TERMS & CONDITIONS
Mortgage Fast Track: 21 Day Closing Protection

This program is designed to give you confidence in our ability to close and fund your loan request in 21 calendar days. Program eligibility considers loan applications received on our after August 1 st , 2021. In addition, qualification for this protection is dependent on the contract being 21 days or more from the date of the scheduled closing. Should the eligible loan for borrower(s) meeting the terms and conditions outlined in this program not close within 21 days, Efinity Mortgage will remit $600 as a Lender Credit towards closing costs when the loan does close.


Requirements for Eligibility, Terms and Conditions:


Borrower(s) must fully complete a loan application with Efinity Mortgage and receive a Conditional Credit Approval from the Underwriting Department before a valid contract is executed.   Credit Approval must be obtained within 60 days of the date of the fully executed purchase and sales contract.

  1. Borrower must provide Efinity Mortgage the fully executed purchase and sales contract within 3 calendar days of the fully signed purchase and sales agreement; no later than calendar days prior to closing.

  2. The Loan Officer, Processor, or other authorized Efinity Mortgage employees will likely request additional documentation after the application and initial documentation.

  3. Program eligibility is dependent on all requested supplemental documentation being returned in a timely manner from the time of request. Generally, a timely return is deemed within 48 hours of a written request.

  4. Your loan request must be locked with Efinity Mortgage no less than 14 calendar days before the identified closing date.

  5. Nationally declared emergency disaster areas, or other major events beyond Efinity

  6. Mortgage’s control that prevent Efinity from reasonably completing the preforming will void any obligations towards the guarantee

  7. From time to time, there are 3 rd party delays to the processing of your loan that are outside the lenders control. If the borrower(s), seller(s) or a third-party delays, through omissions or actions, these events will void the guarantee.

  8. This includes but is not limited to; being unavailable or responsive, not providing requested documentation in 48 hours, or failure to sign the loan closing documents as requested. If during the course of the loan processing a change in the loan amount, program, down payment or terms, this could also void the guarantee

  9. Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or TRID (TILA / RESPA Integrated Disclosure Rule) or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit us from closing on the set closing date.

  10. All Lender Credits, including a payment made as a provision of this program is subject to maximum allowable lender credits and may not impede minimum contribution requirements as outlined by applicable investors, regulators, or any other applicable requirement.

  11. Program eligibility applies to loans funded by Efinity Mortgage using conventional, Veterans Affairs (VA) and Federal Housing Administration loan programs and excludes: investment properties, renovation loans, interim construction loans, loans brokered to or by Efinity Mortgage.

  12. The guarantee is not valid if applicable law imposes a required waiting period prior to closing, including a waiting period due to re-disclosure to you of updated loan information, and that waiting period prevents Efinity Mortgage from closing on time.

  13. If Efinity Mortgage does not uphold the requirements of the guarantee and does not provide the credits or payments required under the guarantee, the client must request the funds within 30 days from the date of funding. Note: payments made will be reported to the IRS as required.

  14. A payment made by Efinity Mortgage under this program does not commit the company to any liability or damages.

 
Credit Approval Assurance


This program offers Credit Approval Assurance when terms and conditions are met that include but are not limited to the included provisions herein. The loan application must be completed fully and accurately with complete, true and accurate supporting documentation. Accordingly, once a Conditional Approval from the Underwriting Department has been issued and is then unable to close on the borrower’s loan, we will pay the borrower up to $1,000 for inspections, appraisals and relocation expenses incurred. Efinity Mortgage will also reimburse the borrower for their lost earnest money deposit, up to $5,000. See terms and conditions below.


Requirements for Eligibility, Terms and Conditions:

 

  1. This guarantee and the offers in this program are only applicable to purchase loan applications received by Efinity Mortgage on or after August 1st , 2021

  2. The guarantee is not a mortgage loan approval. The guarantee is not a commitment from Efinity to lend and is subject to the Efinity client to satisfy all underwriting guidelines and loan approval conditions: including the purchase or refinance of a property that is acceptable collateral to Efinity Mortgage and satisfying all appraisal and title requirements.

  3. The Credit Approval Guarantee covers the pre-approval of the borrower’s credit application.

  4. The Credit Approval Guarantee and/or Closing Costs Protection (collectively the “guarantee”) will apply only if there are no alterations or changes in the borrower’s application or credit status from the date of preliminary credit approval through closing.

  5. A certificate of conditional loan approval will be issued after full review of proper credit approval. Any alterations or material changes that occur, including changes in underwriting guidelines, the loan amount or loan product, loss or change of employment or income, undisclosed liabilities or increases in debt, fraud, misrepresentations, or material omissions in the loan application and supporting documents will void the guarantee.

Program eligibility applies to loans funded by Efinity Mortgage using conventional, Veterans Affairs (VA) and Federal Housing Administration loan programs and excludes:

  1. Investment properties, renovation loans, interim construction loans, loans brokered to or by Efinity Mortgage.

  2. If Efinity Mortgage does not uphold the requirements of the guarantee and does not provide the credits or payments required under the guarantee, the client must request the funds within 30 days from the date of funding. Note: payments made will be reported to the IRS as required.

  3. Efinity Mortgage reserves its rights under the law to terminate or amend any and all aspects of this program with the exception of qualified applicants during the term of the program.

  4. Any payments made under this guarantee are the only obligation of Efinity Mortgage under this program. Any other indirect, special or consequential damages due to Efinity Mortgage’s failure to timely close a loan is renounced to any legal claim to Efinity Mortgage.

  5. Nationally declared emergency disaster areas, or other major events beyond Efinity Mortgage’s control that prevent Efinity from reasonably completing the preforming will void any obligations towards the guarantee.