About Spring
What is Spring EQ's largest channel
Wholesale/TPO
What is a 1003?
Uniform Residential Loan Application (URLA)
A borrower must have this many months of employment history documented across all employers.
24 months
What is the purpose of an Escrow account?
To collect and hold funds for property taxes and insurance so they can be paid on time on the borrower’s behalf
AVM
Automated Valuation Model
What are the Spring Bee values?
Be Kind
Be Adaptable
Be Accountable
Be Better
Be Part of the Solution
What is a Lien?
A lien is a legal claim against a property
This critical step in the mortgage process involves reverifying a borrower's income, assets, credit and property details to ensure the loan meets investor and regulatory guidelines before final approval.
Underwriting
What is HO-3?
It's the most common type of homeowners' insurance
CLTV
Combined Loan to Value
What year did Spring EQ first open?
2016
What would a borrower's DTI tell us?
A borrower’s DTI (Debt to Income ratio) tells us how much of their monthly income is already committed to paying debts, and whether they can realistically take on a new payment without financial strain.
How many mortgage lates can a borrower have in the past 24 months for an investment property?
No lates in the past 24 months (0x30x24)
A borrower has a $120,000 salary and $5,000 in monthly debts. What is this person's DTI?
50%
REO
Real Estate Owned
What company purchased Spring EQ in 2023?
Cerberus
What type of institution is Spring EQ?
Non-Depository Lender
When a student loan payment is deferred, we must use this percentage of the outstanding student loan balance as the monthly payment.
1%
E-Consent must be received within how many days of the loan application.
3 business days
FICO
Fair Issac Credit Score
What is our mission statement?
Empower homeowners and buyers to achieve and maximize the value of homeownership in a simple, fast, and ethical manner.
What is the CLTV?
House purchased in 2020 for: $420,000.00
Appraised Value(2026): $737,000.00
Mortgage: $327,604.28
Spring EQ proposed loan: $100,000.00
Pool renovations: $68,000.00
58%
This is ordered in conjunction on files with an AVM
a PCI (Property Condition Inspection)
What type of property is covered by an HO6 policy?
Condominium unit
RESPA
Real Estate Settlement Procedures Act