Home Buying in Los Angeles>Question Details

mustangmaga, Home Owner in Los Angeles, CA

on a refinance how long should it take to fund after final papers have been signed....it's been over 2 weeks?

Asked by mustangmaga, Los Angeles, CA Mon Dec 31, 2012

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SERGEY FEDNOV *** 424-777-9377’s answer
Usually it takes up to 3 business days to fund the loan. There was a holiday season and this can slow down funding department , there for you can expect delay during the holidays. I'm sure your loan will be funded, just give them some extra time to finalize it :)



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0 votes Thank Flag Link Wed Jan 2, 2013
Normally it is after 3 business days. If it has been longer you should contact your loan officer and or the person that closed your loan.
0 votes Thank Flag Link Tue Jan 1, 2013
Couple things:
Christmas Day and Sundays do not count as rescission days for your refi (assuming of course this is an owner occupied loan)
Your lender may not want to fund so to avoid paying interest over three day weekends?
Also, on a heavy funding month, sometimes the lender (if it is a mortgage banker) may be running low on their warehouse line and must fund the loans that have drop dead end of the year/month funding and closing dates.

Regardless of what this hang up is, your loan officer should be communicating with you why there is a hangup and when it may be resolved.
0 votes Thank Flag Link Tue Jan 1, 2013
Remember, it's been the holidays...a time when people are often out on vacation...

Have you called the escrow company? What do they say?

Given the holidays, anything is possible!
0 votes Thank Flag Link Tue Jan 1, 2013
It varies. But not to worry, all papers are signed and all approvals completed so it will happen.
0 votes Thank Flag Link Tue Jan 1, 2013
What is the loan officer reporting? Most often purchases get priority over refis which makes sense since the purchase parties are moving,... plus additional factors such as the holidays and year end. Could be nothing out of the ordinary but your loan officer should be able to tell you.
0 votes Thank Flag Link Tue Jan 1, 2013
after you sign loan docs... the file is sent to a person that will review the documents and they may find additional conditions that need to be satisfied... this is called "prior to funding" conditions... they are usually not that many.. but they may still find one that may break the deal... for example, if you became unemployed or changed employment... they do one more verification at the very end... if that changed then your loan is in trouble..
There should be very few prior to funding conditions if any... so it should take no more than a week... but remember these are the holidays...


Best of luck!

Ron
0 votes Thank Flag Link Tue Jan 1, 2013
The Right of rescission or right to cancel period lets you back out of this refinance loan.
0 votes Thank Flag Link Mon Dec 31, 2012
On a refinance you have to wait the 3 days for the right to cancel. Now the banks don't count Saturday, Sundays or holidays. With the holidays being this time of year, I would say you should be done by the 4th of Jan. If not, start talking to the right people, not the one doing your loan, but their boss.

Good luck,

James
0 votes Thank Flag Link Mon Dec 31, 2012
Hello HomeOwner when you say final papers did you sign loan doc? If you did No that should Not be Two weeks. Please contact your lender and find out what is going on at this time.

Good luck

Katherine Johnson
Prudential California Realty
Dre 0120582
Direct : 951-538-4126
0 votes Thank Flag Link Mon Dec 31, 2012
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