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28 on REO property values from tax roll and online data rather than the physical property's condition, issues often arise when the value between the two varies significantly. is is also true for construction costs, which vary widely across geographies. Similar to property values, miscalculations here present challenges that can lead to costly mistakes. e loss of leverage with real estate agents and contractors resulting from increased new-home construction and reduction in REO volumes has created another unique challenge as the industry continues to place more demands upon its vendors. ese issues, compounded with investor returns in the realm of a 5-8 percent margin vs. 18-20 percent in the '90s and early 2000s, have resulted in more demands at every level of the business to squeeze every penny from every asset. What has helped your team at Dakota man- age these challenges? Our culture from day one has been focused on building and maintain- ing mutually beneficial long-term relationships with our clients and vendors. We understand that growing these relationships is dependent on our ability to support clients throughout the REO process and maintain a sense of loyalty to our vendors, both of which are essential in order to maximize client ROI across a myriad of geographies and economic environments. To accomplish this, we're constantly working to en- sure that we have the infrastructure in place to Bob Norrell currently serves as the COO of Dakota Asset Services, LLC, where he is responsible for the management and disposition of REO properties. With years of expertise in default services focused primarily on REO and valuations, Norrell was recruited in August 2012 to take the reins and build the newly formed Dakota REO business. Under Norrell's leadership, Dakota Asset Services has grown from 300 to approxi- mately 6,000 managed properties across the U.S. and Puerto Rico. Prior to joining Da- kota, Norrell was the President of Blue River Capital, a consulting and training company specializing in value reconciliations, agent training, and REO-related processes. He was also a partner with AtlanticPacific REO and held executive management positions with Litton Loan Servicing and C-Bass. roughout his 30-year mortgage career, Norrell has successfully managed active REO inventories of up to 18,000 assets during peak REO cycles and disposed of over 400,000 institutional REO properties. He holds a bachelor's degree in Economics from Texas State University. What is your company's primary focus? Our company specializes in cradle-to-grave asset management and disposition of REO properties nationwide through our real estate partners and vendors. Dakota's philosophy is that every property should be managed as if it were our own. Our overarching goal has always been focused on delivering the highest total net execution through intense asset- level management. Although our company is relatively new, the Dakota team is comprised of a tenured management team and seasoned REO staff. Our team, in conjunction with real estate partners in the United States and Puerto Rico, has enabled our company to grow exponentially since our inception in 2012. What are some of the biggest challenges in the REO market today, as compared to years past? Technology and the change in the REO landscape over the past several years have certainly contributed to our challenges. Technology has enabled our industry to make vast improvements across all facets of operations and become more efficient, but it has also created challenges with the automation of management and disposition of REO properties. e gradual shift from phone calls to an emphasis on task management, emails, and national online databases has resulted in management of numbers versus the physical assets themselves. With the growing emphasis FIVE MINUTES WITH GET TO KNOW INDUSTRY EXECUTIVES BEYOND THE BOARDROOM Bob Norrell Chief Operating Officer, Dakota Asset Services, a subsidiary of Rushmore Loan Management Services "Dakota's philosophy is that every property should be managed as if it were our own. Our culture from day one has been focused on building and maintaining mutually beneficial, long-term relationships with our clients and vendors."

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