Mr. Cooper® Close On Time Guarantee Terms and Conditions
*The Mr. Cooper® Close On Time Guarantee offers assurance to customers purchasing a
home with a Mr. Cooper home loan that the home loan will close on or before the contract closing date, or the customer
will receive a check equal to their first month's principal and interest payment ("Guarantee Payment"). The customer
is still responsible for making all scheduled loan payments according to the loan documents. For NY customers, this
may be subject to attorney availability and requires Mr. Cooper approval.
Eligibility: To be eligible for the Mr. Cooper Close On Time Guarantee,
(1) The customer must:
(a) submit a complete application for a purchase money home loan product directly to Mr. Cooper;
(b) provide a fully-executed purchase contract which must include all pages, addendums, and required signatures;
(c) provide all requested supporting documentation (including income/asset verification documents) needed to make a loan decision
and signed initial loan disclosures within 24 hours of submitting the home loan application or
within 24 hours of request by Mr. Cooper. All required documents
must be submitted electronically using Mr. Cooper's online portal, Loan Tracker; and
(d) remain responsive with any further requests from Mr. Cooper and third party settlement service providers (such as appraisers
and inspectors) in connection with the processing and underwriting of the home loan by providing any required
documentation, access to property, or other response within 24 hours of request; and
(2) The loan application must be for a first lien, conventional, VA, or FHA mortgage loan product.
This offer does not apply to non-conventional, or non-QM loan products.
(3) All required appraisals and an acceptable home inspection must be received 10 days before the Guaranteed Closing Date.
Title work must be completed 5 days before the Guaranteed Closing Date. Sufficient funds to close must be verified
5 business days before the Guaranteed Closing Date. All required approvals from third parties (e.g. HOA, Condo certifications,
etc.) must be received 5 days prior to the Guaranteed Closing Date. If home purchase is dependent on sale of
home, proceeds from home sale must be received same day or before the Guaranteed Closing Date. For home loans to be secured by
new construction, Mr. Cooper must receive a completed Final Inspection and/or certificate of occupancy at least
72 hours prior to the Guaranteed Closing Date.
Guaranteed Closing Date: The purchase contract closing date ("Guaranteed Closing Date") must be at least 21 days for conventional
loans and 30 days for VA and FHA loans after the date that the customer submits the complete mortgage application, purchase agreement, and all requested
initial supporting documentation (including income/asset verification documents) to Mr. Cooper's Loan Tracker portal. If the
home loan does not close on or before the guaranteed closing date (subject to these terms and conditions), the
customer will receive the Guarantee Payment in the form of a check following the home loan closing. The customer is responsible for
any tax liability related to participating in the program and should consult a tax advisor if there are
any questions about their personal tax situation.
Important Restrictions: The Mr. Cooper Close On Time Guarantee will not apply if: (1) an existing home loan application has been
submitted by borrower involving same subject property address as of May 19, 2019 (2) changes are made to the
original closing date as documented in the purchase agreement; (3) changes are requested to the loan amount, product, or
terms requested within 10 days of the guaranteed closing date; (4) there are changes to borrower's income,
employment, or debt from time of application to closing; (5) closing date extensions are due to a delay in completion of
new construction, improvements, or property repairs; (6) either borrower or seller fails to meet purchase contract
terms and requirements including seller-related delays, (7) home loan transaction involves a Co-op, CEMAs, or requires
two or more appraisals, and/or (8) delay in closing is due to force majeure events including weather, or natural disaster.
Mr. Cooper reserves the right to amend, terminate, or withdraw the Mr. Cooper Close On Time
Guarantee at any time without prior notice.
