Frequently Asked Questions
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Yes! Equity Plus and its family of companies have been assisting homeowners to reduce the term of their mortgage loan and save tens of thousands of dollars in interest since 1982.
The Equity Plus Program is a service of Lipsky & Associates, Inc. a Texas Corporation. We are one of the nation’s leading mortgage prepayment companies.
Equity Plus is not affiliated with any lenders; we work for you, our customers! If your loan is sold to another lender, you refinance with another lender, or sell your home and buy a new one the program can transfer to your new loan.
Your loan will stay with your current lender, unless they sell your loan to another lender. In the case that your loan is sold you would simply notify Equity Plus of the change and the program will continue as scheduled.
The processing of payments made through the Equity Plus Program are highly regulated by Federal Reserve policies, Regulation E, and NACHA rules and regulations. Lipsky & Associates is licensed, bonded, and regulated by the state of Texas as well as many other states. Lipsky and Associates is registered as a Money Service Business (MSB) with FinCEN (Financial Crimes Enforcement Network) as required by the Bank Secrecy Act. Periodic audits are performed by multiple states to ensure Lipsky & Associates, Inc. is in compliance with both State and Federal regulations.
Payments are electronically withdrawn from your bank account on the designated transfer dates you select. Lipsky & Associates sends the payment to your mortgage company on your due date. Payments may be made within your grace period. Interest is not credited to your account during this transaction period.
Most lenders will not accept partial payments. The Equity Plus Program allows you the convenience of automatic transfers, timed to occur when you are paid, to optimize your cash flow. While it is possible to have similar savings by submitting principal payments on your own, studies have shown that most consumers do not pre-pay their mortgages. It takes self-discipline and consistency. The Equity Plus Program is safe, automatic, and easy to budget.
The Equity Plus Program will transfer to any lender with no additional charges. Simply contact our Customer Service Department with your new loan information. The Equity Plus Program can make payments to all lenders, not just one lender specifically.
At the time of enrollment, you will have a one-time non-refundable enrollment fee of $499.00, this fee can either be paid upfront on a credit card or it can be rolled into the program to be deducted from your first additional principal payment(s). This fee purchases your membership into the program for a lifetime. Should you sale the current home you have on the program and purchase a new home, you will not pay the enrollment fee again. Also, there is a $2.95 bank transfer fee added to each transfer. These fees are nominal compared to the years and tens of thousands of dollars in savings.
No, because the transfers are made every other Friday rather than once a month. However, we do offer other programs to accommodate other pay schedules such as weekly and semi-monthly. If you are not sure what program would work best for you, please contact our Enrollment Department Monday thru Friday between the hours of 8:00 AM – 7:00 PM CST.
Customer Service FAQs
No. The lender generates your loan number, and we use that same number in our system.
When your payment changes, either up or down, you need to contact us at 800-361-1205 so that we can make the changes necessary in our system.
Please call Customer Service at (800) 361-1205 no later than three business days prior to your draft date to stop or change your scheduled draft.
You should contact us at 800-361-1205 before you go to closing. We will temporarily suspend the program until you close on your new loan. Once you have given us the new loan information, we will resume the program AT NO COST TO YOU. Remember, you have a lifetime membership in the program that you can take with you to any new loan.
No. Your lender will continue to send monthly statements. Their statements will reflect the payments we send on your behalf. Your bank statements will reflect drafts withdrawn from your account.
Please contact our Customer Service Department at (800) 361-1205 and provide the representative with your new bank information. All calls are recorded for your security.
Selling of loans is a common practice in the mortgage industry. The terms of your loan remain the same, but to whom and where you send your payments will change since you now have a new lender. Please contact our Customer Service Department at (800) 361-1205 and provide the representative with the new lender’s name, address and new loan number.
As stated in your contract, all insufficient funds are assessed a $17.95 overdraft fee. Please contact our Customer Service Department for further information on your account.
The Equity Plus Customer Service Department is available Monday thru Friday from 8:30 AM to 5:00 PM CST.