pyt explained

About Protect Your Transaction

Protect Your Transaction is a quality assurance program that provides all transaction parties with confidence that the Buyer's offer is pre-approved and the Lender is committed to the loan. All PYT Lenders provide the following promises:

  • Lender will pay $10,000 in the event it fails to deliver on its loan commitment
  • Lender will issue a loan commitment on or before the 15th day from the complete mortgage loan application
  • Lender will provide communication and documentation during the loan process

Why Protect Your Transaction was created

In a home purchase transaction there are two primary parties, the Seller and the Buyer. Both parties make major commitments in a home purchase transaction.

  • Sellers agreed to turn-down other offers and may be buyers of a new home that depends on the sale of its current home. Additional months of mortgage payments and uncertainty when transactions do not close represents thousands of dollars and hardship.
  • Buyers may be selling their current homes, given notices to their landlords, hired moving vans, researched new schools... a lot is riding on making sure their home purchases close.

Basically, everyone wants to feel confident that the transaction will happen. When a Lender makes a commitment to finance the Buyer's purchase, that commitment needs to be one that all parties can trust. What happens when the Lender does not deliver on their commitment? Sellers and Buyers are left to pick up the pieces and the Lender... they move on to the next transaction.

Protect Your Transaction was created to make sure the Lender has 'skin in the game' and committed to the transaction.

The Protect Your Transaction Loan Process


Step 1:
Buyer completes the application process with a PYT Lender

Step 2:
When approved, lender issues PYT loan commitment

Step 3:
Buyer finds home of their dreams

Step 4:
Buyer and Seller enter into an agreement that includes PYT loan commitment

Step 5:
Complete the property inspection and loan paperwork

Step 6:
Closing Day - on time and as planned

How to Contact a PYT Lender

To find out more about PYT, please contact a PYT Lender in your area. Click here to have a PYT Lender contact you.