The 24-Hour Mortgage

The Federal Savings Bank’s (TFSB) Approve You offers qualified customers who provide required financial information/documentation to TFSB to receive a loan approval within one business day of timely submission of documentation and does not suggest that the borrower will receive funding on the same day as their application submission. TFSB cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe. All dates are estimates and will vary based on all involved parties level of participation at any stage of the loan process.
TFSB reserves the right to revoke this Approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing and/or not eligible for all loan types. Please note that Approve You and/or conditional loan approval letter should not be used to waive any mortgage contingency requirement under a real estate contract until you receive a “clear to close” commitment from our underwriter or private mortgage insurer, if applicable.

Approve You Terms and Conditions

TFSB (“Lender”) is offering qualified customers who complete an application for a Mortgage Loan and successfully provide the Required Documents (as defined below) within 24 hours of locking a rate (the “Required Tasks Completion Period”) for their mortgage loan (the “Mortgage Loan”), the eligibility to receive a loan approval on their Mortgage Loan within 1 business day (the “Offer”). For purposes of this offer, documents provided after 1 pm local time or on a weekend or a Bank holiday will be deemed submitted the next business day.

The Offer.

a. To be eligible for the Offer, qualified customers are required to upload all documents requested by Lender to Lender’s online portal (known as “Blend”) within the Required Tasks Completion Period. These documents include, but are not limited, to the following:
i. Pay stubs;
ii. W2s;
iii. bank statements (including any applicable investment and retirement statements);
iv. A copy of a complete purchase agreement for the subject property of their Mortgage Loan; and
v. If applicable, proof of disability awards, social security income, retirement earnings, or pension income statements (collectively, the “Required Documents”).
vi. Tax returns

The Required Documents may differ based on a qualified customer’s financial condition and all applicable Mortgage Loan requirements (including applicable credit and underwriting guidelines). Customers must provide all Required Documents within the Required Tasks Completion Period to be eligible for the Offer. In cases of multiple applicants for the same Mortgage Loan, all applicants must submit the Required Documents within the Required Tasks Completion Period to be eligible for the Offer. The Offer is non-transferable.
b. In addition, to be eligible for the Offer, qualified customers must:
i. Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only) purchasing or refinancing a primary residence located in one of the 50 states or the District of Columbia;
ii. Be a W-2 employee or an individual on fixed income (e.g., pension, social security, or disability income);
iii. Not be a fee simple owner or be in the process of becoming a fee simple owner of any additional real property (i.e., must not have, or be in the process of obtaining, all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land) in any state, other than the contemplated subject property associated with their Mortgage Loan; provided, however, a fee simple owner of solely a primary residence in which the owner is currently in the process of selling such primary residence shall be eligible for the Offer;
v. Meet the requirements to lock a rate;
vi. Provide proof of any required down payment funds;
c. The Offer is limited to conventional conforming mortgage loans to be used for the purchase or refinance of a residence. Such residence may be a single family, condominium, or planned unit development (PUD) properties
d. This offer is not available for Co-Op/CEMA
f. Lender does not guarantee that by qualifying to become eligible for the Offer that a customer will receive a loan approval. Upon qualifying for the Offer, Lender will use commercially reasonable efforts consistent with mortgage industry practices to provide a customer with a loan approval within 1 business day of customer providing the Required Documents within the Required Tasks Completion Period. In addition, Lender does not guarantee that all customers who provide the Required Documents within the Required Tasks Completion period will ultimately be approved for a loan. Eligibility will be based on the customer’s satisfaction of all applicable credit and underwriting guidelines. Additional information and documentation may be required depending on the circumstances. In addition, the issuance of a loan approval does not mean that the customer will receive a loan on the date the approval is issued. Loan approval may be conditional. Customer must satisfy all conditions to approval within the time specified and successfully complete the closing process. Changes to a customer’s financial condition, employment or credit history may nullify the loan approval.

The Offer is subject to all applicable state laws.

The Offer only applies to customers who apply for a Mortgage Loan after the effective date of this Offer, which is the date these Terms and Conditions are published on the Lender’s website. The Offer is not intended to apply retroactively to existing loan applications.
LENDER RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at any time without notice and are subject to state restrictions.