We’ll make sure your loan is Clear to Close in 14 business days or less, or we’ll give you credit of up to $2,500 towards your closing costs! 

One Real Mortgage Corp.’s (“One Real Mortgage”) Real Fast 14 Program (“Program”) is a program where we aim to Clear to Close your loan within 14 business days from Submission to Underwriting. Submission to Underwriting is when we have received from you (i) initial disclosures that have been correctly acknowledged/signed, (ii) income documentation, (iii) asset documentation, (iv) debt obligation information and (iv) property details, all in a form that are complete in our sole judgement, and have submitted such documents [to your lender] for conditional approval.  If we do not meet that goal, we will give you credit towards your closing costs in an amount up to $2,500, subject to the terms and conditions below. Read more to learn about eligibility requirements for One Real Mortgage’s Real Fast 14 Program.

Under the Program, a loan has reached “Clear to Close” status when all of the following have occurred: (1) your loan has been fully underwritten; (2) you have met any conditions that you were required to meet for your loan to be approved; and (3) One Real Mortgage and your lender are ready to confirm your closing date with the closing agent. However, additional steps still must be taken after “Clear to Close” status occurs before your loan actually closes. Please consult with your loan officer about any information or restrictions to be aware of after your loan has reached the “Clear to Close'' status.

If you have any questions about the Program, please contact your One Real Mortgage loan officer for assistance.

One Real Mortgage’s Real Fast 14 Program — Terms and Conditions

If your mortgage loan with One Real Mortgage has not reached Clear to Close status within 14 business days from Submission to Underwriting and it otherwise meets the terms and conditions set forth below, One Real Mortgage will provide you a closing credit of up to $2,500 within 30 days after your loan closing with One Real Mortgage, which will be paid by One Real Mortgage to the client via ach or wire. One Real Mortgage is pleased to offer its Real Fast 14 Program to customers that meet the following terms and conditions. 

Eligibility

In order to qualify for the Program, your loan transaction must satisfy all of the following conditions:

• The loan is for the purchase of a primary home (not a secondary or investment home), and
• Each applicant’s qualifying income must not rely, solely or in part, on self-employment income for purposes of loan qualification, and
• Each applicant’s qualifying income must not rely, solely or in part, on rental income (from any investment properties owned) for purposes of loan qualification, and
• Your loan otherwise conforms to both One Real Mortgage’s supported loan types and loan requirements as mortgage broker on the loan, as well as the supported loan types and loan requirements of the mortgage lender to which One Real Mortgage brokers your loan, and
• Your loan is a conventional loan, and
• Your loan does not have subordinate financing, and
• The subject property is a detached single-family home, and
• The subject properties must not be or involve manufactured homes, multi-unit properties, condominiums, co-ops, attached planned unit developments (PUDs), new construction loans, bank owned properties, short sale transactions, properties with solar panels, or any properties that require two appraisals, and
• The number of days from “Submission to Underwriting” status to “Clear to Close” status must be greater than 14 business days, and
• You must apply to One Real Mortgage (a mortgage broker) for a loan and obtain a “Clear to Close” status from One Real Mortgage and your lender.
  

Your Obligations

Obtaining a “Clear to Close” status on a purchase transaction on time is a team effort, and we will need your help to stay on track. In order to remain qualified for the Program, you must promptly:

• Sign any required documents, including, but not limited to, the Intent to Proceed and Initial Disclosures, within 24 hours of receipt; and
• Pay for and order your appraisal as requested by One Real Mortgage within 24 hours from the time that the Intent to Proceed and Initial Disclosures have been signed; and
• Provide all requested documents and authorizations (e.g., documents required for income, assets, and credit verification, and all other documentation and/or verifications relevant to the closing of your loan) as requested from time to time by One Real Mortgage or your lender, within 48 hours from the time that the request is made, and
• Provide the following items to One Real Mortgage within 5 calendar days from the date of Submission to Underwriting:

• Title Binder cleared by your title company provider, and
• Homeowner’s Insurance Declarations Page and Paid Receipt (or Invoice).
  

Subsequent Changes

If one or more of the following occurs, it makes the transaction ineligible for the Real Fast 14 Program – meaning that we are not required to Clear to Close within 14 business days and you are not eligible to receive a credit of up to $2,500 towards closing costs:

• Any applicant/borrower changes the underlying loan product, terms, or loan amount, or the lender changes the underlying loan eligibility requirements. 
• Any delays caused by the seller’s failure to provide anything requested from the lender. 
• Delays due to a third-party requirements not being met (i.e. Inspection, Title Insurance, Appraisal, etc.).
• If any or all of the items listed in the “Your Obligations” section above are not met.
• Any applicant/borrower becomes ineligible for a loan with the lenders to which One Real Mortgage brokers loans, or fails to meet purchase contract requirements.
• Any applicant/borrower omits or fails to deliver information or documentation to One Real Mortgage or the lender to which One Real Mortgage brokers the loan, within a timely manner that results in your loan being Clear to Close after the 14 business days under the Program.
• Applicant/borrower withdraws their loan application with One Real Mortgage.
• Clear to Close is delayed due to natural disasters, a national emergency, or pandemic requirements.
• There is any material change or omission to the information provided by you at any time.
  

Additional Disclaimers

One Real Mortgage is a mortgage broker, and your loan is subject to final approval by One Real Mortgage’s lenders to which One Real Mortgage brokers loans. In certain circumstances, One Real Mortgage may be unable to identify a lender and/or loan suitable for you. The lender reserves the right to cancel, withdraw, or deny your application, not One Real Mortgage. 

One Real Mortgage is not liable for any damages related to your efforts to meet the Program requirements. It is your choice whether to participate or attempt to participate in the Program.

One Real Mortgage reserves the right to modify or discontinue the Program at any time and without notice. Rates and terms are subject to change at any time without notice and are subject to state restrictions.

Any awards transferred at or outside closing in excess of the value of the underwriting fees may be considered miscellaneous income received from One Real Mortgage and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the Program. You are responsible for any tax liability related to participating in the Real Fast 14 Program. Please consult your tax advisor if you have any questions about your personal tax situation.

One Real Mortgage Corp., NMLS ID #198414, is licensed in: AZ – Mortgage Broker License #0937850; FL; GA; MI; NC; PA; TX. 

Equal Housing Opportunity Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.