The information below is provided to assist you in preparing your for the upcoming implementation of Wells Fargo’s versions of the Freddie Mac Relief Refinance MortgageS and the Fannie Mae DU Refi PlusTM programs which are provisions of the Making Home Affordable Program announced by the President in February. These programs are designed to provide access to more attractive refinancing options to borrowers with agency secured loans.

Page 2 of 4 Getting Ready for the Making Home Affordable Program − Continued Pacific Coast Financial/Wells Fargo version of Freddie Mac Relief Refinance Mortgage		Pacific Coast Financial/Wells Fargo version of Fannie Mae DU Refi PlusTM
Max LTV/CLTV	105% LTV Unlimited TLTV/CLTV		105% LTV* Unlimited TLTV/CLTV *Until May 2, 2009, Approve/Ineligible responses from Desktop Underwriter® (DUSM) are permitted when the only reason is LTV >97% or Loan Score <580.
Loan Amount	New loan amount is limited to: Payoff of the first mortgage balance, including accrued interest Actual closing costs, financing costs, pre-paids, and escrows up to $2,500 The borrowers may not receive any cash at closing Examples: Payoff amount: $229,545 Actual closing costs, etc.: $2,496 Maximum loan amount:$232,041 Payoff amount: $352,006 Actual closing costs, etc.: $3,672 Maximum loan amount: $354,506 Required cash to close $1,172		New loan amount is limited to: Payoff of the first mortgage balance, including accrued interest Actual closing costs, financing costs, pre-paids, and escrows The borrowers may not receive any cash at closing Note: No limit on closing costs, financing costs, pre-paids and escrows. Example: Payoff amount: $352,006 Actual closing costs, etc.: $3,672 Maximum loan amount: $355,678
Property Types	1- to 4-unit Condominiums Cooperatives PUDs		1- to 4-unit Condominiums Cooperatives PUDs
Occupancy	1- to 4-unit primary residences and investment properties 1-unit second homes Occupancy must not have changed from mortgage being refinanced Number of financed properties may be limited		1- to 4-unit primary residences and investment properties 1-unit second homes No limit on number of financed properties

Getting Ready for the Making Home Affordable Program − Continued Pacific Coast Financial/Wells Fargo version of Freddie Mac Relief Refinance Mortgage		Pacific Coast Financial/Wells Fargo version of Fannie Mae DU Refi PlusTM
Basic Credit Requirements	No minimum Loan Score, except 620 minimum Loan Score required if new principal and interest payment is 20% or more above existing principal and interest Wells Fargo Adverse Credit policy does not apply Borrowers cannot currently be involved in a bankruptcy or foreclosure 0x30 mortgage lates in the last 12 months		No minimum Loan Score* Wells Fargo Adverse Credit policy applies for loans that are not currently serviced by Wells Fargo or Wachovia Bankruptcy, foreclosure, and mortgage history restrictions apply 0x60 mortgage lates in the last 12 months *Until May 2, 2009, Approve/Ineligible responses from DU® are permitted when the only reason is LTV >97% or Loan Score <580.
Ratio Limit	No requirement, except 45% maximum DTI if the new principal and interest payment is 20% or more above the existing principal and interest Note: DTIs >50% are subject to additional review and possible restriction by Wells Fargo.		Determined by DU
Secondary Financing	Must be re-subordinated: No new subordinate financing No replacement financing Secondary financing may not have any increase in unpaid balance Secondary financing must meet standard guidelines		Must be re-subordinated: No new subordinate financing No replacement financing
Reserves	None		None
Mortgagors	New borrowers cannot be added Borrowers on original loan may be removed in limited circumstances - additional requirements exist		New borrowers may be added as long as the original borrowers are on the loan Borrowers on original loan cannot be removed

Getting Ready for the Making Home Affordable Program − Continued Pacific Coast Financial/Wells Fargo version of Freddie Mac Relief Refinance Mortgage		Pacific Coast Financial/Wells Fargo version of Fannie Mae DU Refi PlusTM
Appraisal Options Note: Clients are advised not to order appraisals until the programs are implemented by Wells Fargo	Determined by Wells Fargo system, which may allow use of the original appraisal or require a new appraisal product based on the property type, location, and loan characteristics.		Determined by DU, which may allow a Property Inspection Waiver (PIW).
Documentation	Wells Fargo will determine the documentation required: Stated Income/Stated Asset documentation may be allowed 4506T must be signed at application and closing		Salaried: One paystub Self-employed/Commission: One-year federal tax return 4506T must be signed at application and closing
Product Types	15-, 20-, and 30-year fixed rate 5/1, 7/1, and 10/1 LIBOR ARMs (cannot refinance from fixed rate to an ARM) Fully amortizing only		15-, 20-, 30-, and 40-year fixed rate 5/1, 7/1, and 10/1 LIBOR ARMs (cannot refinance from fixed rate to an ARM) Fully amortizing only
Underwriting Type	Manual by Wells Fargo		Must be submitted to DU
Mortgage Insurance	If the existing loan does not have MI, then MI coverage is not required for the new loan The program is currently not available for loans with MI; this may be offered at a later date		If the existing loan does not have MI, then MI coverage is not required for the new loan The program is currently not available for loans with MI; this may be offered at a later date