Posted by nickID on 9/11/06 4:44pm
Msg #145236

September EOM

What day do you think will be considered EOM this month? 9/25 to fund on Friday 9/29 or would it be 9/26 to fund on Saturday 9/30? I guess my question is -- is Saturday considered a funding day? Or maybe I should just wait and see -- it could depend on the lender? Thanks all.

Reply by Signing_Doc on 9/11/06 6:33pm
Msg #145255

I'm thinking the 25th due to no funding on Saturday n/m

Reply by ReneeK_MI on 9/12/06 4:21am
Msg #145387

Generally, the EOM isn't going to see much noticable increase in business relative to Saturday fundings. HOWEVER, it certainly isn't impossible to fund on a Saturday. As long as the Settlement Agent is ABLE to disburse funds on a Saturday, then all systems are a go.

In order for them to be able to do this - first, they have to be working, they have to be able to access the funds, and the checks have to be drawn on a bank that is open (so the checks could conceivably be cashed that day - even if they're NOT going to be).