Terms of EMPP Enrollment and Service
By enrolling in the
ASU Alumni Early Mortgage Pay-Off Plan
(EMPP), you agree to the following terms:
- EMPP will initiate automatic biweekly (every other Friday) transfers from the checking or savings account at the financial institution indicated on the Automatic Loan Payment Authorization section of the signup form.
- The amount of the biweekly transfer will be one half of the amount due monthly on the mortgage, plus a service fee of $1.75.
- EMPP will make monthly mortgage loan payments when due, provided sufficient funds are available in the designated bank account to cover the biweekly drafts. Biweekly transfers are held without interest until applied to the monthly mortgage payment. In addition, twice a year, half of the loan payment amount will be applied to the mortgage principal balance.
- You will maintain sufficient funds on deposit in your checking or savings account to allow for biweekly transfers. If the funds on deposit in the designated bank account are not sufficient to make biweekly transfers, standard NSF charges will apply. If NSF occurs, EMPP enrollment will reactivate as follows: At the next regularly scheduled transfer date, EMPP will recover the original payment missed, plus the current payment due, plus the prevailing NSF charge. If NSF occurs more than two times during the term of the program, this agreement may be subject to termination.
- You will notify EMPP promptly of changes relating to your lender, loan payment amount, bank account or account number of the checking or savings account being drafted for the mortgage payments.
- You will provide any additional forms or information that EMPP may from time to time reasonably request to maintain your enrollment in the program.