On-Time Closing Offers from Big Banks Aren’t Always That Special

Freddie Mac Revises 2019 Forecast for the Mortgage and Housing Markets

We need to call “fake news.” Keep reading — this has noting to do with politics.

Some recent industry headlines read: “Chase Guarantees It Will Close a Mortgage in 21 Days or It’ll Give you $1,000,” or something to that effect. It is true — Chase is offering the guarantee.

So if it is true, why “fake news”?

Chase is the biggest bank in the country with $2,620,000,000,000.00 in assets; that’s $2.62 trillion dollars. And they are so confident in their abilities to close a loan in 21 days that they’re willing to offer a $1,000 guarantee.

They made about $32.4 billion in 2018. A $1,000 guarantee is really not that big of a deal to them, and definitely not newsworthy.

But buying a home is a big deal to everyone else. The last thing anyone wants to worry about is missing a closing. That’s why at Embrace, we promise our customers won’t. We’re so confident that we can close a loan on time, we put $2,500 it with our Guaranteed On-Time Closing program.

It’s not new or in response to Chase’s offer. We’ve had it for awhile.

If for any reason a Conventional, VA, or FHA purchase loan doesn’t close on time and it’s our fault, we’ll pay that customer $2,500. That’s 2.5 times what the biggest bank in the country is willing to offer. No strings attached. Just a simple promise from Embrace to deliver on what we have been trusted to do — close a loan when the buyers, sellers, and everyone else involved expects to close.

Oh, and as far as closing in 21 days?

With a little cooperation from the borrower we can do that, too.

Share this:
Related
By Kris Barros / February 22nd, 2019 / Categories: , , / Tags:

Kris Barros

Kris Barros is the Director of Corporate Communications at Embrace Home Loans. He always has his eye on the market and real estate industry in order to bring you the most up-to-date, relevant mortgage news.