Freedom Express App

Reference Points

• Options from 640+ FICO up to 95% CLTV
• Loans from $25K to $500K
• DTI limits:

- Up to 50% (requires 700 FICO, $3500 monthly residual income—otherwise up to 45%)

• States: See dropdown menu on right for all licensed states

• Self-Employed & Second Homes acceptable.
• Investment properties available
• HELOCS (Adjustable rate - prime index OR Fixed Rate Fully Amortizing ; no subsequent draws in first 90 days)

- Adjustable Rate

- 10-yr interest-only; then 20-yr fully amortizing

- Minimum draw $50K OR 50% of the line amount

- Fixed Rate

- 15, 20, 30 year terms

- Minimum draw $25k OR 75% of the line amount

• HELOANS (same rate for life of loan)

- 5 to 30 year terms

- Minimum loan $25K

• You submit this info to start the application & transfer to Spring EQ

- A Spring EQ Home Equity Specialist will work with borrower to determine suitable options, assist to complete app, and submit to UW

- When consumer receives their Initial Disclosures, you will be required to e-sign the application initial disclosure package (sent via email)

- Spring EQ's team will UW & close the loan (in Spring EQ's name)

- After your submission of this form & e-sign of 1003, Spring EQ will manage all borrower communications (and reach out to you if assistance is needed). During the process you will get email updates on disclosures to customer

• Average application UW decision in 7 days and funds in 21 business days
• Only 4 doc types needed for most applications (collected by Spring EQ):

- Photo ID

- Income Documents

- Homeowner's Insurance

- First Mortgage Statement (please provide from your system)

• Only Experian credit score is used for UW decision

• No assets collected or reviewed

• No in-home appraisal required for loans under $250K (AVM or desktop)

- Spring EQ will work with borrower on fastest & most cost effective valuation method for the customer's scenario

• No title insurance required for loans up to $250K
• No pre-payment penalties
• Closing costs and fees rolled into loan amount

• Specialize in Home Equity, Founded in 2016 and headquartered in Philadelphia with a focus on home equity access

• Debt consolidation opportunities

• One of largest non-bank home equity lenders in United States

• Licensed in 39 states and D.C.

• There's always someone to talk to:

Sales & Operations:

Anthony Barbella, Sales Manager - Team Lead

abarbella@springeq.com

Phone: 215-791-8570

Servicing (customer facing):

servicing@SpringEQ.com

1-855-463-7407

Reference Points

Submission Form