*Lender Guarantees Speedy Closing*
***Time is money. A speedy closing is the goal of every lender, but new regulation is stretching out the time to process a loan. So, it’s interesting that Churchill Mortgage, a lender in the mortgage industry providing conventional, FHA, VA and USDA residential mortgages across 30 states, announced its “Purchase Guaranteed Close” program, promising qualified borrowers a timely closing of loans. Here’s what they promise:
****According to Ellie Mae’s latest Origination Insight Report, the average closing time for first mortgages in June 2013 was 47 days, a three-day increase from the previous month. In an effort to overcome this industry challenge of on-time closing fulfillment, Churchill’s “Purchase Guaranteed Close” program ensures the agreed-upon close date is met. The guarantee starts from the time the loan officer receives a full and complete loan application package from the borrower and, if the loan is not closed within the agreed upon date, Churchill guarantees a $1,000 credit to the borrower at the time of closing.
****“Our ‘Purchase Guaranteed Close’ program supports Churchill’s strong commitment to borrowers while providing peace of mind and confidence to sellers and real estate agents,” said Mike Hardwick, president, Churchill Mortgage. “Efficiently meeting the needs of those purchasing a home and guiding them into a new chapter in their lives is fundamental to restoring faith in the American Dream of homeownership.”