At the start of your loan process, your loan officer will explain the difference between a formal pre-approval letter and the 17-Day Close Guarantee Program. A formal pre-approval means that your application and documentation have been reviewed and verified but the underwriter may issue some additional requests for documentation that would be required prior to close. For the 17-Day Close Guarantee Program, your initial pre-approval letter may be issued, but in order to receive the 17-Day Close Guarantee Certificate, you would work with your loan officer to provide the additional items the underwriter has requested prior to going under contract for a purchase.  Once all of your “Borrower” conditions are cleared, you will receive the 17-Day Close Guarantee Certificate, subject to the review of the property and transaction documents that are required once you are under contract to purchase.

While RWM Home Loans is confident in closing within 17 days, extenuating circumstances may cause delays outside of RWM Home Loans’ control. If delays or extensions are not within the control of RWM Home Loans, the payment to the seller and buyer is then null and void. Such circumstances include, but are not limited to: (1) Failure to authorize appraisal order with a rush fee within 24 hours of signed purchase contract; (2) Acceptable appraisal not received at least 7 days prior to the scheduled close; (3) Delays due to required repairs or HOA documentation delays; (4) Delays due to borrower, seller, and/or escrow not providing required items within 24 hours of the request; (5) Changes requested to loan structure or purchase contract by customer or seller within 7 days of closing. The 17-Day Close Guarantee cannot be issued for broker loans, investor underwritten loans, reverse mortgages, and any loans requiring down payment assistance. This in no way constitutes an agreement between the seller and RWM Home Loans. The seller cannot require the buyer to use RWM Home Loans as their lender and the buyer is free to shop for other loan services. Credits the buyer receives cannot exceed actual closing costs.