17 Day Closing Commitment

iQRATE Mortgages 17-Day Closing Commitment

At iQRATE Mortgages, we are committed to providing a fast and efficient closing process. We aim to close eligible purchase loans within 17 calendar days under optimal conditions. Our 17-Day Closing Commitment outlines our dedication to enhanced service and communication if, despite our best efforts, a delay occurs due to an error on our part.

Our 17-Day Closing Goal:

We strive to close eligible Conventional, FHA, and VA purchase loans within 17 calendar days, starting from the date you, the borrower, sign your initial loan disclosure package.Achieving this goal requires timely cooperation from all parties, including you, the seller, and third-party service providers (like appraisers and title companies).

Our Commitment:

If your loan closing extends beyond the 17-day goal solely and directly due to a verifiable processing or underwriting error by iQRATE Mortgages, we commit to activating the following enhanced service protocols:

1. Dedicated Escalation Contact: Your file will be assigned a dedicated senior processing specialist or internal escalation contact who will oversee the remaining steps and serve as your primary point person for updates.

2. Proactive Daily Updates: You will receive proactive updates on the status of your loan and the steps being taken to reach closing, at least once daily via your preferred communication method (email or phone).

3. Maximum Internal Prioritization: Your loan file will receive maximum internal priority within our processing and underwriting queues to expedite the remaining steps required for closing.

Important Conditions & Clarifications:

• Trigger: This Commitment is activated only if the delay beyond 17 days (starting from initial disclosure signing) is confirmed to be solely the result of an iQRATE Mortgages operational error.

• Exclusions: The 17-day goal and this Commitment do not apply if delays are caused by:

o Factors outside iQRATE's direct control (e.g., delays in receiving appraisals, title work, or homeowners insurance; seller-related delays; issues requiring third-party reviews like HOA or condo approvals).

o Borrower-related factors (e.g., delays in providing requested documents after signing disclosures, changes to the application, undisclosed information, delays in signing final closing documents).

o Changes in loan program guidelines or unforeseen market events.

o Federal holidays falling within the 17-day period.

o Force majeure events (natural disasters, etc.).

• Not a Guarantee of Closing Date: This Commitment is focused on enhanced service and prioritization if an iQRATE-caused delay occurs. It is not a guarantee that your loan will close by day 17, as external factors or subsequent issues can still impact the final closing date.

• No Financial Compensation: Providing direct financial compensation or closing cost credits for processing delays is something mortgage brokers like iQRATE Mortgages are generally prohibited from doing under applicable regulations, based on legal counsel. Therefore, this Commitment focuses strictly on providing enhanced service protocols and does not include monetary compensation, credits, or fee waivers.

• Standard Requirements: This Commitment does not alter standard loan requirements. Your loan remains subject to final underwriting approval, satisfactory property review (appraisal, title), and verification of all information.

• Program Modifications: iQRATE Mortgages reserves the right to modify or discontinue this 17-Day Closing Commitment program at any time.

Our Commitment to You:

We value your business and are dedicated to making your home buying journey as smooth and efficient as possible. This 17-Day Closing Commitment reflects our dedication to accountability and communication throughout the process.