End of Month Refinance Funding Question

[Will Johnston]

Last Wednesday I closed on a refinance. Both the old loan and the new one are standard 30 year fixed residential investment mortgages, no FHA or anything else odd.

I'm assuming because of the holiday the mortgage has not funded, so when my payment came due today, there it went out of my bank account.

Does anyone know what happens in this situation?  Am I just out the $1200 interest payment that I wouldn't have had to make on my original loan?  Is part of that credited back somehow?  I've never done a closing at the end of the month, so I have no idea how that works.

Thanks!