Churchill Mortgage has introduced “Purchase Guaranteed Close,” a program that ensures timely closing of mortgage loans.
The Brentwood, Tenn.-based provider of conventional, FHA, VA and USDA residential mortgages across 30 states also is offering borrowers a $1,000 guarantee at the time of closing.
The program is designed to support Churchill’s commitment to borrowers, as well as sellers and real estate agents, said the firm’s president Mike Hardwick, and more efficiently meet borrower needs in times when closing timelines are equally challenging to all parties in the transaction.
The average closing time for first mortgages in June 2013 was 47 days, a three-day increase from the previous month, according to Ellie Mae’s latest Origination Insight Report, executives note, hence the program responds to an industry wide effort to overcome on-time closing fulfillment challenges.
The Purchase Guaranteed Close program ensures the lender meets the closing deadline, which starts once the loan officer receives a full and complete loan application package from the borrower.
