Interview with Bob Durham

TM:        Why is it to a buyer's advantage to use Coldwell Banker Mortgage?

Bob:        The main advantage to using CB Mortgage for the buyer is they will know               immediately if they can afford the home they are thinking about buying. When               the approval is issued - the conditions on their loan will also be included.               These conditions will remain throughout the process (as long as their               information given initially was factual) - and be applied when they go to               contract on a specific home. We run a Tri-merged credit report from three               different reporting agencies, which gives them a very concise and accurate               picture of their credit. Their preapproval request goes to underwriting ...               so there should be no surprises prior to closing ... the loans are approved               up-front. This is a huge difference over just getting pre-qualified by a Lender               - which is simply someone's estimation on what they should be able to               finance. There are no estimates on our part ... it is a very factual process.

TM:        How many mortgage products are available through Coldwell Banker Mortgage?

Bob:        The array of mortgage products that can be offered to the consumer is mind               boggling. We offer over 200 products - from fixed rate fully amortizing loans               to Interest Only 6 month Adjustable Rate Mortgages. We offer a lot of               different products for self employed customers - some of the programs only               do a credit report and an appraisal - No Income Ratios, No verification of               Assets, No Employment checks!

TM:         What are the latest & greatest mortgage products?

Bob:        I think one of the latest products that is assisting a lot of new homeowners               are the Interest Only Loans. They can be based on a thirty year fixed               scenario - where you only pay interest on the loan for the first 15 years, or               be based on a 6 month Adjustable Rate platform with starting rates as low as               3.75%! I always like our Bridge Equity Line of Credit - which assist buyers               (even when their current homes are listed or have a contract of sale) in               releasing equity from their existing home to use toward the purchase of the               new home.

TM:         Does Coldwell Banker Mortgage have a "lowest rate guarantee"?

Bob:        Yes. If a customer has registered a loan with us, and has not locked in an               interest rate, finds a lower rate and point combination on the same type of               program from a competitor, and we can not beat their offer by at least $100               - we will give that customer $500 when they close with the other lender. We               will ask them to forward us a Good Faith Estimate of Closing costs from that               lender initially - then ask them to provide the HUD 1 settlement sheet and the               Note when they close.

TM:         Recently some financial analysts have predicted that the cost of funds rate               would increase to 2% by the end of 2004. What effect will this have on               interest rates?

Bob:        My crystal bowl is cloudy - so I will leave the predictions to the analysts! I do               think think that as our economic platform gets stable - low unemployment,               increase consumer confidence, etc - we will start to see increase rates rise. I               do not think it will be till after the Presidential Election - and it will not be a               "crazy" increase. Rates are at still at historic lows rate now ... so increases               seem dramatic. In the "scheme of events," rates are still very attractive -               even if they increase 1 to 2 %.

TM:         What aspect of your job do you like most? least?

Bob:        At the risk of sounding like a "corporate poster boy," I love my job! My               favorite part is working with the various Coldwell Banker Residential Brokerage               agents - and assisting them on getting their customers into their new homes               as smoothly and easily as possible. The part of my job that I like least is               when I hear of a customer going to a lender that "offered them a better loan               package" to find out that the customer's expectations were not met, they               are having trouble with getting the "better loan package" or it is costing them               more than they thought. Calling Coldwell Banker Mortgage will ensure that               customer the best possible financing package - with no surprises - that best               suits their needs - at competitive pricing.

TM:         Can a buyer trust Coldwell Banker Mortgage to help them choose the best               loan based on their individual financial situation?

Bob:        Absolutely!

TM:         Any other advice you can offer?

Bob:         In my opinion - I think the most important thing a potential home purchaser               needs to ask themselves is, "How much per month am I comfortable spending               on my new mortgage payment?" The reality is that their mortgage payment is               going to be with them a long time - they need to be comfortable with the               program and the payment. I think customers focus on the numerical rate too               much, and do not consider the monthly payment. I guarantee that 12 months               down the road after they close on their new home, they may not know the               exact rate they have on their mortgage - but they will know exactly what               their monthly payment is!

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