Print | Email


Closing Terms

Terms and Conditions

The On-Time Closing Guarantee:

MUFG Union Bank, N.A. (“Union Bank” or “we”) will close your purchase money loan by the closing date specified in your purchase contract, subject to the requirements and limitations and exclusions below. If we do not meet the closing date, we will pay you an amount equivalent to your loan’s first scheduled monthly payment (principal and interest payment for amortizing loans and interest payment for interest-only loans) or $500, depending on your Loan Program as specified herein.


Offers under the On-Time Closing Guarantee are available only on completed purchase money loan applications received by Union Bank between August 1, 2014 and August 31, 2015, and are 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 a closing date of not less than 25 calendar days from the date Union Bank receives your complete application.
  • You must provide all required supporting documentation requested by Union Bank within 48 hours of submitting a complete loan application.
  • Sign, date, and return a copy of the On-Time Guarantee Terms & Conditions to Union Bank.
  • Within a few days of submitting a complete loan application to Union Bank, you will receive a package of disclosures that includes, among other documents, the Truth-in-Lending Disclosure Statement, Good Faith Estimate, and Application Fee Information Notice. The Application Fee Information Notice will show your application fee and provide information on remitting the payment to Union Bank. You must remit the application fee to Union Bank within fifteen (15) days of receiving your Application Fee Information Notice.
  • 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 prior to October 31, 2015.

Limitations and Exclusions:

The On-Time Closing 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.

The On-Time Closing Guarantee excludes Federal Housing Administration (FHA) loans, 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.

The On-Time Closing 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, but exclude 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 the On-Time Closing Guarantee is the lesser of $4 million or the maximum allowed for the loan program selected.

Only individual borrowers are eligible for The On-Time Closing Guarantee. Family trust vesting may be eligible if such vesting is allowed for the selected loan program in accordance with Union Bank guidelines.

The On-Time Closing Guarantee is not valid if:

  • You change loan products or terms.
  • Applicable law or investor requirements impose a required waiting period prior to closing, including but not limited to a waiting period due to re-disclosure of updated loan terms, 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.

If We do not Meet the On-Time Closing Guarantee:

In the event you have satisfied all requirements of the On-Time Closing Guarantee and all conditions of closing your loan and Union Bank does not fund your loan in accordance with the On-Time Closing Guarantee, you will be entitled to the following:

Portfolio Programs & Jumbo Saleable
(Jumbo Fixed-Rate loans, Fully Amortizing ARMs, Interest-Only ARMs, and Economic Opportunity Mortgages®)
A refund in an amount equivalent to your loan’s first scheduled monthly payment (principal and interest payment for amortizing loans and interest payment for interest-only loans).
Conforming Saleable
(Conforming Fixed-Rate loans, Conforming Adjustable-Rate loans, Conforming Jumbo loans, and MyCommunity Mortgage® loans)
A refund of $500.

You are responsible for making each mortgage payment by the due date, even if you are entitled to a refund under the On-Time Closing Guarantee. If you are eligible for a refund, Union Bank will pay such refund by check. The refund amounts above are the only obligations Union Bank has under the On-Time Closing Guarantee program. Union Bank is not liable for, and expressly disclaims, any indirect, special, or consequential damages that may be asserted as a result of Union Bank not funding a loan in accordance with the On-Time Closing Guarantee.

Other Restrictions:

Any payment we make pursuant to the On-Time Closing Guarantee may be reported to the IRS on a Form 1099-MISC. Please consult your tax advisor regarding your individual tax implications.

The On-Time Closing Guarantee is not assignable or transferable. Union Bank reserves the right to withdraw, terminate, or amend the On-Time Closing Guarantee at any time without notice.