Cash-Out Refi Unknown Delay in Wire Transfer

[Jerome S.]

Hi All,

We just closed a week ago (Monday 10/04), signing that day, on a Cash-out refi with no current mortgage on the investment property.  I was told it would be Friday of that week when I may see the Wire of funds to the provided bank account.  I checked in with our Loan Officer on Friday (10/8) and was told that the  Wire would now come on Wednesday (10/13).  As of this writing, we still have no funds wired to our account.  Having closed on many refinance loans in the past whereby I was refinancing while paying off a current mortgage, it would always take 3 days after signing in order to see funds hit my account.  

However with this Cash-Out Refi that has no mortgage to payoff and only funds to be transferred, LoanDepot seems to be dragging its feet for no apparent reason on wiring our funds.  

I'd love to hear your thoughts on if there is any legal requirement for Loan Depot to deposit our funds within a certain period, like there appears to be when they're paying off a mortgage for that type of cash-out refi.  

Any advice on whether I have any leverage in getting our money wired faster from this refi would be greatly appreciated.  

Thanks Much.  

[Tom Gimer]

@Jerome S. Checks do not always have the proper routing number on them. If you provided the wrong ABA that wire could have been held somewhere for a bit and then returned to sender.

There are other potential reasons for a delay but before we dive into those first make sure you provided correct wiring information.