Terms & Conditions
- The Mortgage Company must receive from the borrower a fully executed purchase contract for a residential property located in a state where The Mortgage Company is licensed to conduct business. The fully executed contract must identify a closing date not to occur sooner than 30 calendar days from the date the contract is fully executed. The closing date cannot be moved to a sooner date during the loan process in order for the loan to remain eligible under this program. The closing date in the purchase contract must be a day that The Mortgage Co is open to conduct business. This excludes all federal holidays, Saturdays, and Sundays.
- Time Line Commitment does not apply if the borrower or seller terminate the contract for any reason. All credits are provided at closing and must be shown on the closing disclosure.
- The borrower must complete a loan application for a first mortgage lien product within 48 hours of the fully executed purchase contract. (Note: The Mortgage Company allows pre-approvals. If the borrower applies for a loan prior to the execution of a purchase contract, that application cannot occur more than 60 days prior to the purchase contract.) The property in the loan application cannot change after the purchase contract is received. If the buyer or seller terminate the contract for any reason they are not eligible for the Time Line Commitment program.
- The borrower must return to The Mortgage Company all signed disclosures and an Intent to Proceed within 3 business days of receipt. All parties must return requested documentation in a timely manner. The Mortgage Co is not responsible for delays that occur that are beyond The Mortgage Co’s control, including, but not limited to delays caused by natural disasters, property appraisal, property condition or property value, error or omission on behalf of the title company, second lien holders, short sale approval, or loan conditions imposed that are not met in a timely manner by any party when The Mortgage Cc exercises the necessary due diligence to meet those requirements. Likewise, the offer of our Time Line Commitment is void if, at least five (5) days prior to the specified closing date in the fully executed purchase contract, the appraised value of the real property identified in the purchase contract does not equal or exceed the sales price identified in the purchase contract, or any required repairs or other work identified in the appraisal is not complete. Further, the Time Line Commitment is void if a contingency for the sale of the borrower’s property is not met by the closing date specified in our purchase contract.
- Closing cost credit for Time Line Commitment cannot be applied towards the required down payment on any loan transaction.
- The application and all supporting documentation, whether submitted with the application or at any other time, cannot contain any fraudulent or misleading information or representations.
The Mortgage Company reserves the right to amend or terminate its Time Line Commitment Program at any time, with or without notice.
This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Consumers must independently verify the accuracy and currency of the Time Line Commitment terms and conditions. All of the above terms and conditions are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report.
Program and Property Exclusions
- Non QM loans
- Refinance Transactions
- Reverse Mortgage Transactions
- Non-warrantable condominiums
- Secondary Financing
Time Line Commitment Program is a limited guarantee program that TMC will provide a closing cost credit $1000 if due to some fault of TMC, its originators or employees a purchase transaction does not close until after the contract date.