Marketplace Home Mortgage announced a new on time closing guarantee, adding an extra buffer to solidify that a borrower’s mortgage will close on time.
Greg Ettinger, MHM’s chief development officer, explained in an interview that while it is typical for a lender to compensate the seller if the closing is delayed, they took it a step further.
If Marketplace Home Mortgage misses the closing date, it said that the customer is eligible for up to a one time $1,500 mortgage payment and the seller will be eligible to receive a $5,000 benefit.
“The last thing we want is for a client to have all their belongings in the moving truck and not be able to move into their new home,” said Ettinger. “This ensures that customers will feel secure in knowing Marketplace Home Mortgage is working hard so they can move into their new home on time.”
This comes at a time that lenders are still in the beginning months of the TILA-RESPA Integrated Disclose rule.
Back in December, Ellie Mae said the impact of TRID was starting to show in the closing data.
Ellie Mae said at the time that the average time to close a loan increased by 3 days to 49 total days in November, the longest time to close since February of 2013.