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GATES CAPITAL CORPORATION <br /> Governmcnt b Tax Extmpt Securities <br /> Page 2 <br /> Mr. Cecil A. Collins,Jr. <br /> March 3,2000 - <br /> 5. The lender and home buyer together decide as to how best to utilize the Assist program's <br /> 4.75%cash gift; with as an offset to down payment and closing costs or applying the gift <br /> to the principal of the loan to reduce the borrower's monthly payment, or some <br /> - combination thereof. The IHDA programs only allow a borrower to accept the below <br /> mazket interest rate option and provides virtually no down payment assistance. <br /> 6. Assist will provide financial assistance to help the city program oversight and mazketing <br /> support. IHDA cannot. <br /> For a lender participating in the Assist program,there are a number of advantages, including: <br /> 1. The ability to originate conventional or government loans, or both, <br /> 2. The ability to securitize and service their own loans, or not, <br /> 3. The ability to select their own PMI provider, <br /> 4. All lenders receive discreet allocations of funds to lend which mean a lender can <br /> formulate a credible marketing plan to aggressively loan out the allocation, <br /> 5. No delays in processing a loan due to a lengthy mortgage submission process since all <br /> mortgage file review can be done in-house. <br /> 6. Multiple lenders aze encouraged to participate in the program. I, <br /> Please review the summary and call me with your questions or comments. The Assist program �I <br /> affords the lending community with a more flexibility and provides the community with the � <br /> opportunity for more funds to lend to it's residents. � <br /> I look forward to speaking with you soon. - <br /> Sincerely, <br /> David S. Rasch <br /> Executive Vice President <br /> enclosures <br />