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RBC Mortgage and Victoria Homes Sign Interest Rate Lock Agreement

Providing Rate Insurance for Victoria Customers Through 2006

RBC Mortgage announced that it has signed a builder forward commitment with Victoria Homes of Imperial Valley, CA, to insure that Victoria Homes' customers have access to stable mortgage rates through 2006. RBC Mortgage's National Builder Commitment Program provides, in essence, "rate insurance" for preferred builders, allowing the builder to secure future, in process or unsold home inventory.

RBC Mortgage and Victoria Homes locked a $60 Million forward commitment that guarantees rates for participating new home customers for a full year, with an option to extend the period an additional six months after a year. The RBC Mortgage builder commitment is unique because of its flexibility. The program allows the builder to enjoy a 12-month rate lock for multiple loan products, including Conventional 30 year Fixed, Government Fixed, Jumbo Fixed, and 5/1 ARM loans. The customer-focused program allows builders to secure rates for themselves and their borrowers at historical low rates.

"Now, homebuilders do not need to let increasing rates hurt their profits," said Mike Chapa, Branch Manager at RBC Mortgage. "By locking in interest rates, they can continue the housing boom through 2006. Builders like Victoria Homes are literally cashing in on the security and peace of mind that comes with hedging against the foreseeable rise in interest rates."

"Securing interest rates allows our current and future customers to have today's mortgage rates tomorrow, and ultimately, to lower their home payments," said Dave Anderson, a principal at Victoria Homes. "It is yet another example of our commitment to providing customer value and enhancing our customers' entire home buying experience."

About Victoria Homes

For more than 12 years, Victoria Homes has been an innovative leader in the homebuilding industry in the Calexico, CA, area. The company has built a reputation for its ability to design and build entry level and family move-up homes that exceed buyers' expectations.

Today, more than 1,000 families are living in a Victoria Home within Imperial County, CA. For more information about Victoria Homes, please call (760) 357-1000.

About RBC Mortgage

RBC Mortgage, headquartered in Chicago, includes a nationwide network of loan officers and branches in 30 states. The company has operations in both retail (originations direct to consumers) and wholesale (originations through third-party brokers). It also has joint ventures with numerous real estate offices and builders through affiliated business arrangements (ABA's). For more information about RBC Mortgage, please visit the company's website at www.rbcmortgage.com.

RBC Mortgage is a wholly owned subsidiary of RBC Centura Bank. RBC Centura delivers a wide range of financial services and advice, including a complete line of banking, investment, loan, mortgage and insurance to individuals and businesses in North Carolina, South Carolina, Virginia, Georgia and Florida. RBC Centura is a brand name used by RBC Centura Banks, Inc., a wholly owned subsidiary of Royal Bank of Canada . Additional information may be found at www.rbccentura.com.

RBC Mortgage
1224 West State Street, Suite B
El Centro, CA  92243
760-336-3155