On a set schedule they get started and those payments are being serviced by Self Lender that they agree upon when. So personal Lender behind the scenes …. You understand, our company is producing the inaudible that is( file that gets uploaded towards the (inaudible) book. We don’t go the cash, but we do go the data so the cash is being drawn through the customer’s account either through ACH or by way of a debit card.
What the results are is really as the consumer repays the mortgage, they’re reducing the mortgage, and yet the CD is slightly growing in the long run and thus by the end the customer has paid the whole loan and then simultaneously, the CD a unlocks after which the consumer gets the cash either via ACH or through check.
Peter: Okay, at the conclusion associated with mortgage term can there be a rollover or can they elect to take the cash back? What are the results following the period’s over?
James: then when we first got started, you understand, we developed the ability to actually have begin date and prevent date and it also in fact is it off, you get the money, end of story like you pay. That’s exactly how it really is today plus it’s not really a great experience that means and to make certain that’s likely to be changing later on, but to date, you will get the amount of money, congratulations, your credit rating is probably up and then we supply the customers their credit history from month to month for them to really monitor that over time. They’re not getting the other financial products other than our flagship product so they are getting some education stuff, but.
Peter: Okay, therefore you’ve got a couple of bank partners i’m curious…you said. We imagine this might be significantly of a imaginative idea that….it’s nothing like most people are achieving this, you’re the first one that I’ve seen that features this approach just how did those conversations go? Continue reading “James: Yeah, that’s right. Therefore what’s occurring is the client is building a payment”