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.