Some of the highlights include GSP's average loan size jumped to $9.5 million and $243 million in Fannie Mae loans through its correspondent relationship with ARCS Commercial Mortgage. With the dramatic decline at the short end of the yield curve, GSP placed Jumbo Home loans for the first time in many years with a unique program for loans up to $2.5 million.

CMBS continues to be a "core product" where GSP are able to manage a competitive bid process. It placed conduit transactions with 13 different originators. With the maturing of this market, originators have developed different cultures, personalities and characteristics. GSP expect a favorable fixed rate environment for the foreseeable future with all-in mortgage rates continuing to cycle in the 7% range.

Southern California benefits from a broad base of regional, national and international banks, S&L's, Thrift and Loans and Credit Unions--many of whom lend the old fashioned way with easier processing and documentation. GSP returned to a traditional yield curve with 5 year T's at 50 bps below the 10's. As such, it placed a significant number of 5-year fixed rate loans (usually with a floating rate rollover) and flexible prepayment provisions.