Rate Sheet Changes and Product Line Discontinuations

Rate is making some significant changes to our rate sheets that will offer you better overall pricing to your customers. The changes to our rate sheets are all being made effective for Tuesday April 1st, 2008. All loans

7 DAY LOCKS

We now will be offering a 7 day lock period on most programs. For a loan to receive 7 day pricing the loan has to be in a clear to close to status pending a lock confirmation. Only one extension will be granted at a cost of .125 for 3 days any further extensions will be done at worse case pricing.

FNMA 20 year term

We have now created a new 20 year fixed price box for our Conforming FNMA products in order for us to offer you the best possible price for this loan term.

FNMA LPMI Program Enhancement and Changes

Rate will be adding two new loan terms to our FNMA LPMI programs. We will now start to accept loans for LPMI on a 40 year term and as on a 30 Year Fixed with 10 year Initial Interest Only Period. Starting with our new rate sheet their will be new a new adjustment grid that must applied to your loan in addition to all standard FNMA adjustments. Due to MI Company restrictions we also will be raising the minimum fico to 660 for loans LTV’s less than 90% and up to 680 for LTV’s of 90.01-95.00%. We also will be putting a max DTI on all loans regardless of AUS approval of 45%.

Freddie Mac HomePossible

We will be adding a new rate box to our rate sheet for a 40 year HomePossible product in addition we will be reworking the subordinate financing adjustments. We will be separating the subordinate financing adjustment into type amounts based on the borrowers FICO scores. If a loan has subordinate financing and a FICO score of 720 or greater then the adjustment will still be a .500 price hit, otherwise it will be 1 point. A new adjusters will be for LTV’s less than or equal to 95% will now receive a .500 price bonus.

Greyhawk Products

We also will be discontinuing the Greyhawk program