SIERRA PACIFIC MORTGAGE Retail

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1 Page 1 of 5 SPM will not fund a loan that is within the Federal Section 32 or any other State/County/City High Cost Calculation. All rates and programs are subject to change without notice. This information is intended for mortgage professionals only and is not an advertisement to extend consumer credit as defined by REGZ. Economic Calendar: 15 day lock terms require SPM underwriting approval, otherwise loans will be locked on a 30 day term. 45 day lock terms apply to both purchase and refinance transactions. Rate lock cut-off for automated locks is 5:00 p.m.; Manual lock cut-off is 4:00 p.m. Lock Information: Mon. New Home Sales, Chicago Fed Index 30 Day Lock Price: Add.125 to 15 Day Tues. S&P CaseShiller Home Price Index, Consumer Confidence 45 Day Lock Price: Add.20 to 30 Day Wed. MBA Mortgage Applications, Durable Goods, Pending Home Sales Thurs. Initial Jobless Claims, Continuing Claims, Bloomberg Consumer Comfort, 15 Day lock expiration: 7/10 Q1 GDP (final), GDP Price Index, Personal Consumption 30 Day lock expiration: 7/25 Fri. Personal Income, Personal Spending, PCE Deflator, PCE Core, Chicago 45 Day lock expiration: 8/9 Purchasing Manager Index, NAPM Milwaukee CONVENTIONAL CONFORMING FIXED RATE T300 T304 T301 T305 T303 T300J 30 Yr T301J 15 Yr 30 Yr FRM 20 Yr FRM 15 Yr FRM 10 Yr FRM 30 Yr Buydown High Balance High Balance RATE 15 Day n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Price Adjustments (add to pts): FICO Adjustments : add.125 ; add.25 State Adjuster: Texas - Improve price by Unit Properties: add 1.0 Attached Condos w/ LTV > 75% & > 15 Yr Term: add.75 No Impounds: add.25 High Balance Cash Out transactions: additional adj. of 1.0 to the price N/O/O <=75%: add 2.00 N/O/O %: add 3.25 The following RISK-BASED adds apply to ALL programs except for 10 & 15 year terms: Non-DU Refi Plus: Agency FICO/LTV Grid <= 60% The adds below apply to all programs: Mortgages with Subordinate Financing: LTV Range CLTV Range Fico < 720 Fico >= <= 65% 80.01% - 95% % - 75% 80.01% - 95% % - 95% 90.01% - 95% % - 90% 76.01% - 90% The following are RISK-BASED adjustments that apply to all programs: Agency Cash-Out Refi FICO/LTV Grid <= 60% % % %

2 CONFORMING INTERMEDIATE ARMS A340 3/1 DU A341 5/1 DU A342 7/1 DU A343 10/1 DU A341J 5/1 High Balance Caps 2/2/6 Caps 5/2/5 Caps 5/2/5 Caps 5/2/5 Caps 5/2/ Margin 2.25 Margin 2.25 Margin 2.25 Margin 2.25 Margin Rate 15 Day Rate 15 Day Rate 15 Day Rate 15 Day Rate 15 Day Price Adjustments: LTV > 90%: Add.25 2 Units: add Units: add 1.50 No Impounds: add.25 All Condos w/ LTV > 75%: add.75 5/1 High Balance RCO: add 1.0 Non-Owner w/ LTV up to 75%: add 1.75 Non-Owner w/ LTV %: add 3.0 LPMI - Refer to LPMI Grid HPMI: add 1.0 (Refer to HPMI Grid) Risk-based adjustments for FICO, LTV, CLTV, & loan purpose apply (see page 1). Page 2 of 5 Based on the 1 Yr Libor: JUMBO FIXED & ARMS T502 T503 A500 A522 A Yr FRM 15 Year FRM 5/1 Jumbo Arm 7/1 Jumbo Arm 10/1 Jumbo Arm Margin: 2.25 Caps: 5/2/5 Margin: 2.25 Caps: 5/2/5 Margin: 2.25 Caps: 5/2/5 RATE 15 Day 30 Day RATE 15 Day 30 Day RATE 15 Day 30 Day RATE 15 Day 30 Day RATE 15 Day 30 Day Price Adjustments <= 60% % % % % LTV % Scores N/A Loan Amount $1M to $1.5M N/A Loan Amount $1.5 to $2.0M N/A N/A N/A N/A N/A 2nd Home N/A 2 Unit 0 0 n/a n/a N/A Condos DTI > 41% The maximum lock term is 30 days. Maximum rebate (30 yr fixed): Maximum rebate (15 yr fixed/arm): GOVERNMENT PRODUCTS T100/T100CD T100HC T400 T101 A151 A151HC FHA / USDA Price Adjustments: FHA 30 Year FHA 30 Year USDA 30 Year FHA 15 Year FHA 5/1 Arm FHA 5/1 Arm FICO : add.25 High Balance High Balance FICO 720+: improve price by n/a n/a n/a n/a Min FICO Score (Conforming): n/a n/a n/a n/a Min FICO Score (High Balance): n/a n/a n/a n/a T100CD: FHA w/ CHDAP n/a n/a n/a n/a State Adjuster (Fixed Only): n/a n/a n/a n/a Texas: Improve price by n/a n/a n/a n/a n/a n/a n/a n/a NOTE:FHA STREAMLINES IN n/a n/a n/a n/a MA AND AR MUST FUND BY JULY 16th 2012 T200 T200J T203 T201 VA Price Adjustments: VA 30 Year VA 30 Year VA 30 Year VA 15 Year FICO : add.25 High Balance 2-1 Buydown FICO 720+: improve price by.25 RATE 15 Day RATE 15 Day RATE 15 Day RATE 15 Day VA Streamline - Not allowed n/a n/a VA Refi: add 1.00 (to cover VA non-allowables) n/a n/a n/a n/a State Adjuster (Fixed Only): Texas - Improve price by n/a n/a Min FICO Score (Conforming): n/a n/a Min FICO Score (High Balance): n/a n/a n/a n/a

3 "SIERRA DIRECT" PROGRAM pg 3 of 5 T300FD T304FD T301FD T305FD T300JFD T301JFD 30 Yr FRM 20 Yr FRM 15 Yr FRM 10 Yr FRM HIGH BALANCE 30 HIGH BALANCE A341FD A342FD A341JFD 5/1 ARM 7/1 ARM 5/1 HIGH BALANCE Caps 5/2/5 Caps 5/2/5 Caps 5/2/ margin 2.25 margin 2.25 margin RATE 15 Day RATE 15 Day RATE 15 Day Product Specific adjustments * High balance Cash out: 1.0 point * ARM, LTV %: 0.25 The following RISK-BASED adds apply to ALL programs except for 10 & 15 year terms: Non-DU Refi Plus: Agency FICO/LTV Grid The adds below apply to all programs: <= 60% Mortgages with Subordinate Financing: LTV Range CLTV Range FICO<720 FICO>= <= 65% 80.01% - 95% % - 75% 80.01% - 95% % - 95% 90.01% - 95% % - 90% 76.01% - 90% * Condo, Term > 15yr, LTV > 75% : 0.75 * 2-4 units : 1.0 The following are RISK-BASED adjustments that apply to all programs: Agency Cash-Out Refi FICO/LTV Grid Investment properties <= 60% % % % LTV <=75% % NOTE: % adjustments in FICO/LTV grid apply only to loans w/ Financed MI. See guides for other LTV limits

4 MORTGAGE INSURANCE PROGRAMS LENDER-PAID MORTGAGE INSURANCE (LPMI) Notes: Not available on 3/1 Arms, 2-4u properties, and 2/1 buydowns. All adjustments are CUMULATIVE. Minimum FICO is 620. Page 4 of 5 The following are price adjustments that would be in addition to the standard fixed & arm adjustments: 30 Year Terms 25 Year Terms < 20 Year Terms >= >= >= % % % Additional adjustments to the price: Adjustments > Loan amount > $417, HYBRID MORTGAGE INSURANCE (HPMI) Notes: Not available on 2-4 unit properties, and temporary buydown transactions. Minimum FICO is 680. LTV Coverage 25 & 30 Year Terms Price Adjustment < 20 Year Terms Monthly Factor Monthly Factor LTV Coverage Price Adjustment > > % 12% % 6% % 25% % 12% % 30% % 25% % 35% % 35% Additional adjustments to the monthly factor: Adjustments >= Loan amount > $417, FINANCED UPFRONT MORTGAGE INSURANCE Notes: Not available on 2-4 unit properties, non-owner, ARMS, & high balance transactions. Loan term must be equal to 30 years (T300FD). Minimum FICO is Year Terms "Base" LTV Financed Single Premium* Coverage (Before MI cost) > % 12% % 25% %* 30% *Max final adjusted LTV is 97% Additional adjustments to the financed single premium*: Adjustments > N/A N/A N/A N/A *The financed single premium adj are cumulative and will be used to calculate the upfront MI figure that will be added to the base loan amount. All adjustments to pricing (LLPA's) will be based on the final or gross LTV.

5 Page 5 of 5 FANNIE MAE HOMEPATH PROGRAM T300HMPT T304HMPT T301HMPT T300JHMPT A341HMPT A342HMPT 30 Yr FRM 20 Yr FRM 15 Yr FRM High Balance 5/1 ARM 7/1 ARM RATE 15 Day RATE 15 Day RATE 15 Day RATE 15 Day 5/2/5 CAPS 5/2/5 CAPS Margin 2.25 Margin RATE 15 Day RATE 15 Day Price Adjustments (add to points): FICO Adjustments: add 0.125, add 0.25 Secondary Financing: LTV %/CLTV %: FICO < 720 add 1.0, FICO >= 720 add % LTV: % LTV: % LTV: 2.50 Non-DU Refi Plus: Agency FICO/LTV Grid from page 1 also applicable for 20 and 30 yr loans % LTV: 3.75 Condominium: add 0.75 N/O/O <= 75%: add 1.75 N/O/O %: add 2.00 N/O/O %: add 2.50 If necessary, adjust price for appropriate lock term FANNIE MAE DU REFI PLUS EXPANDED (HARP 2.0) to 120% LTV* T300RP T304RP T301RP A341RP A342RP A343RP 30 Yr FRM 20 Yr FRM 15 Yr FRM 5/1 ARM 7/1 ARM 10/1 ARM Other DURP programs: T300JRP: use T300J base prcing on page 1 of See adjusters and adjustment caps below * see guides for specifics T301JRP: use T301J base prcing on page 1 of A341JRP: use A341J base pricing on page 2 of Terms > 15 years Primary Res/30 yr Term Mortgages with Subordinate Financing: <= 60% % LTV Range CLTV Range FICO<720 FICO>= <= 65% 80.01% - 95% % 80.01% - 95% % 90.01% - 95% % 76.01% - 90% DU Refi Plus Price adjustments DU Refi Plus Price adjustments (cont.) * 15/20 yr fixed, owner occ, LTV %: -.25 * 2nd Home, Term > 15yr, LTV > 80%, FICO : 0.5 * N/O/O : 1.75 * 2nd Home, Term > 15yr, LTV > 80%, FICO : 0.75 * LTV % : 0.5 * 2nd Home, Term > 15yr, LTV > 80%, FICO < 680 : 1.75 * LTV % : 1.0 * FICO : * 2-4 units : 1.0 * FICO : 0.25 * CLTV/HCLTV > 95% : 1.5 * Loan Amt < $50k : 1.00 * Condo, Term > 15yr, LTV > 75% : 0.75 * ARM LTV > 90% : 0.25 * No Impounds : 0.25 * LTV >105%: 1.50 DU Refi Plus/HARP Adjustment Caps The following adjustments NOT subject to adjustment caps: Primary Residence w/ Term <= 20 yrs and LTV > 80% 0 * FICO Primary Residence w/ Term > 20 yrs and LTV % 0.5 * FICO Primary Residence, LTV <= 80% 1.75 * No Impounds Investment Property & 2nd Home 1.75 * Loan Amt < $50K Primary Residence w/ Term > 20 yrs and LTV >105% 0.75 * LTV > 105%