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To: wally street who wrote (416)	10/13/1998 7:25:00 PM
From: jdcpa	Read Replies (1) \| Respond to of 1129

Wally, Check your PM shortly.

To: wally street who wrote (416)	10/13/1998 8:24:00 PM
From: papa bear	Read Replies (3) \| Respond to of 1129

Hi Wally, I usually get the same response: no one around. But, there is email and the temporary IR guy, Gus, who I haven't yet had the chance to call or email... Perhaps you, jdcpa, ERRAFF, Silver, or isoman can help me with this: I'm trying to understand the net revenue situation in a mortgage co. (obviously, such as Realty - in this case). The early summer PR said that in 1997 Realty had $500M in closings. At the top-level, I'm trying to get to what the normal expected net revenue is from a mortgage op. like this. What is their revenue stream from this $500M? Do they get a flat percentage (5%, 10%,) do they get paid for selling the mortgage to an after-market, do they get residuals: monthly, annually??? You guys get the picture. Can you explain this??? Obviously, where I'm going with this is to try and determine margins and possible nets for a realty co. that has $500M+ in overall closings, and of course, what this means to PRWT. Thanks in advance for your help. rm