- The 30 day guarantee is contingent on the borrower’s full co-operation in complying with underwriting, and securing full underwriting approval.
- The 30 day clock begins with the lender’s receipt of the fully receipted purchase contract, and the receipt of the borrowers full loan application.
- Underwriting Conditions issued by Lendmoney Mortgage Services LLC must be fulfilled within the assigned tasks deadlines, as assigned by the companies loan processing.
- The 30 day is voided in the event, the property condition does not pass underwriting guidelines.
- The 30 day guarantee does not apply in the event any third party vendors that provide services, such as Appraisal Management Companies, delay the borrowers ability to obtain full loan approval, due to a lower appraised value than underwritten and approved, or in the event the borrower’s credit approval conditions change prior to obtaining a clear to close condition from underwriting.
- The guarantee only covers the borrowers first months, principal and interest payment only. Property taxes and insurance and any mortgage insurance premium is not included in this guarantee.
- The guarantee only applies to Lendmoney Mortgage LLC failure to close the borrowers loan within the allotted 30 day period. If the company fails, the borrower will be paid the first months principal and interest payment 30 days after the borrower meets and pays the first months full payment to the funding lender of the transaction, as outlined in the closing documents promissory note between borrower and funding lender.
- Loan applications requiring down payment assistance do not qualify for guarantee.
Guarantee Disclosure
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV