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Closing Terms

Terms and Conditions

Terms & Conditions of the Union Bank On-time Closing Guarantee

Offers under this program are available only on completed purchase money loan applications received by Union Bank between December 1, 2013 and August 31, 2014, and subject to the following requirements:

At the time of your application, you must provide Union Bank with a copy of the original, executed purchase contract that specifies an initial closing date of no less than 25 calendar days from receipt of a complete application package by Union Bank.

You must provide all required supporting documentation requested by Union Bank within 48 hours of submitting a complete loan application.

Within a few days of your loan submission to Union Bank, you will receive a package of disclosures that includes, among other documents, the Truth-in-Lending Statement, Good Faith Estimate and Application Fee Information Notice forms. The Application Fee Information Notice form will show your estimated application fee and provide information on remitting the payment to Union Bank. If an application fee is required, you must remit payment to Union Bank within fifteen (15) days of receiving your Union Bank disclosures. Your Union Bank Mortgage Consultant will let you know if an application fee is required.

You must lock your interest rate, select your loan product, and complete and satisfy all loan requirements and conditions at least 10 business days prior to the set closing date.

Your loan must close and fund with Union Bank.

This guarantee is not a mortgage loan approval or a commitment to lend. It is subject to your timely satisfaction of all underwriting guidelines and loan conditions, providing an acceptable property, and our receipt of an acceptable appraisal and title report.

This guarantee excludes refinance loans, home equity lines of credit, brokered loans and any other transaction that does not have a written contract between a buyer and seller.

This guarantee applies only to mortgage loans for purchase transactions of residential real estate located in CA, OR, or WA. Eligible property types include single-family residences, PUDs, condominiums (no 2-4 unit properties). Manufactured homes may not be eligible on all loan programs. Eligible occupancy types include primary residences, second homes and non-owner occupied.

The maximum loan amount eligible for this promotion guarantee is the lesser of $4 million or the maximum allowed for the loan application program selected.

Only individual borrowers are eligible. Trust vesting is allowed according to Union Bank guidelines.

This guarantee is not valid if:
  • You change loan products or terms.
  • Applicable law or investor requirements may impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan, or Truth in Lending or Real Estate Settlement Procedures Act disclosure information, or delivery of an appraisal or appraisal addenda, and that waiting period may prohibit us from closing on the set closing date.
  • You shorten the closing date from the date that was in the original purchase contract.
  • The closing date is missed due to your actions, omissions or delays, or is due to those of an unaffiliated third party.
  • The closing date is missed 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 misrepresentations.
  • Applications in process prior to December 1, 2013 are not eligible for this guarantee.
In the event you have satisfied all requirements of this guarantee and all conditions of closing your loan and Union Bank does not fund your loan in accordance with the guarantee provided herein, you will be entitled to a refund of your first month’s scheduled interest and principal payment, if applicable. This refund shall be the only recourse and obligation Union Bank has under this guarantee program. Any other indirect, special, or consequential damages that may be asserted as the result of Union Bank’s failure to fund a loan in accordance with this guarantee are specifically disclaimed.

Additionally, you are still responsible for making each mortgage payment by the due date, even if you are entitled to a refund under this guarantee. Should you be eligible for a refund, Union Bank will refund an amount equal to your first month’s scheduled interest and principal payment, if applicable. In the unlikely event we do not proactively refund your payment under this guarantee, you must request it from us within 90 days of the final closing date; otherwise you will not be eligible for a refund.

Any payment we make pursuant to this Union Bank Closing Guarantee may be reported to the IRS on a Form 1099-MISC. Please consult your tax advisor regarding your individual tax implications. Loans applied for under this program must close and fund prior to October 31, 2014.

This guarantee is not assignable or transferable and Union Bank reserves 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.