As part of your relationship with us, we want to ensure you have all of the information you need to effectively manage your accounts. Our goal is to provide you with as many options as possible for receiving your account documents. We are required by law to give you certain information "in writing" - which means you are entitled to receive it on paper. We may provide this information to you electronically, instead, with your prior consent. We also need your general consent to use electronic records and signatures in our relationship with you. So, before you use our Electronic Services you must review and consent to the terms outlined below.
In this consent:
1. Consent to Electronic Delivery
By selecting the "I AGREE" button, you specifically agree to receive and/or obtain any and all Spring EQ related "Electronic Communications" as defined herein via www.springeq.com. This includes electronic communications related to your account from Spring EQ's third party servicers. You specifically consent to receive electronic mail (email) and online communications and disclosures regarding your account instead of by regular mail. Except as noted below or otherwise at our discretion communications will not be furnished on paper.
Your consent will apply to all information we send to you, or disclose or communicate to you online, relating to your account, including monthly billing statements, and any disclosures that are required by law to be in writing, including, without limitation, Truth In Lending Act disclosures and tax forms. The term "Electronic Communications" includes, but is not limited to, any and all current and future notices and/or disclosures that various federal and/or state laws or regulations require that we provide to you relating to any documents you sign, as well as such other documents, statements, data, records and any other communications regarding your www.springeq.com relationship with Spring EQ.
If you change your email address, you agree to call us at 1-888-978-9978 and update your email address. You accept Electronic Communications provided via www.springeq.com as reasonable and proper notice, for the purpose of any and all laws, rules, and regulations, and agree that such electronic form fully satisfies any requirement that such communications be provided to you in writing or in a form that you may keep.
2. Your consent covers all Spring EQ Products; Privacy Policies
Your consent covers all Communications relating to any Spring EQ Product. Your consent remains in effect until you give us notice that you are withdrawing it.
From time to time, you may seek to obtain a new Spring EQ Product from us. When you do, we may remind you that you have already given us your consent to use Electronic Records and signatures. If you decide not to use Electronic Records and signatures in connection with the new product or service, your decision does not mean you have withdrawn this consent for any other Spring EQ Product.
You agree that we may satisfy our obligation to provide you with an annual copy of our Privacy Policy by keeping it available for review on www.springeq.com, or, with prior notice to you, on another website where we offer Electronic Services.
3. Electronic Signature Agreement
By selecting the "I AGREE" button, you acknowledge that you have read, understand and agree to the following:
4. Paper version of Electronic Communications
You may request a paper version of an Electronic Communication. You acknowledge that Spring EQ reserves the right to charge you a reasonable fee for the production and mailing of paper versions of Electronic Communications, unless charging a fee is prohibited by applicable law. To request a paper copy of an Electronic Communication contact us at 1-888-978-9978.
5. Revocation of electronic delivery
You have the right to withdraw your consent to receive/obtain Electronic Communications at any time. You acknowledge that Spring EQ reserves the right to restrict or terminate your access to www.springeq.com if you withdraw your consent to receive Electronic Communications. If you wish to withdraw your consent, contact us at 1-888-978-9978 or write to us at: Spring EQ: 2929 Arch Street, Suite 500, Philadelphia, PA 19144. Your withdrawal of consent will become effective after we have had a reasonable opportunity to act upon it.
6. Valid and current email address, notification and updates
You agree to keep Spring EQ informed of any changes in your email address. You may modify your email address by calling us at 1-888-978-9978. Spring EQ may notify you through email when an Electronic Communication or updated agreement pertaining to www.springeq.com is available. Spring EQ may also use www.springeq.com for Electronic Communications. It is your responsibility to use www.springeq.com regularly to check for Electronic Communications and to check for updates to this Agreement. If you have given us another type of electronic address such as an electronic address or mobile phone number for SMS text messages you may change address by calling us at 1-888-978-9978.
7. Controlling Agreement
This Agreement supplements and modifies other agreements that you may have with any Spring EQ entity. To the extent that this Agreement and another agreement contain conflicting provisions, the provisions in this agreement will take precedence (with the exception of provisions in another agreement for an electronic service which provisions specify the necessary hardware, software and operating system, in which such other provision controls). All other obligations of the parties remain subject to the terms and conditions of any other agreement.
8. Hardware, software and operating system requirements
You must be able to view, print, and retain information presented on-screen in order to e-sign. By selecting the "I AGREE" button, you confirm that you are able to view Hyper Text Markup Language (HTML) files and read Adobe PDF files. If you are not able to do this, please make sure that you have Adobe Acrobat Reader installed on your computer.
It can be downloaded for free HERE. You also confirm that your web browser meets the following requirements:
Mobile:
By selecting the "I Agree" button, you represent to us that you have the necessary hardware and software, as stated above.
9. Changes to hardware or software requirements
If our hardware or software requirements change, and that change would create a material risk that you would not be able to access or retain your Electronic Records, we will give you notice of the revised hardware or software requirements. Continuing to use Electronic Services after receiving notice of the change is reaffirmation of your consent.
10. By accepting this notice, you confirm to us that:
*It is recommended that you print a copy of this Agreement for future reference.
* 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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