On a set schedule they agree upon if they begin and the ones repayments are now being serviced by Self Lender. Therefore personal Lender behind the scenes …. You understand, we’re producing the (inaudible) file that gets uploaded to the (inaudible) book. We don’t go the cash, but we do go the data so the cash is being taken through the customer’s account either through ACH or by way of a debit card.
What goes on is really as the consumer repays the loan, they’re paying off the mortgage, yet somehow the CD see site is somewhat growing in the long run and thus by the end the consumer has paid down the loan that is entire then simultaneously, the CD a unlocks after which the consumer receives the cash either via ACH or through check.
Peter: Okay, at the conclusion for the mortgage term is there a rollover or can they decide to make the cash back? What are the results following the duration’s over?
James: then when we first got started, you understand, we created the ability to essentially have begin date and prevent date plus it in fact is as you repay it, you receive the cash, end of story. (more…)