PrimeLending Offers Borrowers $5,000 “Close On Time Guarantee”¹

Rhea-AI Summary

PrimeLending, a national home lender and subsidiary of Hilltop Holdings (NYSE: HTH), has launched a 'Close On Time Guarantee' offer. Borrowers will receive $5,000 if their mortgage loan does not close as scheduled, aiming to enhance homebuyers' appeal in a market with a 2.2-month supply of available homes, far below the balanced level of six months. This initiative is part of their Buyer’s AdvantEDGE program, which helps streamline the mortgage process, boasting a 97% customer satisfaction rating.

Positive

• Launch of 'Close On Time Guarantee' providing $5,000 to borrowers if loans do not close on time.
• Addresses low housing inventory issue, potentially increasing market competitiveness for buyers.
• Part of the Buyer’s AdvantEDGE program to enhance mortgage process efficiency.
• High 97% customer satisfaction rating reflects ongoing service quality.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- National home lender, PrimeLending®, a PlainsCapital Company, is offering borrowers a “Close On Time Guarantee” in which the company will pay the home seller $5,000 if the mortgage loan doesn’t close as scheduled¹.

This limited-time offer is intended to help homebuyers’ offers get more consideration from sellers in the current residential real estate market featuring historically low inventory of available homes. According to the National Association of Realtors®, in April 2022 the country had just a 2.2-month supply of existing housing considerably less than an inventory level of six months, which is considered balanced between buyers and sellers.

“Our customers are looking for any advantage to help their offers stand out to sellers,” said Tim Elkins, Chief Production Officer at PrimeLending. “By guaranteeing an on time closing, we’re strengthening our customers’ buying power by giving sellers greater peace of mind that the deal will close when expected. That’s a substantial value in this competitive market.”

The “Close On Time Guarantee” is part of PrimeLending’s Buyer’s AdvantEDGE² conditional approval program that not only assures sellers that PrimeLending customers are making reliable offers, but helps these customers move through the mortgage process quicker and with more confidence.

“We’re able to offer this guarantee thanks to the high-level of confidence we have in our streamlined processes and world-class team,” said Elkins. “For more than 35 years, we’ve been perfecting the mortgage process, and our 97% customer satisfaction rating³ confirms we’re on the right track.”

PrimeLending offers the best of both worlds to homebuyers — step-by-step guidance from an expert loan officer, and digital convenience that eliminates most of the paperwork from the mortgage process. With more than 1,250 loan officers located throughout the country, PrimeLending specializes in offering local mortgage expertise and personalized service to borrowers. In addition, PrimeLending’s acclaimed digital mortgage experience allows borrowers to apply online, get preapproved for a mortgage, securely upload personal financial documents, track loan progress, pay fees, and ask questions at any point in the process.

ABOUT PRIMELENDING

PrimeLending, a PlainsCapital Company, is a national home lender combining personal guidance and local expertise with fast service, more choices, and the flexibility to meet homeowners’ unique needs. PrimeLending is focused on empowering our customers to boldly pursue their homeownership goals, whether they’re looking to buy, refinance, or renovate a home. The PrimeLending team works alongside our customers in all 50 states, helping them make home financing decisions and have a rewarding experience along the way. Delivering on this promise for more than 35 years, we’re proud to consistently earn a 97% customer satisfaction rating³.

PrimeLending is a wholly owned subsidiary of PlainsCapital Bank, which in turn is a wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH). More information at PrimeLending.com. Equal Housing Lender.

All loans subject to credit approval. Rates and fees subject to change. Mortgage financing provided by PrimeLending, a PlainsCapital Company. Equal Housing Lender.

© 2022 PrimeLending, a PlainsCapital Company (PrimeLending). (NMLS: 13649).

¹Receipt of fully executed sales contract for subject property required to guaranty closing by later of contract closing date or 21 days following effective date of contract. Requirements: single family FHA or Conventional purchase loan, Buyer’s AdvantEDGE approval with expiration date beyond closing. Subject to timely satisfaction of inspection/appraisal conditions. Voided by changes in sales contract, loan program, borrower’s credit, borrower or seller delays, or unforeseen circumstances beyond lender’s control. Lender liability limited to $5,000. Exclusions: refinance, VA, bond, down payment assistance programs, brokered out loans, condos, jumbo, USDA, and unique properties. For full details visit www.primelending.com/buyersadvantedge.

²All loans subject to credit approval and identification of acceptable property. Conditions and restrictions may apply.

³Survey administered and managed by an independent third party following loan closing. 97% satisfaction rating refers to the average rating our customers have given our loan officers for the period 01/01/21-12/31/21.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005782/en/

Mandy Jordan

mjordan@primelending.com

972/852-8235

Source: PrimeLending

FAQ

What is the 'Close On Time Guarantee' from PrimeLending?

The 'Close On Time Guarantee' offers borrowers $5,000 if their mortgage loan does not close as scheduled.

How does the housing inventory affect homebuyers in Dallas?

As of April 2022, the United States had a 2.2-month supply of homes, significantly lower than the 6 months considered balanced, making it challenging for homebuyers.

What does the Buyer’s AdvantEDGE program include?

The Buyer’s AdvantEDGE program includes a streamlined mortgage process and guarantees on-time closing for borrowers.

What is Hilltop Holdings' stock symbol?

Hilltop Holdings is traded on the NYSE under the symbol 'HTH'.

What is PrimeLending's customer satisfaction rating?

PrimeLending has a customer satisfaction rating of 97%, reflecting its service quality.