Wetzel Earnest Money Guarantee

The Wetzel Earnest Money Guarantee (“Wetzel Guarantee”) offers the BUYER to receive a Guaranteed Closing Payment equal to their Earnest Money Deposit of up to $25,000 in the event that the closing date (Close of Escrow) does not occur by the date agreed upon in the Purchase Contract subject to our terms and conditions below.

 

Registration Requirements (On Q Home Loans)

 

  • The Buyer must reach out to [email protected] or call 206-372-5655 to apply and obtain an approved registration letter.
    • Processing and Underwriting managers will receive the email.
  • Team Wetzel will deliver the registration approval letter to the buyer when successfully registered.
  • For borrower eligibility requirements see Exhibit A

 

How does it work?

 

  • Team Wetzel will advise operations via [email protected] that a loan is approved for the Wetzel Guarantee.
  • Loans registered by the Loan Officer within 24 days of the initial COE on the purchase contract will require Operations Manager approval.
  • Team Wetzel will deliver the confirmed offer to the buyer.
  • Operations will keep track of all registered loans via spreadsheet shared with Operations and the Wetzel Team.
  • Upon approval, the Wetzel Team will notify processing of the registration.
    • Processing will have a 1 business day turn around.
  • Processing will add a rush request when the loan is submitted to UW, notating the Wetzel Earnest Money Guarantee
    • UW will have a 1 business day turn around.
  • If the loan does not close by the original specified closing date in the purchase contract, On Q Home Loans mails a check for up to $25,000 within 30 days of the request being submitted. All check requests must be approved and submitted by the Customer Success Team prior to sending payment.

Guarantee recipients will be responsible for all taxes and fees associated with receipt of the Closing Guarantee refund. Please speak with a tax expert for any tax related questions.

 

Exhibit A

What makes a borrower eligible?

Eligible Borrowers Ineligible Borrowers
• Complete a mortgage application with On Q Home Loans and the Wetzel Team for a residential first-lien mortgage that will secure a primary residence or secondary home on or after 4/1/2025.

·       Only available for Conventional, FHA and Jumbo (up to $2mm). Not available for refinance, bond, or HFA loans.

·       The contract closing date is at least 25 days after On Q receives the mortgage application, the signed Intent to Proceed, accompanying initial loan disclosures, and payment of the appraisal fee.

·       The borrower must register at least 25 days before the COE date.

 

• Borrowers must:

• Provide any information requested by their Loan Officer including required supporting documentation within two (2)

business days of the request.

• Buyer’s Agent (or Seller) must provide an appraiser access to the property on the scheduled date of the appraisal.

• The loan must fund to be eligible.

 ·       Excludes bond and HFA loans, VA, USDA, Non-QM and refinances.

·       Closings delayed due to the availability of appraisers in the area will make the registration ineligible.

·      The Wetzel Earnest Money Guarantee   only applies when the loan closing does not occur on the scheduled closing date due solely because of On Q’s performance.

·      The Wetzel Earnest Money Guarantee does not apply when a loan closing is delayed due to issues resulting from a borrower-created delay after receiving the prequalification analysis, i.e., job loss or negative change in credit rating.

·       The Wetzel Earnest Money Guarantee also does not apply when issues delaying a closing are related to the seller, title, property, or any other third-party cause for the closing delay.

·       The borrower requests changes to the loan, product, contract or rate within 15 days of closing.

·       The borrower or seller initiate a change to the original closing date documented in the purchase contract.

·       A delay is due to force majeure events, including but not limited to COVID, weather or a natural disaster.

·       Loss of an appraisal waiver if the subject property originally qualified for an appraisal waiver.

 

 

Marketing Disclaimer: The Wetzel Earnest Money Guarantee (“Guarantee”) is available 4/1/25 to eligible borrowers who initiate a mortgage loan either by calling 206-372-5655 or emailing [email protected] to initiate a loan application and subsequently close the loan with the Wetzel Team at On Q. The offer is subject to end at anytime even without notice. If loan does not close for any reason, costs will not be refunded. Eligible for a first-lien conventional, FHA, or jumbo loan (up to $2MM) on a residential primary residence or secondary home with a scheduled contract closing date at least 25 calendar days after the Wetzel Team at On Q receives the mortgage application, signed intent to proceed, executed loan disclosures, and payment of appraisal fee. Additional requirements may apply and vary by loan type. In order to maintain eligibility borrower must provide any documentation requested by their loan officer within two business days of the request. The appraiser must have access to the property on the scheduled date of the appraisal. The Guarantee applies only when the loan closing does not occur on the scheduled closing date due solely because of On Q’s performance. Delays including, but not limited to, Borrower or Seller created delays, delays of service by other settlement service providers, force majeure events, loss of appraisal waiver if one was originally obtained, and a change of the original closing date documented in the purchase contract are not eligible delays under this Guarantee. Program details are subject to change without notice. This offer and/or receipt of application does not represent an approval for financing or interest rate guarantee. Cannot be combined with any other offers. Applicants are subject to credit and underwriting approval. Additional restrictions apply. Go to onqhomeloans.com/wetzelclosingguarantee for more information.