We need to call “fake news.” Keep reading — this has noting to do with politics.
Some recent industry headlines read: “Chase Guarantees It Will Close a Mortgage in 21 Days or It’ll Give you $1,000,” or something to that effect. It is true — Chase is offering the guarantee.
So if it is true, why “fake news”?
Chase is the biggest bank in the country with $2,620,000,000,000.00 in assets; that’s $2.62 trillion dollars. And they are so confident in their abilities to close a loan in 21 days that they’re willing to offer a $1,000 guarantee.
They made about $32.4 billion in 2018. A $1,000 guarantee is really not that big of a deal to them, and definitely not newsworthy.
But buying a home is a big deal to everyone else. The last thing anyone wants to worry about is missing a closing. That’s why at Embrace, we promise our customers won’t. We’re so confident that we can close a loan on time, we put $2,500 it with our Guaranteed On-Time Closing program.
It’s not new or in response to Chase’s offer. We’ve had it for awhile.
If for any reason a Conventional, VA, or FHA purchase loan doesn’t close on time and it’s our fault, we’ll pay that customer $2,500. That’s 2.5 times what the biggest bank in the country is willing to offer. No strings attached. Just a simple promise from Embrace to deliver on what we have been trusted to do — close a loan when the buyers, sellers, and everyone else involved expects to close.
Oh, and as far as closing in 21 days?
With a little cooperation from the borrower we can do that, too.