Employees Fees January 30,2003

From: Felix Rodriguez (frodriguez@samclend.com)

Sent: Tuesday, March 4, 2003

To: operations@samclend.com; employees@samclend.com; loanofficers@samclend.com; mdans@samclend.com; rreyes@samclend.com

Subject: Non-Refundable Application Fees

Effective immediately, here is a breakdown of our non-refundable application fees. Loan Officers must be sure to collect these amounts on all loans going forward. Remember to have the borrower sign the Florida-Lender Disclosure. This a Calyx Form that will be generated with your other disclosures located with the print group. Check off the non-refundable section of the disclosure form and explain to the borrower that if they cancel their loan application the fee is non-refundable.

Conforming loans #340.00 for the appraisal, credit reports and automated underwriting reports.

FHA loans $350.00 for appraisal up-front. The credit report costs and automated costs must be tracked by the Loan Processor. In this manner the borrower will only be charged for the actual costs, as per HUD guidelines.

New-Construction Loans:

Conforming and FHA loans $65.00 (non-refundable applicatio fee) covers credit reports and automated underwriting obtained upfront when performing a pre-approval. There is no appraisal fee involved since we use the master appraisal for FHA loans. On conforming loans the appraisal fee is collected from the borrower prior to the completion of the property condtruction and before the appraisal is completed.

UNDER NO CIRCUMSTANCES IS AN APPLICATION GOING TO ACCEPTED UPFRONT PROCESSING AND LOGGING IN IF THE PROPER FEES ARE NOT COLLECTED.