Company LOGO. Wholesale Division April 2008

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1 Company LOGO FIRST MORTGAGE CORPORATION Pricing Training Wholesale Division April 2008

2 Agenda 1. Introduction 3. How to Read the FMC Rate Sheet 2. Important Reminders 6. Capital Markets Team

3 First Mortgage Corporation has been around since Since then, FMC has been opening doors to the American Dream. It s all we do and we do it well. Discover today why First Mortgage Corporation is your First Time Home Buyer and Down Payment Assistance Headquarters! Introduction to First Mortgage Corporation Important Reminders INTRODUCTION

4 Introduction to First Mortgage Corporation First Mortgage Corporation is an independent residential Mortgage Banking firm with branch offices located throughout the west. Founded in 1975, FMC is a direct-lending mortgage banker approved as a lender and/or loan servicer by the Federal Housing Administration (FHA); the Veterans Administration (VA); the Federal National Mortgage Association (Fannie Mae); the Federal Home Loan Mortgage Corporation (Freddie Mac); the Government National Mortgage Association (Ginnie Mae); the California Housing Finance Agency (CalHFA); the Nevada Housing Division; the California Public Employees Retirement System (CalPERS); the California Teachers Retirement System (CalSTRS); and many other major secondary market institutions. i i Having funded in excess of $12 billion in residential real estate loans, FMC has assisted more than sixty thousand families with their mortgage needs. FMC enables families to enjoy the American Dream of Homeownership it s the only thing we do. FMC has a longstanding tradition of providing unparalleled customer service and a reputation built on adding value to the home loan process. That s why FMC should be considered YOUR FIRST LENDING RESOURCE..

5 Benefits of the new FMC Rate Sheet Informative Provides information on who to contact, what fees to charge on specialty products, any special announcements, extension fees, lock hours, investor codes, etc., all in one location Simplicity No more guessing which rates to use. In most cases, just follow the price adjustments and let Capital Markets worry about the rest.

6 HOW TO READ THE NEW : FIRST MORTGAGE RATE SHEET

7 Rate Sheet Cover Page Table of Contents Lock Desk Information Lock Desk Hours Lock Desk Phone and Fax Numbers Lock Desk Form location Rate Lock Policy location Lock Terms Price adjustment for optional lock terms Lock Expiration Dates Lock Extension Fee Special Announcements Any special announcements by Capital Markets Market Indicators Different Index Rates Directory of Wholesale Division Wholesale Branch Addresses Wholesale Account Executives Addresses for AE s Fees FMC fees for: Conventional / FHA CalHFA CalPERS CalSTRS All other program fees follow Standard FMC fees Investor Codes Investor Names & Codes Investor allowable AUS

8 How to read the Rate Sheet Cover Page

9 Page 1 FHA & Access FHA Rates FHA 30 Year Fixed DU Approval Investor 96 US Bank FHA 30 Year Fixed Manual UW Investor 01 Fannie Mae/FMC FHA 15 Year Fixed DU Approval Investor 96 US Bank FHA 30 Year Fixed Jumbo Manual UW Investor 26 Chase FHASecure Manual UW Investor 26 - Chase NHF Access Conventional Access 30 Year Fixed FHA Access 30 Year Fixed Investor 26 Chase AUS Available through DU only Manual UW is not available Mortgage Insurance High LTV subject to MI availability FHA does not implement the 5% reduction in declining market areas Access follow 5% reduction for declining markets

10 Rate Sheet - Page 1

11 Page 2 Conforming Fixed Conforming 30 Year Fixed Conforming 15 Year Fixed Conforming 40 Year Fixed Conforming 30 Year Fixed Interest Only Conforming 20 Year Fixed Investor: US Bank (96) Price Adjustments Follow price adjustments on rate sheet Adjustments based on LTV AUS DU or LP allowed Manual UW not allowed

12 Rate Sheet - Page 2

13 Sample Pricing Scenario Using the prior rate sheet page and pricing the following scenario: Purchase 665 Fico $175,000 Loan Amount 2 Unit Owner Occupied 90% LTV Looking for a 30 Year Fixed 15 day pricing Question: 1. What is the price at 6.50% 2. What is the 30 Yr. Fixed PAR Pricing Adjustments: Fico adjustment = Unit property =.500 Loan size adj. =.125 Total Adjustments = 1.875% Answer: 1. Cost 2. (.125) Rebate

14 Page 3 CalHFA & NHD Bond Programs CalHFA Rates 30 Year Fixed Low Income Conventional or FHA 30 Year Fixed Moderate Income Conventional or FHA 40 Year Fixed Conventional 35 Year IO Conforming Conventional 35 Year IO Jumbo Conventional Down Payment Assistance Program Codes No Price Adjustments No 5% reduction for declining markets Available through DU or Manual UW NHD Nevada Housing Bond 30 Year Fixed 1 st Conventional or FHA 20 Year Fixed 2 nd $10,000 Price Adjustments See Rate Sheet Adjustments based on LTV AUS Available through DU only Manual UW not available

15 Rate Sheet - Page 3

16 Page 4 Jumbo Agency Fixed & EA Approvals JUMBO AGENCY FIXED 30 Year Fixed Investor FMC Fannie Mae Price Adjustments See Rate Sheet for price adjustments Underwriting MANUAL UW ONLY AUS not available at this time EXPANDED APPROVALS 30 Year Fixed Pricing Approval Level 1 Approval Level 2 Approval Level 3 Price Adjustments See Rate Sheet for adjustments Adjustments based on LTV AUS Available through DU only Manual UW not available

17 Rate Sheet Page 4

18 Page 5 CalPERS CALPERS Conforming 30 Yr Fixed Conforming 15 Yr Fixed Jumbo 30 Yr Fixed Jumbo 15 Yr Fixed FHA 30 Yr Fixed FHA Jumbo 30 Yr Fixed MCM Yr Fixed MCM Yr Fixed Expanded Level 1-30 Yr Fixed Expanded Level 2-30 Yr Fixed CalPERS Personal eso Loan NHF 2 nd 20 Yr Fixed Price Adjustments See Rate Sheet for adjustments Adjustments based on LTV AUS Available through DU only Manual UW not available Mortgage Insurance High LTV subject to MI availability CalPERS follow 5% reduction for declining markets

19 Rate Sheet Page 5

20 Page 6 CalSTRS CALSTRS Conforming 30 Yr Fixed Conforming 15 Yr Fixed Jumbo 30 Yr Fixed Jumbo 15 Yr Fixed Conforming 95/5 30 Yr Fixed Jumbo 95/5 30 Yr Fixed Conforming 80/17 30 Yr Fixed Jumbo 80/17 30 Yr Fixed Price Adjustments See Rate Sheet for adjustments Adjustments based on whether loan is conforming or jumbo AUS Available through DU or LP Manual UW not available 2 nd Trust Deed Term of 2 nd matches term of 1 st (95/5, 80/17) CalSTRS follow 5% Reduction for declining markets

21 Rate Sheet Page 6

22 Page 7 Conforming ARM Programs Conforming 5/1 Libor ARM Conforming 7/1 Libor ARM Conforming 10/1 Libor ARM Conforming 5/1 Interest Only Libor ARM Conforming 7/1 Interest Only Libor ARM Conforming 10/1 Interest Only Libor ARM Investor Chase Investor 26 Pi Price Adjustments t See Rate Sheet for adjustments AUS Available through DU or LP Manual UW not available

23 Rate Sheet Page 7

24 Page 8 Alt-A, Jumbo & 2 nd Trust Deed Conforming Alt-A 30 Year Fixed 5/1 Libor ARM Investor FMC Fannie Mae Adjustments See Rate Sheet for Adjustments Adjustments based on Doc Type and LTV Underwriting Manual UW ONLY DO NOT RUN THROUGH DU 30 Year Fixed 2nd 30/15 Balloon 2nd Investor US Bank Must use US Bank 1 st concurrently Adjustments See Rate Sheet for Adjustments Underwriting Must be UW with corresponding 1 st Must be run through LP JUMBO ARMS 5/1, 7/1, 10/1 Libor ARMS Investor Chase Investor 26 Adjustments See Rate Sheet for Adjustments Underwriting Available through DU or LP Manual UW not available JUMBO FIXED 30 Yr Fixed 15 Yr Fixed Investor US Bank Investor 96 Adjustments See Rate Sheet for Adjustments Underwriting Available through LP only DU and Manual UW not available

25 Rate Sheet Page 8

26 Declining Markets Private Mortgage Insurance Availability IMPORTANT REMINDERS

27 Important Reminders Important factors that may affect your max LTV/CLTV: 1. Properties in Declining Market Areas Reduce LTV/CLTV by 5% Soft market can be identified by the following: The Appraiser Primary Comments on declining markets, oversupply of homes, excessive marketing time An AUS soft market message Lists posted by various agencies First Mortgage Underwriter 2. Insurability of Mortgages in Declining Market Areas MI Companies FMC is delegated with MGIC, Radian and AIG Other MI companies PMI, Genworth, - See Product Training Update from last week for guidelines on various MI providers Most MI Companies have declared CA, NV as declining market areas

28 How to get off-sheet pricing The FMC Capital Markets Team Other Support from FMC re: Pricing Help CAPITAL MARKETS TEAM

29 Off Sheet Pricing When would you need off sheet pricing? For rates and/or pricing higher or lower than what s posted on the rate sheet; eg., for more rebate/premium or for more discount for permanent buydowns. For products not reflected on the rate sheet. We try to post on the rate sheet only those products that yield the best pricing. Who do I contact for off sheet pricing? Contact our Capital Markets Team (see next page) or Loan Who do I contact to negotiate pricing? Anyone from Capital Markets **Capital Markets will only deal with you the AE; please do not refer your brokers to our internal staff. Limit their contact to you!!!**

30 CAPITAL MARKETS TEAM! Ron Vargas, Sr. Vice President Scott Lehrer, Sr. Vice President **Darletha Porterfield, Vice President** Ext. 379 **Cory Mattice Administrative Assistant** Cory Mattice, Administrative Assistant Ext. 337

31 On behalf of First Mortgage, thank you for joining today s training and we hope the information provided d will help you build your business!

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