Modus Mortgage

Better Rate Guarantee Disclosure


Borrower must provide a loan estimate from the competing lender for the same loan product and loan terms on the same day. If Modus Mortgage is unable to match the offer, Modus Mortgage will send a check for $1,000 within 6 weeks. This offer can not be combined with other promotions or gift cards.

Borrowers must provide a written loan estimate from the competing lender detailing costs for a program and terms that are also offered by Modus Mortgage. The competitor’s estimate must be dated the same day as it is forwarded to Modus. Annual Percentage Rate (APR) must be shown on the competitor’s offer, for comparison to Modus’ APR. If Modus Mortgage is unable to match the competitor’s offer, Modus will state so in writing within one (24 hour) business day.

To make a claim on Modus Mortgage’s Better Rate Guarantee, borrowers should forward a copy of the closing disclosure (dated within 60 days of the loan estimate) indicating that they did obtain financing from the competitor at the terms Modus was asked to match, and our written confirmation of our inability to match. The final APR obtained must be within one-eighth of one percent (.125%), and lender and/or broker points and fees must be the same as those shown to us on the initial loan estimate. This information must be forwarded within 10 days of the closing date shown on the closing disclosure. Modus Mortgage will send a check for $1,000 within 6 weeks of the validated claim.

Eligibility Conditions

  • The loan must be for the purchase of residential property. Refinance loans are not eligible.
  • The closing date in borrowers’ home purchase agreement (“Closing Date”) must be at least 25 days after Modus Mortgage receives borrowers’ complete loan application.
  • The Closing Date must not change.
  • The loan must close.
  • Borrowers must satisfy all loan requirements and conditions for full loan approval and must not make any material omissions or misrepresentations.
  • There must not be any delays caused by the seller or third parties or events outside of Modus Mortgage’s control.
  • Applicable law or investor requirements must not prohibit Modus Mortgage from closing on the Closing Date.

Deadline Requirements

Within 24 hours after borrowers’ receive their Initial Disclosures:

  • Borrowers must electronically acknowledge receipt of their Initial Disclosures.

Within 5 days after Modus Mortgage receives a complete application from borrowers:

  • Borrowers must provide all documentation required for Modus Mortgage to issue an Initial Commitment letter.

At least 15 days before Closing Date:

  • Modus Mortgage must receive the complete preliminary title package.
  • Borrowers must electronically acknowledge receipt of their Initial Disclosures.
  • Borrowers must inform Modus Mortgage if a “mail-away” closing is required.

During the final 15 days before Closing Date:

  • There must be no changes in the loan amount, product, or terms.
  • If Modus Mortgage requests any additional documentation/information from borrowers, the borrowers must provide the requested documentation/information within 24 hours after each request.

During the final 10 days before Closing Date:

  • Borrowers’ sources of income, assets, and other information previously validated by an underwriter must remain the same.

At least 10 days before Closing Date:

  • All title-related defects must be resolved.

Within 24 hours after receipt and at least 3 business days before Closing Date:

  • Borrowers must electronically open and review the Closing Disclosure.

Void where prohibited by law. Modus Mortgage reserves the right to amend or terminate the Guarantee at any time without prior notice. Even if you are not eligible for the Guarantee, Modus Mortgage will do everything in our power to close your loan on time. To make a Guarantee claim or discuss it with our team, contact your loan officer or contact Modus Mortgage at 844-663-8711 or prior to your closing.

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