Posted by ME/NJ on 2/27/12 1:44pm
Msg #413216

Deals that could not sign @ EOM

Still a PITA today, had two scheduled and both up in the air because of numbers. Well duh, now you have a month of pre-paid interest you gained. Most loans last week, if borrower did not have to right a check they got back less then 100 bucks when all was done.

My guess the rate lock is expiring before March EOM and they are pushing it.

Reply by Linda_H/FL on 2/28/12 11:39am
Msg #413350

Not necessarily

"now you have a month of pre-paid interest you gained"

I've seen lenders credit borrowers for interest back to the first of the month, especially if it's only a matter of a few days - the first payment is just due sooner.

Loans funded on 3/3, for example, normally would pay interest to end of March and first payment not due til 5/1 - instead they'd have interest credited back to them for 3/3 - 3/1/2012. First payment due 4/1 instead of 5/1.

And that's probably where the dispute is - borrowers want it funded but lender doesn't want to credit back.