Unless escrow did your proration calculations from an earlier date you should not be paying any additional on those items you mentioned.Was an earlier closing scheduled and then postponed?

As far a paying off your loans goes..all I can think of is that your lender(servicer) is is on the east coast and funds have to be acknowleged by a representative to complete the transaction. Perhaps that representative had already gone home. Maybe your escrow just dropped the ball. You might want to clarify and demand they pay any additional interest due, if that is the case.

There is definitely no grand profit scheme by your escrow company.

Unless escrow did your proration calculations from an earlier date you should not be paying any additional on those items you mentioned.Was an earlier closing scheduled and then postponed?

As far a paying off your loans goes..all I can think of is that your lender(servicer) is is on the east coast and funds have to be acknowleged by a representative to complete the transaction. Perhaps that representative had already gone home. Maybe your escrow just dropped the ball. You might want to clarify and demand they pay any additional interest due, if that is the case.

There is definitely no grand profit scheme by your escrow company.

This is standard procedure. If the buyer’s funds were wired into escrow on Friday at 1pm, the deed was immediately released for recording. Escrow cannot reconcile the transaction or payoff your lenders until recording. If it recorded Friday afternoon at 3pm, it was too late to wire out money to your lender. Wire cutoff is 1:30pm PT or 4:30pm ET. So the next available day that they would have been able to wire would have been this morning. There is almost always a one day lag between recording and the wiring of payoff funds. The only time that this doesn’t happen is if the buyer’s money is sitting in the escrow account first thing that morning. I would say that at least 95% of the time, there is the one day (business day) lag.

This is standard procedure. If the buyer’s funds were wired into escrow on Friday at 1pm, the deed was immediately released for recording. Escrow cannot reconcile the transaction or payoff your lenders until recording. If it recorded Friday afternoon at 3pm, it was too late to wire out money to your lender. Wire cutoff is 1:30pm PT or 4:30pm ET. So the next available day that they would have been able to wire would have been this morning. There is almost always a one day lag between recording and the wiring of payoff funds. The only time that this doesn’t happen is if the buyer’s money is sitting in the escrow account first thing that morning. I would say that at least 95% of the time, there is the one day (business day) lag.

This is standard procedure. If the buyer’s funds were wired into escrow on Friday at 1pm, the deed was immediately released for recording. Escrow cannot reconcile the transaction or payoff your lenders until recording. If it recorded Friday afternoon at 3pm, it was too late to wire out money to your lender. Wire cutoff is 1:30pm PT or 4:30pm ET. So the next available day that they would have been able to wire would have been this morning. There is almost always a one day lag between recording and the wiring of payoff funds. The only time that this doesn’t happen is if the buyer’s money is sitting in the escrow account first thing that morning. I would say that at least 95% of the time, there is the one day (business day) lag.