Too many borrowers accept the first mortgage offer they receive because obtaining a meaningful second offer can be difficult, time consuming, or confusing. BANKIRR exists to make competing offers easier to access. By introducing real lender competition into the process, BANKIRR seeks to improve price transparency, reduce borrowing costs, and help bring down the long-term cost of home ownership.

To qualify for the Lowest Rate Guarantee, the borrower must submit a current mortgage offer that is legitimate, available, and capable of being accepted by the borrower at the time it is submitted to BANKIRR. The offer cannot be expired, withdrawn, hypothetical, manipulated, unavailable, or based on terms the borrower does not actually qualify for.

The borrower must provide a complete and accurate copy of the competing Loan Estimate or equivalent mortgage disclosure reflecting the terms of the original offer. The submitted offer must be issued by a licensed mortgage lender, mortgage broker, bank, or financial institution legally authorized to originate residential mortgage loans in the applicable jurisdiction.

In line with the Truth in Lending Act and applicable mortgage advertising and disclosure rules, the original offer must reflect terms that are currently available to all similarly qualified applicants. The offer must be based on truthful borrower information, accurate loan details, and ordinary market conditions. BANKIRR may reject any offer that appears to rely on a special, unavailable, misleading, or non-comparable pricing arrangement.

The borrower’s financial profile, loan purpose, occupancy type, property type, loan amount, loan-to-value ratio, credit profile, debt-to-income ratio, and other underwriting characteristics used for comparison must remain substantially consistent between the original offer and the competing offer requested through BANKIRR. Material changes to the borrower profile or transaction structure may void eligibility for the guarantee.

BANKIRR reserves the right to reject any submission that appears fraudulent, misleading, altered, expired, unavailable, unverifiable, or materially inconsistent with prevailing market conditions. BANKIRR may request additional documentation to verify the legitimacy of the original offer, including updated Loan Estimates, rate lock confirmations, pre-approval documents, borrower documentation, credit information, income documentation, or correspondence from the originating lender.

If BANKIRR is unable to provide a lower mortgage interest rate than the verified competing offer submitted by the borrower, BANKIRR will contribute $1,000 toward that borrower’s closing costs, subject to these rules and limitations. The borrower must close under the original terms submitted to BANKIRR or under terms that are substantially the same and directly comparable.

To receive the $1,000 closing cost contribution, BANKIRR must receive the borrower’s final Closing Disclosure details and valid wiring instructions from the borrower’s title company, escrow company, or settlement agent. The contribution will be sent only through the closing process and only to the verified settlement party. BANKIRR will not pay the contribution directly to the borrower.

BANKIRR must receive all required documentation within 30 days of the borrower’s loan closing date unless otherwise agreed in writing. Required documentation may include the final Closing Disclosure, title company wiring instructions, proof of closing, and any additional documents reasonably necessary to confirm eligibility under the Lowest Rate Guarantee.

The guarantee applies only to residential mortgage products supported by BANKIRR at the time of submission. Certain specialty products, temporary promotional pricing, portfolio products, private lending arrangements, construction loans, unavailable loan programs, non-arm’s-length transactions, or products outside BANKIRR’s participating lender network may be excluded. BANKIRR reserves the right to modify, suspend, or terminate the Lowest Rate Guarantee at any time. Void where prohibited by law.