New American Funding launched the firm's "14-Business Day Close Guarantee" program for home purchases this week.

The initiative arrives as the mortgage market becomes more competitive. The goal is to motivate buyers with the promise of closing on a loan when rates are still preferable.

“Offering 24-hour credit approval by Senior Underwriters, 24-hour underwriting turn times on purchase transactions, and the new 14-Business Day Close Guarantee program, the mortgage company has established itself as a leader in speed and has given its loan officers a great competitive edge when it comes to attracting new business and forming relationships with real estate agents,” the company said.