Borrower FAQs

Below you will find answers to our most commonly asked questions. If you can’t find what you’re looking for, you can always contact us directly at anytime and we will provide you with personal service.

Loan payments are due on the 1st of each month. On or about the 20th of the month prior to your first payment, WinPrime Lending will mail your billing statement. For your convenience, WinPrime Lending has also provided you with a First Payment Letter with two payment coupons in your set of loan closing documents that you can use to mail with your check should you not receive your mortgage statement in time. In either case please include your loan number on your check, make it payable to WinPrime Lending and mail it to:

WinPrime Lending
695 S. Harvard Blvd 3rd Floor
Los Angeles, CA 90005
Attn: Accounting Department

WinPrime Lending will be transferring the servicing of your loan to a new Servicer within the first 30-90 days of your loan closing. You will receive a Welcome Letter notifying you of this change. Should any payments be sent to WinPrime Lending during the transferring of your loan, WinPrime Lending will forward to your new Servicer for proper posting to your account. If you need to wire your payment, please call us at (213) 382-7770 for wiring instructions.

Please Note that late charges will be assessed for all payments not received in accordance with the terms of your Note. To avoid the additional expense of a late charge, please refer to your Note for the specific late charge terms applicable to your loan.

Yes, click here to contact us electronically with your questions or concerns. You will receive a written response or phone call within 48 hours of receipt of your request.

Your loan will be serviced by WinPrime Lending. However, please keep in mind that your loan will be transferred to a new servicer within 30 to 60 days after closing. Please call us at (213) 382-7770 between the hours of 8:00 a.m. and 5:00 p.m. Pacific Standard Time, Monday through Friday.

WinPrime Lending
695 S. Harvard Blvd 3rd Floor
Los Angeles, CA 90005

WinPrime Lending typically transfers loans within 30 to 60 days after closing. You will be notified of the transfer in writing when this happens. Please make all payments to WinPrime Lending until notified to do otherwise.

The Transfer Sale of Loan Notice informs you that your loan is being transferred to a new servicer. Please take time to read the letter carefully as it contains specific information about the new servicer of your loan as well as instructions about when to begin making your payment to the new servicer, including where to mail your payment. Additionally, the Transfer Sale of Loan Notice contains the new servicer’s customer service hours, toll free telephone number and mailing address for written correspondence.

When your check is received by WinPrime Lending, your account will be reviewed to determine whether WinPrime Lending or the new servicer is to receive the funds. If the new servicer is to receive the funds, WinPrime Lending will endorse and forward your check via overnight mail to the new servicer for processing.

You may email your written request to [email protected] or mail your written request to:

WinPrime Lending
695 S. Harvard Blvd., 3rd Fl
Los Angeles, CA 90005
Attn: Servicing Dept.

Home equity line of credit (HELOC) – also known as a home equity loan – is an adjustable rate mortgage (ARM) set up as a credit line from which the borrower can access or “draw” funds at their convenience. It is a 2nd trust deed loan. HELOCs are interest-only loans, which means that unlike fully-amortized home loans, payments are not typically calculated to pay down the principal amount of the loan with each monthly payment.

HELOC is a lender’s promise to advance the borrower the maximum dollar amount at the time the loan was approved and closed. When the loan closes, the payment amount stated in the loan documents must reflect what the payment would be should the borrower choose to withdraw the entire loan amount immediately. Since a HELOC’s balance will vary based on what the borrower draws, the actual interest charged and the payment calculated will be determined by the dollar amount the borrower has withdrawn.

Here’s an example: If a HELOC funds on February 10, the first payment will be due on the first day of the second month following funding – April 1. Interest is never collected upfront on a HELOC loan, so as of April 1, 48 days of interest on whatever draws the borrower has taken (if any) will have accrued. If no withdrawals have been made, no interest is due. If the entire amount was withdrawn, the maximum amount of interest will be due, but this first payment will be higher because it’s based on 48 days worth of interest rather than the 30 days the payment in the loan documents is based upon.

Succeeding payments will be due on the first day of each month thereafter. Since the balance on a HELOC can change daily, payments will be recalculated monthly, based on each month’s outstanding balance and the current index that the payment is based on.

Remember, a HELOC’s interest rate is also based on compounded interest rather then simple interest like a standard 1st trust deed loan. Hence why the balance can change daily.

Because we transfer the servicing of our loans within the first couple of months after closing, we do not provide checks to our customers.