Table of contents
Program overview
What it is
The Payment Protection Program offers our customers that purchase a house between 10/17/2022 and 7/31/2023 on a non-bond FHA, VA, USDA loan or a conventional conforming or high balance loan, the ability to do a rate and term refinance with no lender costs. Please know that this program does not apply to cash-out refinances.
Borrower communication & eligibility
The borrower will be emailed a certificate after closing for this offer and must close the new loan by 12/31/2025 and make 6 monthly payments to be eligible for the offer. Lender costs are defined as origination, processing, underwriting, admin, closing or funding fees depending on your branch.
This is not an offer for a "no cost" refinance
In order to offer this program, we will be removing the 50-bps improvement in price on the Guild-to-Guild refinance transactions from Sherlock. Loan Officers will need to request a subsidy to cover the lender costs on these refinance opportunities.
Now included in the Homebuyer Protection Program | Learn more here
In addition, we've added the Payment Protection Program to the Homebuyer Protection Program so your borrowers can now take advantage of a 4-pack of guarantees. This includes:
- Credit approval protection - secures their earnest money
- Homebuyer Express - protects their closing date
- Lock & Shop - locks in their rate
- Payment protection - offers lower payment with a no-fee refinance
- Updated Homebuyer Protection Program presentation (Marketing SharePoint > Retail presentations > Homebuyer protection)
Program FAQs
Would non-owner-occupied properties be eligible?
The program is available for all non-bond FHA, VA, USDA, Conventional Conforming or high balance loan programs. The loan can be service retained or service released and can have any occupancy, as long as it is a program that is eligible.
What if the original Guild-to-Guild 50-bps price improvement would help the borrower more than waiving lender fees?
There is still 50-bps to work with, but we took that out of the pricing to ensure it is clear that we need to make the choice and not offer both a pricing AND fee improvement. Work with your borrower to decide which scenario is best for them, then work with your manager to request the appropriate subsidy.
Essentially, your customer can opt not to take the offer for no lender fees and decide to take a better price.
How will borrowers receive the certificate referenced in our materials?
The Portfolio Retention team will handle emailing all qualifying borrowers on your behalf. This email will be logged in Salesforce, so you will be able to see that it has been sent.
Can you pair the program with any temporary buydowns as well?
Yes, you can pair the offer with any product variation that is listed above.
If you have seen the ads for Rocket's "Inflation Buster" program, it is essentially a 1-year lender buydown and a guarantee to refi with no lender costs; however, if you think the 2- or 3-year buydown would be a better option for your customer, you can also use those programs.
Does this apply to loans we have not yet closed?
The official start date for closed purchase loans is between 10/17/2022 - 7/31/2023, and they will receive a certificate after closing if they meet the program requirements.
Do we have anything I can post on social media about the program?
Yes, all posts are available in Hearsay Social under the tag Payment Protection Program.
Click here to sign up for Hearsay Social.
Are we covering all fees or just the lender fees?
This is an offer for a no "lender fee" loan, so we will waive our specified lender fees, which may include origination, processing, underwriting, administration, closing, or funding fees, as applicable.
It does not include fees charged to reduce the interest rate, including discount points and buydown fees, and does not include fees paid to third parties other than Guild Mortgage Company, including but no limited to tax service fees, wire, appraisal or credit reports, settlement agent/attorney fees, insurance, notary or government fees.
Are there any state restrictions?
The only state no applicable is New York (NY) because Guild is not licensed there.
Did this marketing piece go out automatically to all realtor partners?
If you are signed up for the Guild News drip campaign, it did automatically go out on 10/31/2022. We also have partner and client Engage emails. They can be found by searching for Payment Protection.
Marketing resources
Video
Send360 flyers (P & C)
Send360>Special Programs>Homebuyer Protection
Note: Flyers cannot be posted on social media without all of their disclaimers in the post copy. The flyer version is not high enough resolution on social to be compliant.
Send360 doorhanger
Send360>Special Programs>Homebuyer Protection
Hearsay Social posts
!!!IMPORTANT!!!
All social posts about the Payment Protection Program must include the disclaimer, either in the image or post, of:
Equal Housing Opportunity; NMLS #3274; guildmortgage.com/licensing. Terms and conditions apply. For full terms and conditions, visit www.guildmortgage.com/homebuyer-protection
Label: Payment Protection
Engage emails (P & C)
Engage>Products and services > Payment protection
Certificate email sent to qualifying borrowers
Guild News sent to partners on 10/31/22