On-Time Closing Guarantee

 

We guarantee that we will close your purchase loan transaction on-time or we will pay you $1000

Conditions and restrictions:

  • Only available on purchase loans for 1 to 4 unit residential properties closing with RMR Funds.  Excludes:  brokered loans, home equity loans/lines, construction loans, state bond loans, transactions with a 1st and 2nd where RMR is not directly providing the second (i.e. brokered 2nd), VA loans when appraisal contingency is shorter than VA appraisal turn times.
     
  • A fully executed copy of the purchase agreement and all required application documentation must be provided within 48 hours of signed application and/or intent to proceed.
     
  • Guarantee applies to closing date specified in originally provided purchase agreement except if closing date is subsequently moved further out  (i.e. buyer and seller agree to move or delay closing date).  Guarantee does not apply to transactions when the close date is moved up sooner than stated in originally provided purchase agreement.
     
  • Minimum time from receipt of fully completed application with a signed intent-to-proceed and the contractual closing date is 21 days.  
     
  • Borrower must submit a pre-approval loan application (Advance Review) prior to borrower entering purchase agreement.
     
  • The loan must be locked and all loan approval conditions satisfied at least 10 days prior to the scheduled close of escrow date.
     
  • The loan must close with RMR funds.
     
  • If we miss the closing date and the conditions of this guarantee are satisfied,   we will issue a check for $1000 within 30-days of the closing date.  
     
  • The guarantee is not valid if:
     
    • The property does not appraise for full purchase price, or the loan is not approved by RMR.
       
    • The property requires HOA project approval.
       
    • Any changes to the terms of the original purchase contract that impacts the processing, underwriting or closing of the loan.
       
    • Any fraudulent or false information is provided or misrepresentation is made.
       
    • All loan approval conditions are not met within 10 days of close date.
       
    • The original loan terms are changed (i.e. change loan programs or terms that require re-underwriting).
       
    • Buyer, seller or 3rd party, outside of our control, delays the close.
       
    • If Title/Escrow does not provide required funding, conditions and documentation within 3 business days of scheduled close of escrow.
       
    • If required hazard insurance binder is not provided within 72 hours of funding.
       
    • Federal or State regulation required waiting period delays close.
       
    • A Natural disaster, earthquake, war, weather or catastrophic event, or any other event beyond our control delays the closing.

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