Total Mortgage Services launched a guarantee purchase loan program this week.
Under the terms of the program, if a purchase mortgage is not closed within 30 days, the company agrees to pay the borrower's first monthly mortgage payment.
"Industry data confirms it currently takes many lenders more than 45 days to close a purchase loan. This is unacceptable – especially as we transition from a buyer’s to seller’s housing market and turn times become more critical for homebuyers and realtors," said John Walsh, president of Total Mortgage.
"With our program, our customers will no longer have to worry about the possibility of a missed closing date," he added.