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MORTGAGE REDUCTION SYSTEM
EQUITYCORP

COMMON QUESTIONS AND ANSWERS

Q. When will EquityCorp begin debiting my account and start making my payment to the lender?
A. This depends on the date the application is received by EquityCorp. The easiest way to answer this question is by using an example. For instance, if an application is received between May 1 and May 15, the initial debit will occur on the first Friday in June and the first payment to your lender will be on July 1.

If, however, we receive the application on or after May 16, the first debit will be on the first Friday in July, and the first payment to your lender will occur on August 1.

Q. Am I responsible for making my payments to my lender until EquityCorp makes my 1st payment, or will I be able to skip a payment?
A. You will receive a Welcome Letter from EquityCorp via certified mail when the application is received and processed (approximately 3 weeks). The Welcome Letter will state when your first debit and when your first payment to your lender will be made. You will be responsible for any payments due your lender before EquityCorp makes your first payment.

Q. Isn�t the 1st month a little difficult for some people � I have to make a payment to my lender and EquityCorp will start making debits from my account as well?
A. Yes, this can be a difficult month for some people. Contact EquityCorp directly or call your agent and a debit schedule can be worked out to ease the process. For instance, we can debit one-half of the regular loan payment one month and start the rest of the debits the second month until enough funds have been collected to make your first payment.

Q. What if there are changes to my loan payment? Will the lender notify EquityCorp of these changes?
A. No! If you have a change to your loan (i.e. the payment amount changes, the lender changes, the lender�s mailing address changes, etc.), you are required to notify EquityCorp of any changes to your loan in writing, either by fax or by mail. You will receive a Change Authorization Form along with your Welcome Letter that you may fill out and send to us, or you may send us the notice of change letter from your lender.

Q. Will my debits occur the same dates every month (i.e. the 15th and 30th)?
A. This is a bi-weekly debit program, meaning a debit will be made every 2 weeks (26 times per year). This is NOT a bi-monthly program where debits occur 2 times per month (24 times per year). You will need to follow the debit schedule that will be provided in your Welcome Letter.

Q. What is the amount of the transaction fee for each debit on my account?
A. The biweekly service fee is $3.50 for each transaction.

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