Customer Resources, Contact & FAQs
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Payments
Spring EQ mortgage payments: Payments are due the 1st of the month, however, there is a 15-day grace period. Payments received after the 15th of the month may be assessed a late fee.
1. Recurring and One-Time Payment
To request to make recurring or one-time ACH payments toward your home equity loan or second mortgage, you can complete our ACH authorization form.
To request to make recurring or one-time ACH payments on first mortgage, purchase or refinance loans, call us at 1-855-463-7407 and we will guide you through the process of setting up an ACH authorization.
Once complete, you can choose between one-time or automatic recurring payments so you never have to worry about being late on a payment again.
Please call us at 1-855-463-7407 if you would like us to coordinate a payment for you.
To setup bill payment from your bank account or to mail a check, please make payable to Spring EQ at the following address:
Spring EQ
ATTN: Servicing
2929 Arch Street, Suite 500
Philadelphia, PA 19104
Please include your Loan Number to assure that your payment is credited to the appropriate loan.
While we are unable to set up Bill Pay for borrowers through Spring EQ, we do accept Bill payments. Please contact your Financial institution for assistance setting up Bill pay.
Currently, Spring EQ does not offer online payments. By popular demand, this is a feature that we are diligently working on and should be able to offer soon! If you are looking to set up your payments, we recommend signing up for our Recurring payment option. You can request for this option by clicking on the link available under Recurring and One-Time Payment section of this page.
Payoffs can be requested through email: Servicing@Springeq.com or by phone: 1-855-463-7407.
Please provide the following information in your request:
Name
Loan Number
Contact Number
Payoff thru date
Signed Borrower's Authorization Form*
*Note, if a Loan PayOff is from a third party, a Signed Borrower Authorization form must be submitted with the borrower’s authorization releasing this information. This form can be provided by the third party.
Borrowers can make a request for a Loan PayOff statement on their own.
*Note, if a Loan PayOff is from a third party, a Signed Borrower Authorization form must be submitted with the borrower’s authorization releasing this information. This form can be provided by the third party.
Borrowers can make a request for a Loan PayOff statement on their own.
At Spring EQ, the health and safety of our customers, employees and other stakeholders is first and foremost in our thoughts. We also understand that the economic disruption caused by COVID-19 may impact you financially. If you can, it is best to continue to make your scheduled mortgage payments. If you have been impacted by COVID-19 directly or indirectly because of illness, loss of income or employment and believe you will have difficulty making your payment, you may qualify for the assistance plan. Our assistance plan is a forbearance for those who qualify. Important to note, the forbearance does not waive or forgive the payments. During the forbearance period:
Before the end of the initial 3 months, we will work with you to evaluate your individual situation and help determine your best next step. This may include either a repayment plan or a lump sum payment. Please e-mail us at Servicing@Springeq.com and provide the following;
Upon receipt we will review your situation and within 2 business days advise of next possible steps.
You authorize regularly scheduled charges to your checking or savings account. You will be charged the amount indicated below each billing period. Your payments will be reflected on your next month’s statement and the charge will appear on your bank statement as an “ACH Debit.” You agree that no prior notification will be provided unless the date or amount changes, in which case you will receive notice from us at least 10 days prior to the payment being collected.
Any additional amount paid toward your mortgage will go toward the principal balance.
While we do not offer the ability to initiate online payments online at this time, this is a feature that we are looking to offer in the future! If you have any additional feedback for us, please let us know!
If you have any questions or concerns, please call 1-855-463-7407 or email us at Servicing@Springeq.com
Current applicants can call Spring EQ at 1-888-978-9978.
Current Customers can e-mail Spring EQ at Servicing@Springeq.com.
* Details to note:
Income documents may be more extensive for self-employed applicants. Loans above $175k will require an in-home appraisal. Loans above $250,000 require title insurance. Quarterly, we calculate The Spring EQ Cash-In-Pocket Index™ which is the average reduction of our customers debt payments where at least one debt was paid off with loan proceeds. The Q4 2019 Cash-In-Pocket Index™ reported a reduction in debt payments of $530.
To get cash in as little as 11 days is measured from the time we receive all requested documents and assumes your stated income, property and title information provided in your loan application matches your documents and any supporting information collected. Spring EQ customers get their cash on average in 18 days. The time period calculation to get cash is based on the last 6 months of 2019 funding's, assumes the funds are wired, excludes weekends and excludes the government mandated disclosure waiting period.
Typical applicants are required to provide a current and valid completed application, proof of income, mortgage statement, home hazard insurance, and a photo ID. Applicants are typically not required to provide proof of assets, and proof of income may be more extensive for self-employed borrowers. Any pre-qualification or “Home EQ” value is in no way a pre-approval, indication of eligibility, or binding underwriting decision. All borrowers will be required to meet Spring EQ's current underwriting guidelines including verifications of applicant’s credit profile, debt-to-income ratio, and home’s current value.
For example, an applicant with owner-occupied single family home in Pennsylvania, credit score of 740, and 60% combined loan-to-value (LTV) which includes the first mortgage, and a debt to income ratio of 43% with a term of 20 years and NO points, would result in 4.99% rate and an Annual Percentage Rate (APR) of 5.205% The actual APR is subject to change based on settlement date chosen by borrower and the subsequent interim interest due from settlement date and 1st schedule payment. Eligible borrowers must have a FICO score of 680 or greater and debt-to-income ratio of 50% or less.
Refinance transactions may increase total finance charges over the life of the loan. Speak to a loan officer for details.
Spring EQ offers options up to 90% of your home value for qualified borrowers with a credit score of 740 or greater excluding investment properties.
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