Show me the money!!!

[bucksamp]

What is the name of your state?Hey, folks. Buck Sampson from California (home of the Governator!)

I recently refinanced a home through Full Spectrum Lending (CountryWide). We applied on 07 Oct 04 (That's when the app actually cleared). The loan closed this week (between 01 and 03 Nov... still trying to firm the date) and our agent is saying that because of some "internal changes", our dibursement checks will be delayed.

Now, acording to my account summary on their webpage, the loan is documented and funded already. What gives?

I guess my question is this:

Can they just arbitrarily sit on the loan checks until they get all their "internal changes" done? If the loan is funded and they have the title leined, it's technically my money they're sitting on, right. I'm a first time homeowner (I titled on with my partner during the refinance) so any insights would be greatly apreciated.

Thanks y'all...

 

[MortgageGuru]

By law, they have to give you three days to change your mind about refinancing. The loan funds on the fourth day. If it does not fund on the 4th day then there could have been a compliance problem in the paperwork where something wasn't signed properly. Typically not a major issue for them to fix.

 

[bucksamp]

This is hapenning after the 3-day opt out (that expired last friday). I spoke to my loan agent and he said everything is in order. It's some "internal changes" that are holding things up. The loan is processed and everything is done. He says that it's not my loan that's held up, it's their cutting and sending the checks that's dalayed.

When I asked what he could do to fix it he said he could do nothing. When I asked him to put me in touch with someone who could do something, he said that that particular department doesn't talk to customers.

That clarify my situation?

Help

 

[Ciarraine]

This is hapenning after the 3-day opt out (that expired last friday). I spoke to my loan agent and he said everything is in order. It's some "internal changes" that are holding things up. The loan is processed and everything is done. He says that it's not my loan that's held up, it's their cutting and sending the checks that's dalayed.

When I asked what he could do to fix it he said he could do nothing. When I asked him to put me in touch with someone who could do something, he said that that particular department doesn't talk to customers.

That clarify my situation?

Help

People are allowed a reasonable length of time to deliver the checks to you. Call back and ask them if they can expedite the delivery (overnight mail) since they've had this delay.