MORTGAGE LOANS THAT CLOSE
ON TIME—TIME AFTER TIME

Our Worry-Free Closing CommitmentSM ensures your mortgage loan closes on time,
or we’ll pay you $500.1

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When you choose Bank of the West for your mortgage, you'll get the peace of mind that comes with knowing that your loan closing won't be jeopardized by frustrating, and potentially costly, delays.


Our Worry-Free Closing Commitment ensures:

  • You'll receive a Conditional Mortgage Loan Commitment within 17 days of receipt of a complete application.
  • Purchase loan transactions will close by the date stated in the fully executed purchase contract. If we are unable to meet these conditions as a result of a bank-caused delay, you'll receive a check for $500.1

Bank of the West mortgage products are offered on real estate located in the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming. In South Dakota, Bank of the West operates as Bank of the West California.

1Bank of the West Worry-Free Closing CommitmentSM Terms and Conditions:

  • The Worry-Free Closing CommitmentSM is limited to first-lien purchase loan transactions closed and funded by Bank of the West.
  • The applicant must provide, within 48 hours after execution, the fully executed purchase contract that specifies the initial closing date, along with all applicable addendums. The purchase contract must allow for a minimum of 30 days to close.
  • Applicant must provide his/her intent to proceed with the application, pay the required services deposit, and provide his/her income and asset documentation to support the loan application within five calendar days of application. Should a subsequent Notice of Incomplete Application be issued, applicant must provide all required documentation within eight calendar days of mailing the Notice of Incomplete Application. Applicant must lock in his/her interest rate and provide all documentation to satisfy the loan requirements listed on the Conditional Mortgage Loan Commitment letter at least seven calendar days prior to the closing date. Loan must close and fund with Bank of the West. The Worry-Free Closing CommitmentSM is limited to $500 and will be paid within 90 days after loan closes.
  • The Worry-Free Closing CommitmentSM is not a mortgage loan approval or commitment to lend. Rather, it provides compensation to an approved applicant who has timely satisfied all underwriting guidelines and loan conditions, including an acceptable property appraisal and title report, but a Bank of the West-error caused delays to the closing date.
  • If all required documents are not received within the time frames listed above, Bank of the West will make a good-faith effort to close the applicant’s loan by the date stated on his/her fully executed purchase contract, but he/she will no longer be eligible for the Worry-Free Closing CommitmentSM and will not receive the $500.

The Applicant is not eligible for the Worry-Free Closing CommitmentSM if:

  • There is a change to the loan product or loan terms after the application is submitted.
  • A waiting period is required by applicable law, or investor (e.g., Fannie Mae) requirements prior to closing, including but not limited to a re-disclosure to the applicant of updated loan information, or Truth in Lending Disclosure information, or delivery of an appraisal, and that waiting period prohibits Bank of the West from closing on time.
  • He/she submits a loan application or loan documentation that contains inaccurate information, fraudulent information, or material misrepresentations.
  • The closing date is shortened from the date that was stated on the original fully executed purchase contract provided to the Bank.
  • The closing date is missed due to inclement weather, natural disaster, catastrophic event, or other major event beyond Bank of the West’s control, including failure of the title company, closing agent, or other necessary third party to be open for business and/or complete the transaction.
  • He/she does not provide a fully executed written contract between buyer and seller for the purchase of residential real estate consisting of a one- to four-family unit dwelling.
  • Appraisal does not support that the property is in appropriate condition prior to set closing date with an acceptable market value.
  • The closing date is missed due to applicant’s actions, omissions, or delays.
  • The closing date is missed due to actions of an unaffiliated third party, including property sellers or lender reviews required on bank-owned and short-sale transactions.
  • The loan application is denied.
  • He/she is employed by Bank of the West or any of its corporate affiliates upon application or loan closing.

This Worry-Free Closing CommitmentSM does not apply to:

  • Refinance loans
  • State bond loans programs
  • Home equity loans or home equity lines of credit
  • Interim construction loans or other temporary financing
  • FHA, VA, and USDA/RD loans
  • Business-purpose or investment property loans
  • Loans for the purchase of properties other than residential one- to four-family unit dwellings

If applicant is entitled to compensation under this Worry-Free Closing CommitmentSM and it is not proactively paid by Bank of the West, applicant must request it from Bank of the West within 90 days of closing. Any payment we make because of this Worry-Free Closing CommitmentSM may be reported to the IRS on a Form 1099-MISC. Applicant should consult with his/her tax advisor on the individual tax implications.

Applicants entitled to a payment under the Worry-Free Closing CommitmentSM are still responsible for making mortgage payments by the due date, and may not offset any payment owed against any mortgage payment due.

This Worry-Free Closing CommitmentSM is not assignable or transferable, and we reserve the right to withdraw, terminate, or modify this offer at any time without notice, with the exception of eligible purchase loan applications submitted before our withdrawal, termination, or amendment. Other restrictions may apply.

All loans/lines subject to credit approval, standard mortgage qualifications, and underwriting requirements. Additional fees, conditions, and restrictions may apply.

2Relationship Pricing requires the applicant(s) to establish a Bank of the West personal checking account with debit card and automatic mortgage payments, and is subject to the terms of the Relationship Pricing Promotional Agreement. Not all loan types are eligible for the discount. Discount is off the promissory note rate.