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12-01-2004, 05:02 PM
| | Junior Member | | Join Date: Aug 2003 Location: Massachusetts
Posts: 8
| |  Loan Funding After Right Of Recission
What is the name of your state?What is the name of your state? Massachusetts
If I closed on a loan on Monday 11/22/04 does the new lender have to disburse the funds within a specified amount of time after the 3 day right of recission has passed? How much time do they have to do this? |
12-02-2004, 08:16 AM
| | Junior Member | | Join Date: Nov 2004
Posts: 9
| | You should receive your check anywhere from 7-10 days after you sign. I would give it until the end of the week. Don't forget there was a holiday stuck in the middle. I just recently signed for a refi. It took 10 days to get the check. I signed on 11/12 and received my check on 11/22. Hope that helps.  |
12-02-2004, 09:32 AM
| | Junior Member | | Join Date: Aug 2003 Location: Massachusetts
Posts: 8
| | | Funding time after recision
Specifically i was wanting to know if there is a maximum amount of time for disbursement (according to the law) ie: funds must be disbursed by the 10th day after closing...or 10th day after right of recision passes. Thanks! |
12-02-2004, 11:40 AM
| | Member | | Join Date: Sep 2004
Posts: 36
| | | When we refinanced recently, I asked a friend of mine who works in the banking industry the same question. She said that the funding can be held up for weeks if the lender so chooses. I don't know whether or not there is a law. | |
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