Tidalwave/FAMS Launches Wholesale Net Branch Program For Third Party Originators

Tidalwave/FAMS Launches Wholesale Net
Branch Program For Third Party Originators

FT. LAUDERDALE, Fla. Tidalwave Holdings Inc. (OTC Bulletin Board: TDWV), http://TidalwaveHoldings.com, the publicly traded parent company of First American Mortgage Securities, Inc. (FAMS), announced that with FAMS's new Multi Million Dollar Credit Facilities in place and lowered cost of funds, Tidalwave/FAMS are moving up the launch of a ``Wholesale Net Branch/Net Division Program'' for Third Party Originators.

The program will be managed by Tidalwave Mortgage Acceptance Co. (TMAC) division, in Palm Harbor, Florida and will provide warehouse credit lines, secondary marketing assistance and financing for experienced wholesale loan originators small mortgage companies who desire to set up a wholesale loan origination operation.

L. Edward Bache, Sr., Managing Director of First American Mortgage Securities stated, ``TMAC/FAMS can provide everything that a wholesale loan originator needs to get up and running with a 'Wholesale Net Branch.' There are many retail Net Branch operations in the United States, but I am not aware of any company that offers a Net Branch operation geared to wholesale loan originators. TMAC/FAMS utilizes state of the art technology that includes a proprietary Quality Control Program that covers 100% of all wholesale loans originated by the company.''

The TMAC/FAMS Product Menu includes access to the FAMS Manufactured Housing Finance Conduit that offers financing for Singlewide Manufactured Homes, Pre 1976 Homes, and Mobile Homes in Parks (These loans do not include land in the transaction). To the best of our knowledge, the FAMS Conduit is the only National Conduit offering these services. The ``Wholesale Net Branch'' will also have access to proprietary loan origination programs like FAMS's 100% LTV ``Slam Dunk 100,'' a program developed in cooperation with a national mortgage insurer and a major Wall Street Investment Bank that provides 100% financing for borrowers with 600 middle credit scores and 50% debt ratios, and allows borrowers who have no credit to participate using alternative credit. The FAMS Trading Desk's ``Just Missed'' loan program, allows 97% financing for borrowers with 575 credit scores and 50% debt ratios, and allows up to twelve 30 day lates in the last 12 months. Other programs include 95% Investor loans, both 100% and 125% LTV Second Mortgages, 100% Stated Income, 95% LTV for non conforming condo projects, 95% LTV programs for Foreign residents, non secured credit lines, Jumbo and Super Jumbo loans to $4mm, 95% LTV loans to $500,000 and a full range of home improvement loans.

Bache further stated, ``As a Conduit level lender TMAC/FAMS has direct access to all of the other Wall Street Conduits and generally receives pricing in the 105 to 108.5 range which allows the company to pay its third party originators up to 106 for whole loans. Our 'Niche' securitization program will allow us to offer our net branch originators programs and pricing that is available only to National Conduits. Our warehouse lines have been set up to allow us to offer sub lines to our originators, and our online automated underwriting system will allow the 'Net Branch' to retain control of the loan approval and funding process. Our goal is to set up 'Wholesale Net Branch' operations to service 24 cities over the next 12 months. To receive additional information regarding the TMAC/FAMS 'Wholesale Net Branch' Program contact Larry Bache at (800) 799-9533."