LendingTree, LLC (“us”, “we” or “our”) is partnering with certain lenders on our network (“Participating Lenders”) to offer a $10,000 LendingTree Close On Time Guarantee (“Guarantee”) if you (“you” or “your”) miss your closing date on a qualifying purchase mortgage loan transaction. However, this offer has some limitations and exclusions. The terms below exclusively represent the agreement between LendingTree and you for this program. LendingTree reserves the right change these terms or end this program in our sole and absolute discretion without notice to you.
The $10,000 LendingTree Close On Time Guarantee is open to residents of the 50 United States and the District of Columbia, who are 19 years of age or older as of June 15, 2017, and are not otherwise ineligible as provided herein. Employees of LendingTree, Inc., its affiliates, subsidiaries, or employees of any of the lenders on the LendingTree network and members of their immediate family or persons living in the same household, are not eligible.
The consumer claiming the Guarantee must have filled out a complete qualification form including your Social Security Number for a purchase money mortgage on the LendingTree website after June 15, 2017 (“Eligible QF”). NOTE: The Guarantee does not apply to qualification forms filled out on the LendingTree website for refinance transactions, home equity transactions, or reverse mortgage transactions initiated on the LendingTree website.
LendingTree guarantees that you will close a loan (that originated with an Eligible QF) with a Participating Lender by the date specified in your contract for the purchase of your home (“Purchase Contract”) so long as the closing date is at least 30 days after the application date. However, this offer has some limitations and exclusions.
You will be responsible for the payment of any and all taxes related to this Guarantee.
LendingTree reserves the right to cap the aggregate amount of guarantees paid out to consumers at $1,000,000 and end the program.
Neither LendingTree nor any Participating Lender will be responsible for lost, late, or misdirected emails or mail attempting to enforce the Guarantee. Nor will LendingTree or any Participating Lender be responsible for any typographical or other error in the administration of the Guarantee.
The Guarantee shall be governed by, subject to, and construed in accordance with the laws of the State of North Carolina, excluding all conflict of law rules.
You must complete an Eligible QF. Once matched with lenders, you must select one of the Participating Lenders to complete the application process.
Participating Lenders will be designated by the following badge:
You must present to the Participating Lender a copy of the original fully executed Purchase Contract that specifies a closing date (no sooner than 30 days from the date of the submission of the completed loan application with the Participating Lender) and provide all initial required documentation requested by the Participating Lender within fifteen calendar days prior to the scheduled closing day.
Documentation will differ based on lender, but required documentation may include:
Two years of W-2s and 30 days of paystubs or two years of 1040s (tax returns);
Documents requested as conditions of approval;
Form 4506-T (Request for Transcript of Tax Return);
Borrower’s Authorization to Release Information;
Appraisal Deposit Agreement;
Signed Lock Agreement (if applicable); and
Any additional requests for client documentation which must be received by the Participating Lender within three business days of the time of the Participating Lender’s request.
You must apply and qualify for a loan with a Participating Lender.
The information you provide to the Participating Lender must be complete, accurate, and must not contain fraudulent information or material misrepresentations.
If your loan is an FHA loan, then the property being purchased must qualify for FHA financing.
The property’s actual appraised value must be equal to or greater than the purchased price listed in your Purchase Contract.
You may ONLY request loan changes, e.g. changes in loan program, term of loan, or down payment within ten (10) calendar days of the application date.
The Guarantee is not available for closings which were delayed due to an unaffiliated vendor or third party of the Participating Lender, seller, buyer, or either parties’ attorneys or representatives. For the sake of clarity, this could include, but is not limited to, appraisers, home inspections, surveyors, pest inspections, or other third parties.
The Guarantee is not available when the disclosures required by the Participating Lender are not signed and returned to the Participating Lender with all other required borrower items as may be required by the Participating Lender to initiate the mortgage process within 3 business days of the Participating Lender’s request.
The Guarantee is not available for any loans or transaction prohibited by applicable law.
The Guarantee is not available if the closing is delayed due to circumstances outside of the control of any of the parties, including, but not limited to, war, riots, acts of terrorism, or acts of God.
The Guarantee is not available for the following transactions:
Loans requiring subordination of a prior loan
Loan applicants who have disputed credit accounts
Properties requiring repairs or re-inspection
Bank owned properties
Properties being purchased through a “short sale”
Non-arm’s length transactions
The Guarantee will not apply in instances where LendingTree or the Participating Lenders, in their sole and absolute discretion, deem your claim to be invalid, fabricated, embellished, frivolous, fraudulent, or otherwise without merit. This includes attempts to “game” the Guarantee without any real intention to complete the purchase mortgage process.
Procedure for Enforcing the Guarantee
You must alert LendingTree to your notice and intention to move forward with a Participating Lender within twenty-four (24) hours of completing the loan application by providing the Borrower-Lender Agreement Document (which will be provided by the Participating Lender to you) must be returned to [email protected]. This email address is the SOLE approved notice method for announcing your intention to move forward with a Participating Lender and the Close on Time Guarantee.
You must mail LendingTree and LendingTree must receive a copy of the following documents (“Required Documents”) prior to LendingTree’s determination of your eligibility and LendingTree paying the Close on Time Guarantee:
Signed purchase contract;
Signed Lock Agreement;
Statement from a representative of your Participating Lender stating your claim does not fall under one of the enumerated exclusions above;
Signed settlement statement showing closing date occurred after the closing date in the Purchase Contract; and
Contact information including phone number and email address.
The Required Documents must be sent to LendingTree, Attn: $10,000 Guarantee, 11115 Rushmore Drive, Charlotte, NC 28277.
Once the Required Documents are received and reviewed, LendingTree will contact you regarding the status of the payment.