*14 Business Day Clear-to-Close Guarantee (the “Closing Guarantee”) – Warp Speed Mortgage will offer a $2,000 line-item credit at closing to any Borrower where the loan process from application to clear-to-close* goes beyond 14 business days. To be eligible for the Closing Guarantee, the Borrower must have completed the entire online mortgage application through the WarpSpeedMortgage.com platform, which includes using the automated technology offered through the online mortgage application to provide bank statements, pay stubs, employment information, and have e-consented to disclosures within 24 hours of receipt, consented to an e-close, and provided all other documentation requested within 24 hours of the request.
To be eligible for the 14 Business Day Clear-to-Close Guarantee (the “Closing Guarantee”):
- The Borrower must have completed the entire online mortgage application through the WarpSpeedMortgage.com platform
- The Borrower must have utilized the automated technology offered through the online mortgage application to provide bank statements, pay stubs, and employment information
- The Borrower must have e-consented to disclosures within 24 hours of receipt
- The Borrower must have consented to an e-close
- The Borrower must have provided all other documentation requested within 24 hours of the request
- The interest rate must be locked 10 days prior to closing
The Closing Guarantee is not applicable to/when:
- Construction loans, Commercial loans, or Renovation loans
- The Borrower or Seller initiated changes to the original closing date documented in the purchase agreement
- The Borrower or Seller initiated changes to the following within 10 days of closing: loan amount, loan product, contract terms, and interest rate
- Closing date extensions due to a delay in completion of new construction, improvements, or repairs being made to the subject property
- Failure by either Borrower or Seller to meet contract terms and requirements, including seller-related delays
- Transactions involving Cooperative projects (Co-ops), Consolidation, Extension and Modification Agreements (CEMAs), or requiring two or more appraisals
- Delays due to force majeure events, including weather or natural disaster
- Delays caused by third parties including services provided for title requests, appraisal orders, HOA documentation requests, Condo approval requests and more
- Delays due to non-arm’s length transactions (a purchase transaction in which a direct personal, financial or business relationship exists among any of the parties to the transaction)
- Changes after a clear-to-close has been issued that would require Underwriting to review the mortgage application again
The $2,000 line-item credit is a credit listed on the final closing disclosure and is a credit toward recurring or non-recurring closing costs and is not a cash payment to the Borrower.
*Clear-to-close means the Underwriter has approved all documentation necessary for Borrower to schedule the loan closing. At this stage, we’ll have fully inspected the Borrower’s documents and verified that they meet the expectations of the type and amount of mortgage requested, and the Borrower will have received a final loan approval. Once Warp Speed Mortgage issues the clear-to-close status, it’s time to schedule the closing. Even if a loan is deemed “clear-to-close”, there is still the possibility the loan is denied due to pre-funding employment check. “Clear-to-close” does not equal “closing” the loan.
Throughout the loan process from the date of application to the clear to close date, Warp Speed Mortgage will provide notifications to the Borrower indicating to the number of days from application date to the clear-to-close date.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Other restrictions and limitations may apply. Warp Speed Mortgage reserves the right to amend, terminate, or withdraw the Closing Guarantee at any time without prior notice. Offer is only available for Borrowers applying for mortgage loans for subject properties located in the states in which Warp Speed Mortgage originates loans, excluding Puerto Rico and US Virgin Islands.