eLEND is Committed to Simplifying the Home Purchase Process
eLEND’s Close-on-Time Guarantee streamlines the mortgage loan process. You can enter into a purchase transaction with confidence knowing you will close on time! If you are purchasing a new home, we guarantee to close by the date specified in your purchase contract,* unless prohibited by federal law and provided the specified date is at least 45 days after the application date. This guarantee is not available for refinance transactions.
If your loan fails to close on time due to a delay by eLEND, you will receive a $500 credit towards paying for permissible closing costs on your loan with eLEND.
*To be eligible for the Closing Guarantee you must meet the following requirements:
- (Purchase transactions only) The Applicant provides eLEND with a copy of the original fully executed purchase contract that specifies a closing date (no sooner than 45 days from the date of submission of the signed application to eLEND), and provides all required documentation within three (3) calendar days of submitting a complete loan application.
- Upon completion of signed disclosures, the borrower(s) must pay for and order the subject property’s appraisal within five (5) business days.
- If the property is a foreclosure, the seller's written approval must be executed prior to taking the application.
- For short sales, the lender(s) needs to provide written approval of the short payoff(s) at the time of application.
- If the subject property is located in Texas or Louisiana, two (2) additional business days are required for distribution of disclosures.
The following are ineligible for the Closing Guarantee:
- Refinance transactions
- FHA 203(k) Rehabilitation Loans and FHA 203(k) Streamlined Rehabilitation Loans
- USDA loans
- Transactions requiring a mortgage subordination agreement
- Transactions involving co-ops or condominiums
- Construction or One-Time-Close loans
- Loans with a grant or down payment assistance.
The Guarantee is deemed null and void if any of the following events occur during the transaction:
- Applicable laws or investor requirements impose a mandatory waiting period prior to closing which prohibits eLEND from closing by your contractual closing date;
- The disclosures are not signed and returned to eLEND with all required borrower items to initiate the mortgage process within 3 business days;
- If the closing date is missed due to delays attributable to an unaffiliated vendor, seller, buyer or either parties’ attorneys or representatives;
- Closing is not able to occur due to inclement weather, a natural disaster, catastrophic event, or any other public emergency during the loan transaction;
- The borrower changes loan products or terms during the transaction;
- The borrower's application or loan documentation contains fraudulent information, omissions, or material misrepresentations.
- The Guarantee is not assignable or transferrable. eLEND reserves the right to withdraw, terminate, or amend this Guarantee, at any time without notice, except for eligible purchase transactions submitted prior to our withdrawal, termination, or amendment.