Encore Special Edition

If you didn't see in the last issue of the AMS Insider, AMS Corporate has signed a national contract with Experian for there Trigger Lead Program. The Trigger Lead program includes applicants who, in the last 24 hours, have applied for a mortgage with another mortgage company and had their credit pulled displaying the fact that they are in the market for a mortgage. This lead source is unique in the fact that we know their credit score, loan amount, loan payment and credit card debt, with up to 4 phone numbers for each lead. Historically the small broker or branch officer has not been able to participate because of the minimum commitment of $18,000 and 6 month minimum commitment. Because AMS has signed a national contract we are able to make available the leads at a cost that most branches can budget for, as little as $50 per day. AMS will provide a 2 tier pricing system, 24 hour old leads for $5 each and 10 day old leads at $3 each. When you compare this to the cost of web leads or direct mail which typically runs $25 - $85 per lead, this is an incredible bargain. We currently are receiving leads for the 13 states that we are licensed in and to give you an idea during the month of April there were 36,000 leads in California alone. We have had a great response to this opportunity and if you are interested please contact Scott Powers on his cell phone at 480-201-4614 to get started.

Sandy Reed Brings Experience To The AMS Underwriting Team

Sandy Reed hard at work.

Sandy Reed started in the mortgage industry in 1970 in Oklahoma City and started underwriting FHA, VA and Conventional loans in 1985. She began underwriting Sub-Prime loans about 10 years ago when the market changed that direction and feels that Sub-Prime loans helps support her underwriting philosophy, "There is a loan program for everyone that wants a home." Sandy came to AMS as an Indy Mac underwriter and absolutely fell in love with the area and, most of all, the wonderful people here at AMS and decided to come on as an AMS underwriter. Her current sign off authorities are up to $1,000,000. Sandy says she loves her job and the people she works with and is excited about all the loans and possibilities that AMS has to offer. In regards to Sub-Prime loans Sandy said, "AMS has several different Sub-Prime programs that will fit with different borrowers needs."

When not underwriting loans Sandy is glued to the TV watching sports, she subscribes to All Sports Programming and especially enjoys Oklahoma Sooners Football. When not watching sports Sandy loves to spend time with her daughter, son-in-law and two grand children who are back in Oklahoma City. Although she likes to travel, Sandy said, "I have traveled the world but my greatest experiences have been at home in the good old USA!"

Note: AMS will be introducing some exciting new Subprime products to our in house product mix during the next couple of weeks. We have already brought the Elite Subprime Products to the market via AMSElite and look forward to launching our AMS DB Subprime product as well. For those of you that are familiar with First Franklin’s Subprime Product, you will be excited to know that our AMS DB Subprime Product mirrors the First Franklin Guidelines while allowing 20 points lower on the FICO Score! AMS is excited to have Sandy on board to underwrite and add her expertise and experience to these two products and more!

Scott's Grilled All American Burger

Ingredients:
1 clove garlic, minced, or 2 tablespoons finely chopped onion

2 tablespoons catsup

1 tablespoon steak sauce

1 tablespoon Worcestershire sauce

1 teaspoon sugar

1 teaspoon cooking oil

1 teaspoon vinegar

Few dashes bottled hot pepper sauce

1 pound lean ground beef

1/4 teaspoon salt

1/4 teaspoon pepper

4 hamburger buns

American cheese slices (optional)

Lettuce leaves (optional)

Tomato slices (optional)

Red onion slices (optional)

Pickle slices (optional)

Directions:
1. For sauce, in a small saucepan combine garlic or onion, catsup, steak sauce, Worcestershire sauce, sugar, cooking oil, vinegar, and hot pepper sauce. Bring to boiling; reduce heat. Simmer, uncovered, for 5 minutes. Remove from heat; set aside.

2. In a medium mixing bowl combine ground beef, salt, and pepper; mix well. Shape meat mixture into four 3/4-inch-thick patties.

3. To Cook by Indirect Grill Method: In a covered grill arrange preheated coals around a drip pan. Test for medium heat above the pan. Place meat on the grill rack over the drip pan. Cover and grill for 20 to 24 minutes or until instant-read thermometer inserted in side of burger registers 160 degree F, turning once halfway through grilling time and brushing frequently with sauce during the last 5 minutes of grilling.

4. To Cook by Direct Grill Method: Grill meat on the grill rack of an uncovered grill directly over medium coals for 14 to 18 minutes or until no pink remains, turning once halfway through grilling time and brushing frequently with sauce.

5. To serve, split and toast the buns on the grill. Serve patties in buns with cheese, lettuce, tomato, red onion, and pickle, if desired. Makes 4 servings.

Make-Ahead Tip: Prepare sauce; cover and chill up to 24 hours. Prepare and shape burgers. Cover with plastic wrap and chill up to 2 hours before grilling.

Steve's Drink Recipe

Fat Tire Ale
Nothing goes better with burgers than beer!

We are still seeing branches still disclosing 90 days on their Appraisal disclosure. Also, remember to disclose the Yield Spread Premium on all brokered loans. You must disclose it only as “Yield Spread Premium 0-7%”. Remember to fully complete your GFE and TIL. We no longer use the Consent to Complete Blank Spaces so make sure your 1003 and other documents are fully completed.

Vicki Oania
Compliance Manager

Two New Reports Show Housing Exuberance Is Waning

Further evidence that the real estate boom is moderating came from the National Association of Realtors last week.

Quarterly figures on existing home sales which include single family houses and condominium units trended downward for the second straight quarter during the first three months of 2006.

The sale of existing houses established an all-time record in the third quarter of 2005 when a seasonally adjusted annual total of 7,180,000 homes changed hands. That dropped to 6,943,000 during the fourth quarter and has now retreated to 6,797,000 during the first quarter of 2006, a decrease of 2.1 percent both from the previous quarter and from the first quarter one year ago.

David Lereah, the chief economist for NAR said that "a steady rise in mortgage interest rates has slowed home sales in higher cost areas, yet job growth in some moderately priced markets is boosting sales in other areas. The net effect is a modest decline in home sales for the nation as a whole, but sales remain historically strong and are providing a solid underlying base for the overall economy."

Half of the regions in the U.S. showed a decline, most strikingly the West where sales were down 12.4 percent since last quarter. Sales also declined, although not as dramatically, in the Northeast for a loss of 2.9 percent. Sales, however, increased in the Midwest (1.1 percent) and the South had the strongest performance with an increase of 2.3 percent on annualized sales of 2,707,000.

Some of the losses were dramatic, particularly in those states that had been the "high rollers" over the past several years. Arizona, for example, was off 22.2 percent from the sales level of a year earlier and California 19.2 percent. Nevada, Washington, D.C., Florida, Virginia, and Wyoming all had sales decreases of over 15 percent.

However, 26 states showed an increase of sales since the first quarter of 2005, most notably New Mexico where existing home sales rose 26.2 percent and Louisiana with an increase in sales of 22.9 percent. NAR did not opine as to whether any part of the Louisiana sales were due to the effect of Hurricane Katrina with its victims scrambling to find replacement housing.

Also coming on strong was another Katrina state, Mississippi which was up 17.3 percent year over year. North Carolina was up 17 percent and Arkansas and Tennessee increased 16.7 and 10.4 percent respectively.