We can not disburse any funds until after the closing is fully complete and we have approval from any lenders to disburse funds. So that everyone knows when a file is ready for funds to be sent out, we will send you a notification via text and email when the file has reached the stage of "Closed and Funded."
Once the file has reached the stage of closed and funded, funds will be disbursed as follows.
Funds Paid to a Seller
We provide two options for delivering funds to a seller: (1) a check via overnight mail or (2) a wire transfer. If you elect to receive a wire transfer, you will see funds in your account by the end of the first business day following closing. If you elect to receive funds via overnight mail, you should receive funds within 2-3 business days of closing depending on the mail timelines.
Note: many times funds will be received even sooner than the above timelines, but we would always rather "underpromise and over deliver" as opposed to providing a timeline that might end up not being met because of outside factors such as mail delays, wire cutoffs, or delays related to bank processing.
Funds Paid to a Borrower as Part of Refinancing
We provide two options for delivering funds to a borrower as part of a refinancing: (1) a check via overnight mail or (2) a wire transfer. If you elect to receive a wire transfer, you will see funds in your account by the end of the first business day following closing. If you elect to receive funds via overnight mail, you should receive funds within 2-3 business days of closing depending on the mail timelines.
Note: many times funds will be received even sooner than the above timelines, but we would always rather "underpromise and over deliver" as opposed to providing a timeline that might end up not being met because of outside factors such as mail delays, wire cutoffs, or delays related to bank processing.
Funds Paid to a Real Estate Broker/Agent
We provide two options for delivering funds to real estate agents: (1) a check via priority mail or (2) a wire transfer. If you elect to receive a wire transfer, you will see funds in your account by the end of the first business day following closing. If you elect to receive funds via priority mail, you should receive funds within 3-4 business days of closing depending on the mail timelines.
Funds Paid to an Assignor/Wholesaler
We provide two options for delivering funds to real estate agents: (1) a check via priority mail or (2) a wire transfer. If you elect to receive a wire transfer, you will see funds in your account by the end of the first business day following closing. If you elect to receive funds via priority mail, you should receive funds within 3-4 business days of closing depending on the mail timelines.
Funds Paid to an Mortgage Broker
We provide two options for delivering funds to mortgage brokers: (1) a check via priority mail or (2) a wire transfer. If you elect to receive a wire transfer, you will see funds in your account by the end of the first business day following closing. If you elect to receive funds via priority mail, you should receive funds within 3-4 business days of closing depending on the mail timelines.
Funds Paid to a Lender to Payoff a Mortgage or Deed of Trust
Payoff funds are sent via wire transfer to the bank or lender. This wire will be sent within one (1) business day of closing; however, it may take longer for the bank to process the wire and apply it to your account.
Funds Paid to an Insurance Company, Vendor, etc.
Any funds to be paid out to a third party will be sent via U.S. Mail with tracking. Parties receiving these funds should expect to receive them within 3-5 days following the closing.