The Axis Capital Group Closing Guarantee Terms and Conditions
The following purchase loan transactions are eligible for the Axis Capital Group Closing Guarantee, subject to these requirements:
- You must provide Axis Capital Group with a copy of the original purchase contract that specifies an initial closing date and provide all required documentation within 48 hours of submitting a complete loan application. In New York state, the closing date will be the date mutually agreed upon by the attorneys if no date is initially specified in the purchase contract.
- You must lock your loan and complete and satisfy all loan requirements and conditions at least five business days prior to the set closing date and your loan must close and fund with Axis Capital Group Inc. This guarantee is not a mortgage loan approval or a commitment to lend and is subject to your satisfaction of all underwriting guidelines and loan conditions and providing an acceptable property, appraisal, and title report.
- This guarantee excludes refinance loans, cash-out home equity loans, interim construction loans or other temporary financing, loans brokered to us or loans we broker to another lender, and any other transaction that does not have a written contract between a buyer and seller for the purchase of residential real estate consisting of a one-to-four family unit dwelling.
This guarantee is not valid if:
- You change loan products or terms.
- You do not specify a closing date in the original purchase contract (except contracts for new construction as outlined below).
- You shorten the closing date from the date that was in the original purchase contract.
- Missing the closing date is due to your actions, omissions or delays, or is due to those of an unaffiliated, third party.
- Missing the closing date is due to inclement weather, a natural disaster, catastrophic event, or other major event beyond our control.
- Your application or loan documentation contains fraudulent information or material misrepresentations.
If your purchase contract involves a home that is under construction and does not initially specify a closing date for your permanent financing, then upon construction completion, to be determined by your builder/contractor, you must notify us of the closing date and complete all loan requirements and conditions, including but not limited to, any final inspections and additional underwriting conditions, at least five business days prior to the date you specify.
In the rare event we are unaware of a missed closing, and do not proactively refund your payment under this guarantee, you must request it from us within 90 days of the final closing date. Any payment we make pursuant to this Axis Capital Group Closing Guarantee may be reported to the IRS on a Form 1099-MISC. Please consult your tax advisor regarding your individual tax implications.
Axis Capital Group Inc. employees and their family members are not eligible.
You are still responsible for making each mortgage payment by the due date, even if you are entitled to a refund under this guarantee.
This guarantee is not assignable or transferable and we reserve the right to withdraw, terminate, or amend this guarantee at any time without notice except for eligible purchase loan applications submitted prior to our withdrawal, termination, or amendment. Other restrictions may apply.
FHA, Rural Development and reverse mortgage borrowers do not receive a refund. Please see below.1
1 FHA regulations require a minimum cash investment from a borrower, Rural Development prohibits cash payments directly to a borrower and reverse mortgage loans do not require a monthly payment by a borrower. Therefore, if we miss the initial closing date as indicated in your original purchase contract for an FHA or Rural Development loan product, we’ll make a onetime donation equivalent to your first month’s mortgage payment to a faith-based or non-profit organization of your choice. If we miss the initial closing date for a reverse mortgage transaction, we’ll make a one-time, $500 donation to a faith-based or non-profit organization of your choice. In all cases, the recipient organization must have status under 501(c)(3) of the Internal Revenue Code.
