What is earnest money (EMD) on a double close?
Earnest money, or EMD, is the deposit under the purchase contract. The contract states the amount. If you already have a receipt, include it with the A-B contract when you upload the file.
Is earnest money the same thing as the transactional fee?
No. Earnest money is the contract deposit between buyer and seller. The transactional fee is Brittco’s price for the loan: 1% same-day or 2% within 7 calendar days, on the amount funded. You can have both in the same file.
Where is the deposit set?
The purchase contract and the closer state the deposit. We read the contracts that are actually in the file, including a receipt when you have one.
What should you send if you have a receipt?
Include the receipt with the A-B contract when you upload documents in the borrower portal. If the receipt is still coming, send the contract you have and note that. Your closer and underwriting confirm the final set.
Where should you go next?
Have a double close on the calendar?
Send the property, the amount, and the two closing dates. Same-day is 1%. Within 7 calendar days is 2%.