Equity Builder Program definition

Equity Builder Program. A program of the Originator, pursuant which an enrolled mortgagor authorizes the Originator to cause the related servicer to deduct automatically from the mortgagor's personal bank account, on the monthly due date or on either a bi-weekly or semi-monthly basis, level periodic payments of principal and interest on the mortgagor's mortgage loan, which payments are calculated based on the scheduled monthly payment due under the terms of the related mortgage note. Mortgagors who are eligible for the Equity Builder Program have the option to enroll (and, subsequently, to disenroll) in the program at any time, and if an enrolled mortgagor subsequently becomes ineligible, he or she may be disenrolled by the Originator from the program. Any previously enrolled mortgagor who chose to have bi-weekly or semi-monthly payments automatically deducted from his or her bank account and who disenrolls (or is disenrolled) from the Equity Builder Program will, subsequent to such disenrollment, be required to make the scheduled monthly payments due under the terms of the related mortgage note but will not be required to make any such bi-weekly or semi-monthly payments that had been automatically deductible from the mortgagor's bank account while he or she was enrolled in the program.
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Related to Equity Builder Program

  • PEBB program means the program within the HCA that administers insurance and other benefits for eligible employees (as described in WAC 182-12-114), eligible retired employees (as described in WAC 182-12-171 and 182-12-180), eligible survivors (as described in WAC 182-12-180, 182-12-250, and 182-12-265), eligible dependents (as de- scribed in WAC 182-12-250 and 182-12-260) and others as defined in RCW 41.05.011.

  • PACE Program means a program implemented by a municipality to stimulate energy efficiency and renewable energy projects in conformity with Act 270.

  • Computer program means a set of instructions, rules, or routines recorded in a form that is capable of causing a computer to perform a specific operation or series of operations.

  • Base load electric power generation facility means an electric

  • Planned External Financed Generation Capacity Resource means a Planned External Generation Capacity Resource that, prior to August 7, 2015, has an effective agreement that is the equivalent of an Interconnection Service Agreement, has submitted to the Office of the Interconnection the appropriate certification attesting achievement of Financial Close, and has secured at least 50 percent of the MWs of firm transmission service required to qualify such resource under the deliverability requirements of the Reliability Assurance Agreement.