- What is the FPP?
- What is the FPP rate?
- How are the earnings generated?
- How safe is my money?
- Why hasn’t there been a program like WEI’s FPP before?
- What is the minimum for enrollment?
- Is there a commitment term?
- How much will it cost me?
- When are the earning payout dates?
- How are the earnings distributed?
- Can I participate in the middle of quarter?
- How do I know what FPP interest rate is or will be?
- Can I get withdraw before the commitment term is met?
- How do I withdraw my money from FPP?
- Is there a way to track my FPP investment?
1. What is the FPP?
WEI’s FPP is the program name for promissory notes issued by WEI Mortgage Corporation and offered only through and by WEI.
2. What is the FPP rate?
The FPP pay a fixed rate of interest set by WEI. The interest paid on the FPP will always be considerably greater than the most recent three month CD Index (CODI) in the United States. CODI is an average of what banks are paying on certificates of deposit.
3. How are the earnings generated?
FPP earnings are derived from WEI’s practices in originating, financing and trading mortgage loans. Income generated from WEI’s operation of such gets passed to the FPP participants.
4. How safe is my money?
Interest earnings in FPP are paid in each quarter to each participant. There is little risk in FPP as FPP is not a money market fund, in which investors purchase an equity interest in a diversified fund consisting of investments in short term debt securities of many companies. FPP is neither a security nor a money market fund.
5. Why hasn’t there been a program like WEI’s FPP before?
While it is common for banking institutions to generate income from originating, financing and trading mortgages, offering this type of program to general consumers can cut their profits and labor-intensive. At WEI, we have been able to take advantage of our industry experience, as well as our superb relationships with theses institutions, to offer this program and share our earnings with FPP participants.
6. What is the minimum for enrollment?
The minimum is $10,000 USD or more with multiples of $1,000.
7. Is there a commitment term?
Yes - short-term commitment. It requires commitment of one calendar quarter for Residential FPP. It requires commitment of one year for Commercial FPP.
8. How much will it cost me?
None - no setup charges or management and maintenance fees.
9. When are the earning payout dates?
Earnings are calculated and paid on the last day of each calendar quarter of March, June, September, or December.
10. How are the earnings distributed?
Earnings on FPP are mailed to the participants in the form of WEI’s company check within 7 business days from the payout dates.
11. Can I participate in the middle of quarter?
Yes. You can participate in the current FPP quarter till 30 days prior to its payout date. Interests will be prorated through the end of current quarter.
12. How do I know what FPP interest rate is or will be?
At the end of each calendar quarter, WEI will publish the following quarter’s FPP rate. This information will be available on WEI’s website.
13. Can I get withdraw before the commitment term is met?
Residential FPP can be withdrawn by partial (as long as the minimum is carried over) or full with a written request sent to WEI fifteen days prior to the withdrawal date. Interests on the withdrawal amount will be prorated to the day prior to the withdrawal date. Fifty percent of the interest earnings will be paid at the time of withdrawal along with the withdrawal amount. For Commercial FPP early withdrawal, please contact us for details.
14. How do I withdraw my money from FPP?
After satisfying the commitment term, you can withdraw your money by submitting a written request fifteen days prior to the withdrawal date for Residential FPP, and sixty days prior to the withdrawal date for Commercial FPP.
15. Is there a way to track my FPP investment?
Yes. We have an online program for you to track activities on your FPP account at your convenience.
