Frank: 720, so quick question ， you are the mortgage broker, you know, how many lender you
are dealing right now?

P: I deal with 20 lenders right now. Min 20 lenders. They are chose from at least
of 100 pool lenders. so what i do is i chose lenders from top 5 for every program under. These
are the top 5 biggest lenders that they can give me most competitive rates for each
program. so that ‘s why i can open 20

Frank: So basically, if you can give us a flyer. Put your name and contact info, when we
can do the outbound, because my staff will call these home owners right now , becuase the
market is so bad right ow. Everybody is friking out to buy the house, right ? We all know
that for the next couple years,people will focus on the refiannce. Because people will do
the refinance in every 6 months, right?

P: That’s true

F: When the going down, they can save $200-300, so we will continue to followup with
tehm,so I think it’s very good timing to contact with those home owner and skill those
clients from other lender right now. I doubt that those owner, if you think your rate is
good ,if the lender don’t bother them, you know what. what’s the best rate right now? we
can get 3.25%, you wants to give a shot. oh, okay so send me your flyer, so we will eflyer
to them , then we will follow up them”would ytou interested to refinance? We havethe expert
, His name is peter bao, he will give you a call, when is the best time?. He say:”Okay,
then we will pass the information to you.How about that? ”

P” You know, Frank that’s sound a great idea. there is another thing, Frank, the way people
say” ohh, what’s your rate? I can give you 3.75%, ohh no that you , i got from someone
else” ” the thing we need to differentiate with others is we can look all the profile.
like” how many property do you have? you have 1,2,3…okay, let me give you some kindly
advise, maybe cash out this one and pay off that one and overall, your whole situation will
be better financially. Just like some financial adviser. They will tell you what accets
they will sell and what accets they will buy to investing, in the omore sense, you can do
more things as opeople, add more value”

Frank: Yeah, it’s like a consultant.

Peter： You only do rate as you can, you will do no value for me.but you do more value ,
like more and more sense, so they will more sequent with you and go with you for this part
, right ? so these is the thing i would add, Frank. We can max to ask them fiancially and
morgate side.That’s what’s i think.Like i Said. Our lenders are very competitive also,
it’s not competeive with banks even.I also compare my lenders with Bank of Amperica,
Chase and Wellsfargo. I know right now Bank of America is offering their borrowers Hey if
you deposit half milliom, we will lower your rate by half %, I was even get very close to
that even with their ,,, we know that our lenders are also very competitive with their
banks and that’s very important thing.

Frank:One thing is that all these lenders are becoming very snicky right now,right? They
wants transfer the fund, they want transfer from BOK to the Wellsfargo, we can give you,,,

Peter: exactly. if you deposit money to bank

Frank: If you transfer $250M to bank, you may get half %, something like that.

Peter: YOu go.
Frank: Here is the situation, we called rental by owner, as i mentioned to you, right ?
There is a landlord say: you do the mortgate too?, i say yes, so what’s the competitive
rate right now for the rental property? so please send me email for the best rental
interest rate.

Frank: Which lender you have ton top 5 right now? which rate is good for rental right now?

Peter: Let me tell you in this way. Can i tell you something？ This is something you will suprising . I will tell you this way. Have you heart of quicken loan?

Frank: Yes, quicken loan

Peter: Yes, quicken loan is the biggest wholeer lender , They found $10Billion a month , okay. Once I tell you something
They are the biggest lender in the nation, right? Let me tell you something when you ask me askthing,ohh, here is the answer and will surprising you, always changing . There is no one lender lends the rate all the time . This is the lender busiest word , okay let’s see the lender slow and get more business . what you do , you lower the rate, to be everyone else. You get the business because you get the lowest rate . Once you have enought business . ohh my god, i cant have more. Your rate is rate.

Frank： It sounds like Wellsfargo Bank。

Peter： Here you go， no， no Frank, all the lender do this. That’s the business model. When it’s slow, will lower the rate. when you have enough volumn you can handle. they raise the rate. so at any time, you could be any lender. they have the best rate. Right? you could be any lender. So there is no one lender, right now i can tell you quiken now, next will be somebody else.so consequently, you have to switch , that’s the answer right there.
Frank： so how we can work together?
Basically we contact with the person, then we pass the information to you, right ?what kind of information do we need to collect , or we just pass the name to you ? how would we like to be done

Peter: That’s right , Frank, Here isthe thing.
Essentially info just the start, I will need current loan amount , for example, this is ashey, they wants to cash out they own $300,000 loan on the property , they want to cash out $100,000, so the new amount they want to cash out is $400,000. so that’s number one. I need the loan amount they are requesting.

No2: I need to lnow the estim,ate value of their property.
No 3: Their credit score.
No4 4: I am assuming they can quality of all documents, like the income they can quality ,

Frank: maybe what i can do is i can ask one more question is : when was the last time they did refinance? Maybe a couple month ago.

Peter: Yes, that is the question,
Frank:Bacause min it’s 6 month irght?

Peter: yes, 6 or 7 month, right. Let me add one more questions . what’s your current rate? let me add one more quetsion, what’s your zip code of the property?

Frank: okay.

Peter: that’s important. because

Frank: I remember back to 2008- 2009 . We have provided zip code, loan agent said your property is decing right now. I say how can be like that? it shows on our system.

Peter: Yes Let me tell you this. Today i priced on a loan, the zip code is in Sanquaken county , the loan amount is only $500,500 His loan at San quakin county is high balance.

which it’s in between conforming and jumpo . so it’s considered high balance which is rate. ok . I put the zip code in Sankin county .You guess what happened it’s falls under the jumpo. so every county is different loan limit

Frank the loankim county the price is lower

Peter: That’s correct . Every county has different loan limit. That’s important to know.

Frank: Okay, Great

Peter: We have those info, we will have pretty accurate quote.

Frank: Good, Is it possible to send us quote rate sheet at least we can forward to the potential who looking for refinance. ?

Peter: Sure

Frank: Okay sure. I will put down all rate to you . I will break down under.