68x111/interiorAverage14

Comparable 3


2313 Crestview Lane0.11 miles105,0001,378632LakecrestResidential67x111/interiorAverage19

Page #5



Form PICPIX.SI — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Subject Interior Photo PageNot Applicable for this Assignment2317 SHADYOAKS LN


Subject Interior

Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge

2317 SHADYOAKS LNEstimate1,385632LakecrestResidential67x111/interiorAverage19

Subject Interior

Subject Interior

Page #6






Subject Interior



Subject Interior

Subject Interior

Page #7






Subject Interior



Subject Interior

Subject Interior

Page #8



Form PICPIX.SR — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Subject Photo PageNot Applicable for this Assignment2317 SHADYOAKS LN


Subject Front



Subject Rear

Subject Street

Page #9

Borrower File No.Property AddressCity County State Zip CodeLender

PROPERTY HISTORY OF SUBJECT PROPERTY

In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if suchinformation is available to the appraiser in the normal course of business:

(a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal.(b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal.

The appraiser has attempted to obtain specific information on the subject property with the following findings:

The subject property has had no change of ownership in the past three (3) years.

The subject property has had no change of ownership in the past five (5) years.

The subject property is currently under contract. Details of the pending purchase are summarized below.

The subject property is currently offered for sale: The listing price is $

The subject property has been sold in the past three (3) year period. Details of the previous sale(s) are disclosed below.

Sale/Recording Date Sales Price List/Asking Price Grantor/Grantee Data Source

The subject property is proposed construction and is not currently being offered.

A previous sales history of the subject property could not be obtained by the appraiser in the normal course of business.

Comments:

Not Applicable for this Assignment2317 SHADYOAKS LN


Towers Appraisal (972) 4750261 www.towersappraisal.com

Form PHS2 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Page #10

USPAP COMPLIANCE ADDENDUM File No.:Borrower Order #Property AddressCity County State Zip CodeLender/Client Client Reference #

Only those items checked X apply to this report.

PURPOSE, FUNCTION AND INTENDED USE OF THE APPRAISAL

The purpose of the appraisal is to provide an opinion of market value of the subject property as defined in this report, on behalf of the appraisalcompany facilitating the assignment for the referenced client as the intended user of the report. The only function of the appraisal is to assist theclient mentioned in this report in evaluating the subject property for lending purposes. The use of this appraisal by anyone other than the statedintended user, or for any other use than the stated intended use, is prohibited.

The purpose of the appraisal is to provide an opinion of market value of the subject property as defined in this report, on behalf of the appraisalcompany facilitating the assignment for the referenced client as the intended user of the report. The only function of the appraisal is to assist theclient mentioned in this report in evaluating the subject property for Real Estate Owned (REO) purposes. The use of this appraisal by anyoneother than the stated intended user, or for any other use than the stated intended use, is prohibited.

The purpose of the appraisal is to , on behalf of the appraisal company facilitating the assignment forthe referenced client as the intended user of this report. The only function of the appraisal is to assist the client mentioned in this report inevaluating the subject property for . The use of this appraisal by anyone other than the stated intendeduser, or for any other use than the stated intended use is prohibited.

TYPE OF APPRAISAL AND APPRAISAL REPORT

This is a Appraisal written in a Report format and the USPAP Departure Rule has not been invoked.This is a Limited Appraisal written in a Report format and the USPAP Departure Rule has been invoked as disclosed inthe body or addenda of the report. The client has agreed that a Limited Appraisal is sufficient for its purposes.

SCOPE (EXTENT) OF REPORT

the appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subjectproperty and neighborhood, and selection of comparable sales, listings, and/or rentals within the subject market area. The original source of thecomparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source ispresented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable hasbeen used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. The extent of analysisapplied to this assignment may be further imparted within the report, the Appraiser's Certification below and/or any other Statement of LimitingConditions and Appraiser's Certification such as may be utilized within the Freddie Mac form 439 or Fannie Mae form 1004b (dated 6/93), whenapplicable.

MARKETING TIME AND EXPOSURE TIME FOR THE SUBJECT PROPERTY

A reasonable marketing time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignmentA reasonable exposure time for the subject property is day(s) utilizing market conditions pertinent to the appraisal assignment

APPRAISER'S CERTIFICATION

I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct. The report analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,

impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and nor personal interest with respect to the parties

involved, unless otherwise stated within the report. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in

value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequentevent directly related to the intended use of this appraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards ofProfessional Appraisal Practice.

I have or have not made a personal inspection of the property that is the subject of this report. (If more than one person signs this report,this certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraisal property.)

No one provided significant professional assistance to the person signing this report. (If there are exceptions, the name of each individualproviding significant professional assistance must be stated.)

NOTE: In the case of any conflict with a client provided certification (i.e., Fannie Mae or Freddie Mac), this revised certification shall takeprecedence

APPRAISER'S AND SUPERVISORY APPRAISER'S SIGNATURE

APPRAISER

Signature:

Name:

Date of Report (Inspection):

State License/Certification #:

State of License/Certification:

Expiration Date of License/Certification:

SUPERVISORYAPPRAISER (only if required)

Signature:

Name:

Date of Report (Inspection):

State License/Certification #:

State of License/Certification:

Expiration Date of License/Certification:

Did inspect subject propertyInterior & ExteriorExterior only

Inspected ComparablesInterior & ExteriorExterior only

USPAP Compliance Addendum 4/99



The appraisal report was ordered by the client to assist the client in evaluating the subject property for listing purposes.

Complete Summary

609060 days

Jack Towers, SRA5282005

1320877RTX

5/31/2007

Form FAUCA — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODETowers Appraisal (972) 4750261 www.towersappraisal.com

Page #11

FIRREA / USPAP ADDENDUM

BorrowerProperty AddressCity County State Zip CodeLender/ClientPurpose

Scope

Intended Use / Intended User

History of PropertyCurrent listing information:

Prior sale:

Exposure Time / Marketing Time

Personal (nonrealty) Transfers

Additional Comments

Certification Supplement1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan.2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value

estimate, the attainment of a stipulated result or the occurrence of a subsequent event.

Appraiser(s):

Effective date / Report date:

Supervisory Appraiser(s):

Effective date / Report date:

Form FUA — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE




The purpose of the appraisal is to provide an opinion of market value of the subject property, as defined in this report, on behalf of the appraisalcompany facilitating the assignment for the referenced client(s) as the Intended User of this report. The only function of the appraisal is to assistthe client mentioned in this report in evaluating the subject property for lending purposes.

The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject propertyand selection of comparable sales, listings, and/or rentals within the subject market area. The original source of the comparables is shown in theData Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources anddata are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to beunreliable was not included in the report nor used as a basis for value conclusion. The extent of analysis applied to this assignment may be furtherimparted within the report, the Appraiser's Certification below and/or any other Statement of Limiting Conditions and Appraiser's Certification suchas may be utilized within the Freddie Mac form 439 or Fannie Mae form 1004b (dated 6/93), when applicable.

The Intended Use of the report is to assist the client mentioned in this report in evaluating the subject property for lending purposes. The use of thisappraisal for the stated intended use, or for any other use than the stated intended use, is prohibited.

The Intended User of this report is Ronny and Jamie Jepsen , and assigns.

Found on lower half of 2nd Page URAR

Found on lower half of 2nd Page URAR

Subject was not listed for sale at time of inspection and appraiser is unaware of any agreement of sale or option to purchase. The purpose of theappraisal is to estimate ASIS condition of subject for marketing purposes.

None Considered

The following is provided in order to comply with Standards Rule 23. I certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,impartial, and unbiased professional analyses, opinions and conclusions.

I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the partiesinvolved.

I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment.My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in valuethat favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent eventdirectly related to the intended use of this appraisal.

My analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the Uniform Standards of AppraisalPractice.

I x have have not made a personal inspection of the property that is the subject of this report.

Jack Towers, SRA5282005

Page #12

Freddie Mac Form 439 693 Fannie Mae Form 1004B 693Page 1 of 2

DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open marketunder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is notaffected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title fromseller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4)payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price representsthe normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyoneassociated with the sale.

*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate themarket's reaction to the financing or concessions based on the appraiser's judgement.

STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION

CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to thefollowing conditions:

1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. Theappraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property isappraised on the basis of it being under responsible ownership.

2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch isincluded only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or otherdata sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area.Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unlessspecific arrangements to do so have been made beforehand.

5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at theircontributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisaland are invalid if they are so used.

6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence ofhazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware ofduring the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has noknowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence ofhazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not beresponsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether suchconditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not beconsidered as an environmental assessment of the property.

7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he orshe considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy ofsuch items that were furnished by other parties.

8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of ProfessionalAppraisal Practice.

9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.

10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distributethe appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, andreferences to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than theborrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; anystate or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or theDistrict of Columbia; except that the lender/client may distribute the property description section of the report only to data collection orreporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval mustalso be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, orother media.

Form ACR_DEFD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODETowers Appraisal (972) 4750261 www.towersappraisal.com

Page #13

ADDRESS OF PROPERTY APPRAISED:

APPRAISER: SUPERVISORY APPRAISER (only if required):

Signature: Signature:Name: Name:Date Signed: Date Signed:State Certification #: State Certification #:or State License #: or State License #:State: State:Expiration Date of Certification or License: Expiration Date of Certification or License:

Did Did Not Inspect Property

Freddie Mac Form 439 693 Fannie Mae Form 1004B 693Page 2 of 2

APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that:

1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar andproximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment whenappropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superiorto, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of thecomparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made apositive adjustment to increase the adjusted sales price of the comparable.

2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in theappraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of myknowledge, that all statements and information in the appraisal report are true and correct.

3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which aresubject only to the contingent and limiting conditions specified in this form.

4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospectivepersonal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysisand/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin ofeither the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinityof the subject property.

5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor mycompensation for performing this appraisal is contingent on the appraised value of the property.

6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, theamount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive mycompensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, aspecific valuation, or the need to approve a specific mortgage loan.

7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of thisappraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of areasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed isconsistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliationsection.

8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed ascomparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subjectimprovements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and havemade adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to supportthem. I have also commented about the effect of the adverse conditions on the marketability of the subject property.

9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied onsignificant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of theappraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a changeto any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.

Jack R. Towers, "As of the date of this report, I have not completed the requirements under the continuing educationprogram of the Appraisal Institute."

Form ACR_DEFD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

2317 SHADYOAKS LN, Rowlett, Texas 750886344

Jack Towers, SRAMay 28, 2005

1320877R

TX5/31/2007

Page #14

• URAR 6/93: Neighborhood Market Conditions" I have considered relevant competitive listings and/or contract offerings in the performance of this appraisal and inthe trending information reported in this section. If a trend is indicated, I have attached an addendum providingrelevant competitive listing/contract offering data."Several data are analyzed for this report utilizing Multiple Listing Service statistical data. The data will compare thepast 12 months average, median, price per square foot price, days on market and sale to list price ratio to theprevious one year data for the neighborhood or market area defined to be applicable to this assignment. Back toback year method provides much more data and includes all selling seasons thus eliminating any seasonalvariances from the data reporting.

The past 12 months average sale price for Lakecrest Estates was $123,416 and average square foot price $65.50based on 27 sales from MLS records.

The previous year average sale price was $115,772, average square foot price $66.92 also based on 27 sales fromMLS records. Data indicates a slight drop in average sale price over the past 12 months but a slight uptick inaverage sale price. The change is relatively insignificant with the conclusion that values are currently stable at thistime. The MLS records showed no competitive listings in subject neighborhood but there were a few yard signsobserved. The sale to list price ratio for the past 24 months was 9899% of the last listed price. The average dayson market was 6575 days to contract.

• URAR 6/93: Sales Comparison CommentsAll data are located in the Lakecrest neighborhood of SE Rowlett and of comparable quality, age, footage, functionalutility to each other. The subject has recent extensive updating and replacement of major items such as roof, HVAC,windows, in addition to updated cosmetic paint, floor coverings, cabinets, large patio, painted fence, fixtures,appliances. All comparables were reported to have basically cosmetic updating and none reported improved to thedegree of the subject. That is why all comps adjusted for inferior appeal. Sale #2 adjusted for lower actual age thansubject with less physical depreciation of the short and long lived components. Square footage differences greaterthan 100sf difference adjusted at a contributory value of $20/psf for the basic raw square footage. Adjustmentswere made to the comparables for recognized differences between subject and comparables such as the HVACsystem, new windows, new large covered patio, and for comp #3 sprinkler system. Sale #3 further adjusted for asignificantly smaller garage size than subject which has the large offset storage or work area.

All comparables are recent closings with new loans, and bracket subject by square footage and age. All areconsidered viable alternatives to the subject but sale #2 given most weight for adjusting near the middle of theindicated value range.

File No.Borrower/ClientProperty AddressCity County State Zip CodeLender

Supplemental Addendum

Form TADD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE



Page #15

Property Description File No.UNIFORM RESIDENTIAL APPRAISAL REPORTSU

BJEC

T

Property AddressLegal DescriptionAssessor's Parcel No.BorrowerProperty rights appraisedNeighborhood or Project NameSale Price $Lender/ClientAppraiserLocationBuilt upGrowth rateProperty valuesDemand/supplyMarketing time

City State Zip CodeCounty

Tax Year R.E. Taxes $ Special Assessments $Current Owner Occupant: Owner Tenant Vacant

Fee Simple Leasehold Project Type PUD Condominium (HUD/VA only) HOA $ /Mo.Map Reference Census Tract

Date of Sale Description and $ amount of loan charges/concessions to be paid by sellerAddressAddress

NEIG

HBOR

HOOD

Predominantoccupancy

Single family housing Present land use % Land use change

Note: Race and the racial composition of the neighborhood are not appraisal factors.

Predominant

UrbanOver 75%RapidIncreasingShortageUnder 3 mos.

Suburban2575%StableStableIn balance36 mos.

RuralUnder 25%SlowDecliningOver supplyOver 6 mos.

OwnerTenantVacant (05%)Vac.(over 5%)

PRICE AGE$(000) (yrs)

LowHigh

One family24 familyMultifamilyCommercial

Not likelyIn process

Likely

To:

Neighborhood boundaries and characteristics:

Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):

Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):

PUD

Project Information for PUDs (If applicable) Is the developer/builder in control of the Home Owners' Association (HOA)? Yes NoApproximate total number of units in the subject project Approximate total number of units for sale in the subject projectDescribe common elements and recreational facilities:

SITE

DimensionsSite areaSpecific zoning classification and descriptionZoning complianceHighest & best use as improved:

Corner Lot Yes No

Legal Legal nonconforming (Grandfathered use) Illegal No zoningPresent use Other use (explain)

Utilities Off site ImprovementsElectricityGasWaterSanitary sewerStorm sewer

Public Other Type Public PrivateStreetCurb/gutterSidewalkStreet lightsAlley

TopographySizeShapeDrainageViewLandscapingDriveway SurfaceApparent easementsFEMA Special Flood Hazard AreaFEMA ZoneFEMA Map No.

Map DateYes No

Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.):

DESC

RIPT

ION

OF IM

PROV

EMEN

TS

GENERAL DESCRIPTION

No. of UnitsNo. of StoriesType (Det./Att.)Design (Style)Existing/ProposedAge (Yrs.)Effective Age (Yrs.)

EXTERIOR DESCRIPTION

FoundationExterior WallsRoof SurfaceGutters & Dwnspts.Window TypeStorm/ScreensManufactured House

FOUNDATION

SlabCrawl SpaceBasementSump PumpDampnessSettlementInfestation

BASEMENT

Area Sq. Ft.% FinishedCeilingWallsFloorOutside Entry

INSULATION

RoofCeilingWallsFloorNoneUnknown

ROOMS

BasementLevel 1Level 2

Finished area above grade contains: Rooms; Bedroom(s); Bath(s); Square Feet of Gross Living Area

Foyer Living Dining Kitchen Den Family Rm. Rec. Rm. Bedrooms # Baths Laundry Other Area Sq. Ft.

INTERIOR Materials/ConditionFloorsWallsTrim/FinishBath FloorBath WainscotDoors

HEATING

TypeFuelConditionCOOLING

CentralOtherCondition

KITCHEN EQUIP.

RefrigeratorRange/OvenDisposalDishwasherFan/HoodMicrowaveWasher/Dryer

ATTIC

NoneStairsDrop StairScuttleFloorHeatedFinished

AMENITIES

Fireplace(s) #PatioDeckPorchFencePool

CAR STORAGE:

NoneGarage

AttachedDetachedBuiltIn

CarportDriveway

# of cars

COM

MEN

TS

Additional features (special energy efficient items, etc.):

Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:

Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in theimmediate vicinity of the subject property.:

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 6/93PAGE 1 OF 2Form UA2 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

Jepsen2317 SHADYOAKS LN Rowlett Texas 750886344Lot 10, Block A, Lakecrest Estates Dallas

44016000A0100000 2004 2,716.97 0.00Not Applicable for this Assignment Ronald and Jamie Jepsen

Lakecrest Estates 30A.L 481130181.172Estimate Not Applicable 0Lonny and Jamie Jepsen 2317 Shadyoaks Lane, Rowlett, Texas 75088Jack Towers, SRA 3306 Elmhurst St, Rowlett, TX 750885673

955

70166

123

622

21

7555

Sch\Pk 15

Neighborhood boundaries defined as that area between Miller Road, Chiesa Road, Elgin B. RobertsonPark and Lake Ray Hubbard, a residential district in SE Rowlett.

Subject is located in a neighborhood of tract built houses in SE Rowlett. There is a neighborhood public elementary school within one half milebut not readily accessible by foot due to traffic and railroad concerns. The large Elgin B. Robertson Park abuts the south and west sidesproviding nearby recreational access. Interstate 30 which links to the Dallas CBD and other areas of the Metroplex is less than 1 mile to thesouth. Retail, employment and support services are not available in this area and must be accessed by vehicle. City of Rowlett is a largebedroom city with minimal employment base. Neighborhood has average market appeal, subject backs to an active railroad and busy road.

See Addendum

NA NA

67 x 111 Per County Tax Record7,437 Square Feet

Single Family Residential

ConcreteConcreteConcreteElectricConcrete

LevelAverage for NeighborhoodRectangularAppears AdequateResidentialAdequateConcreteUtility/None Adverse

X 8/23/200148113C0245J

Subject's currentzoning is single family residential consistent with adjacent and general neighborhood zoning and with no indications of land use change ordemand for such, the subject property's highest and best use as improved in this opinion remains single family residential.

11DetachedTraditionalExisting1910

ConcreteBrick/WoodComp SHNGAluminumAlumScreens

No

YesNoN/AN/ANone FoundNone FoundNone Found

NoneNANANANANA

AvgAvg

Nonex 1 1 1 3 2 1 1,385

6 3 2 1,385

parquet/cpt/gooddrywall/Faux finish/gdWood/paint/goodVinyl/GoodTile/GoodWood/Good

stained cement kitchen floor/Good

FWAN. GasGood

YESNoGood

115x18' cov

CoveredWood CL

2/egdo

2/ConcYear 2003: all new HVAC system 15x18' metal covered patio2" window blindsfaux paint

roofnew window panesfloor coveringsceiling fansappliancescabinets refinishedtile backsplashlightsfixturesturbines $17,500 spentEffective age

lowered from recent cosmetic and remodeling improvements thereby reducing the amount of accrued physical depreciation. No measurablefunctional or external obsolescence was determined. Subject received approximately $17,500 worth of updating in 2003, most notably roof,windows, patio cover, HVAC system

No Adverse environmental hazards were detected on the site or adjacent land, however, environmentalcontamination is a technical matter best evaluated by a specialist trained in the detection and evaluation of hazardous conditions.

Towers Appraisal (972) 4750261 www.towersappraisal.com Page #16

Summary Appraisal Report

Valuation Section File No.UNIFORM RESIDENTIAL APPRAISAL REPORTCO

ST A

PPRO

ACH

ESTIMATED SITE VALUEESTIMATED REPRODUCTION COSTNEWOF IMPROVEMENTS:Dwelling

Garage/CarportTotal Estimated Cost NewLessDepreciationDepreciated Value of Improvements"Asis" Value of Site ImprovementsINDICATED VALUE BY COST APPROACH

Sq. Ft.Sq. Ft.

Sq. Ft.

@@

@

$$

$

Physical Functional External

=====

$

$

=

====

$

$$$$

Comments on Cost Approach (such as, source of cost estimate, site value,square foot calculation and for HUD, VA and FmHA, the estimated remainingeconomic life of the property):

SALE

S CO

MPA

RISO

N AN

ALYS

IS

/ / / /

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3

ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3

DESCRIPTION DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.– DESCRIPTION +( )$ Adjust.–

Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths

Sq. Ft. Sq. Ft. Sq. Ft. Sq. Ft.

+ – + – + –

$$ $

$

$

$

$$

$

$

$$

$

$

$$$

AddressProximity to SubjectSales PricePrice/Gross Living AreaData and/orVerification SourceVALUE ADJUSTMENTS

Sales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign and AppealQuality of ConstructionAgeConditionAbove GradeRoom CountGross Living AreaBasement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch, Patio, Deck,Fireplace(s), etc.Fence, Pool, etc.

Net Adj. (total)Adjusted Sales Priceof ComparableComments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.):

Date, Price and DataSource, for prior saleswithin year of appraisalAnalysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:

INDICATED VALUE BY SALES COMPARISON APPROACHINDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent /Mo. x Gross Rent Multiplier =

RECO

NCIL

IATI

ON

This appraisal is made "as is" subject to the repairs, alterations, inspections or conditions listed below subject to completion per plans & specifications.Conditions of Appraisal:

Final Reconciliation:

The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingentand limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised ).

SignatureNameDate Report SignedState Certification # StateOr State License # State

SignatureNameDate Report SignedState Certification # StateOr State License # State

Inspect PropertyDid Did Not

I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF(WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):

Freddie Mac Form 70 6/93 Fannie Mae Form 1004 693PAGE 2 OF 2Form UA2 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

25,000

1,385 60.00 83,100457 10.00 4,570

Fireplace/Appliances/Fans 4,500454 20.00 9,080

101,250

15,572 15,57285,67810,000

120,678

Jepsen

Cost Approach value was determinedusing the Marshall and Swift Cost Service, a national cost indexupdated quarterly, land and lot sales from the Multiple ListingService Data bank and the Subject Property's Tax Record andSite Value.Estimated Remaining Economic Life 5055 YearsSEE ATTACHED SKETCH/AREA TABLE ADDENDUM FORFLOORPLAN AND SQUARE FOOTAGE CALCULATIONS.

2317 SHADYOAKS LNRowlett, Texas

Estimate

Inspect/LndrTax

LakecrestFEE Simple67x111/interiorResidential1story trad/goodAverage19Goodupdated

6 3 21,385

NoneNAAverageCentral H/ANew HVAC/wnds457sf 2carLarge cov PatioFPFence

Kitchen Equipment ro,dw,dis,venthd

372000 per taxrecord no saleprice disclosed

7505 Seascape DriveRowlett, Texas0.28 miles

113,00078.04

MLS10225474Appraisal District Record

Cnv30S=0 pts100%LTV6%1312005LakecrestFEE Simple65x112/interiorResidential1sty trad/Avg +5,000Average20Goodupdated

6 3 21,448

None

AverageCentral H/Astandard +2,000506sf 2car 0Standard +2,000FPFencero,dw,dis,mv,v

9,000Net 8.0 %

Gross 8.0 % 122,000

1232004 per tax record$69,000 sold by CitibankMLS10207357investment sale

2114 Loretta LaneRowlett, Texas0.77 miles

119,00069.55


Cnv30S=0 pts100%LTV6%5162005LakecrestFEE Simple68x111/interiorResidential1sty trad/Avg +5,000Average14 2,000Goodupdated

6 3 21,711 6,500

None

AverageCentral H/Astandard +2,000468sf 2car 0Standard +2,000FPFencero,dw,dis,venthd

500Net 0.4 %

Gross 14.7 % 119,500

1192000 per tax record$119,000 per MLS9717949

2313 Crestview LaneRowlett, Texas0.11 miles

105,00076.20


Cnv30S=0 pts100%LTV7%3302005LakecrestFEE Simple67x111/interiorResidential1sty trad/Avg +5,000Average19Goodupdated

6 3 21,378 0

None

AverageCentral H/Astandard +2,000360sf 2car +1,000Standard +2,000FPFence/spklr sys 1,000ro,dw,dis,venthd

9,000Net 8.6 %

Gross 10.5 % 114,000

1242003 per tax record$97,500 per MLS9665646

See attached addenda.

Subject was not listed for sale at time of inspection and appraiser is unaware of any agreement of sale or option to purchase. The purpose ofthe appraisal is to estimate ASIS and Repaired values for potential near term listing.

119,500NA

This is a Summary Report of a Complete Appraisal as defined by Standards Rule 22(b) of USPAP. No NonRealty Itemswere considered in the value estimate. See Additional USPAP Addenda.

All three approaches to value considered but the sales comparison was the most meaningful approach in this instancereflecting recent market transactions between buyers/sellers. Cost approach rendered less reliable due to depreciation estimates and incomeapproach not considered applicable in a predominately owner occupied neighborhood.

06935282005

119,500JACK R. TOWERS

Jack Towers, SRAMay 28, 20051320877R TX

Page #17

SUMMARY OF SALIENT FEATURES

SUBJ

ECT

INFO

RMAT

ION

Subject Address

Legal Description

City

County

State

Zip Code

Census Tract

Map Reference

SALE

S PR

ICE

Sale Price

Date of Sale

$

CLIE

NT Borrower / Client

Lender

DESC

RIPT

ION

OF IM

PROV

EMEN

TS

Size (Square Feet)

Price per Square Foot

Location

Age

Condition

Total Rooms

Bedrooms

Baths

$

APPR

AISE

R Appraiser

Date of Appraised Value

VALU

E

Final Estimate of Value $

Form SSD — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

2317 SHADYOAKS LN

Lot 10, Block A, Lakecrest Estates

Rowlett

Dallas

Texas

750886344

481130181.172

30A.L

Estimate

Not Applicable

Not Applicable for this Assignment

Lonny and Jamie Jepsen

1,385

Lakecrest

19

Goodupdated

6

3

2

Jack Towers, SRA

5282005

119,500

Page #18

LOCATED AT:

FOR:

AS OF:

BY:


Form GA2 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODE

2317 SHADYOAKS LNLot 10, Block A, Lakecrest Estates

Rowlett, Texas 750886344

Lonny and Jamie Jepsen

5282005

Jack Towers, SRA

APPRAISAL OF REAL PROPERTY

Page #19

INVOICEFROM:

Telephone Number: Fax Number:

TO:

Telephone Number: Fax Number:Alternate Number: E Mail:

INVOICE NUMBER

DATE

REFERENCEInternal Order #:

Lender Case #:

Client File #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

Lender: Client:Purchaser/Borrower:

Property Address:City:

County: State: Zip:Legal Description:

$

DESCRIPTION

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:Check #: Date: Description:Check #: Date: Description:

SUBTOTAL

TOTAL DUE

Form NIV5 — "TOTAL for Windows" appraisal software by a la mode, inc. — 1800ALAMODETowers Appraisal (972) 4750261 www.towersappraisal.com

Jack R. TowersTOWERS APPRAISAL3306 Elmhurst StreetRowlett, TX [email protected] www.towersappraisal.com

9724750261

Ronny and Jamie Jepsen

214768[email protected]

05310501

May 31, 2005

Ronny and Jamie JepsenNot Applicable for this Assignment2317 SHADYOAKS LNRowlettDallas Texas 750886344Lot 10, Block A, Lakecrest Estates

Conventional Apprasial Fee 275.00

5262005 paid by check 275.00

0.00

9724754084

Page #20

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