[teaboy]

Thanks for the info, fsbo.
I also just signed my re-fin loan doc and it did not have such a notice in it.

However, I did take a quick look at the full text of “California Civil Code – Section 2947-2955.5 :: Article 2. Mortgage Of Real Property” here: http://law.justia.com/california/codes/2009/civ/2947-2955.5.html

The law dictates that the loan company must not disburse the loan on a Monday or immediately after a holiday (which would mean accruing >1 day’s interest) unless the borrower specifically requests it, so I’m not too worried.

Is HLS on vaca or what?

tb 🙂

[teaboy]

Thanks for the info, fsbo.
I also just signed my re-fin loan doc and it did not have such a notice in it.

However, I did take a quick look at the full text of “California Civil Code – Section 2947-2955.5 :: Article 2. Mortgage Of Real Property” here: http://law.justia.com/california/codes/2009/civ/2947-2955.5.html

The law dictates that the loan company must not disburse the loan on a Monday or immediately after a holiday (which would mean accruing >1 day’s interest) unless the borrower specifically requests it, so I’m not too worried.

Is HLS on vaca or what?

tb 🙂

[teaboy]

[quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

tb

[teaboy]

[quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

tb

[teaboy]

[quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

tb

[teaboy]

[quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

tb

[teaboy]

[quote=sdrealtor]I dont know the exact details but large amounts of money take time to move and get posted.[/quote]

Why would it take longer to move a large amount of money? And, if so, why wouldn’t people move two or more smaller amounts of money (quickly) instead of one large amount of money (slowly)?

Does anyone know the details? I would suspect that perhaps all wires or transfers >$X may require additional fed money-laundering or other checks which could delay the transfer by a day or two.

I googled “Regulation J – Check Collection and Funds Transfer” but it’s rather complicated. Can any knowledgable person explain the related fed rules in layman’s terms?

tb

[teaboy]

Walt,
OK, I see your mo now. You’ll keep asking till someone agrees with you…

Go with your gut. The sellers will most likely relent and you will win this game of brinksmanship.
You may need to make some immaterial concessions though, like agreeing to use their mortgage broker but with the expectation the he will match any GFE you find within, say, $1000.

tb

[teaboy]

Walt,
OK, I see your mo now. You’ll keep asking till someone agrees with you…

Go with your gut. The sellers will most likely relent and you will win this game of brinksmanship.
You may need to make some immaterial concessions though, like agreeing to use their mortgage broker but with the expectation the he will match any GFE you find within, say, $1000.

tb

[teaboy]

Walt,
OK, I see your mo now. You’ll keep asking till someone agrees with you…

Go with your gut. The sellers will most likely relent and you will win this game of brinksmanship.
You may need to make some immaterial concessions though, like agreeing to use their mortgage broker but with the expectation the he will match any GFE you find within, say, $1000.

tb

[teaboy]

Walt,
OK, I see your mo now. You’ll keep asking till someone agrees with you…

Go with your gut. The sellers will most likely relent and you will win this game of brinksmanship.
You may need to make some immaterial concessions though, like agreeing to use their mortgage broker but with the expectation the he will match any GFE you find within, say, $1000.

tb

[teaboy]

Walt,
OK, I see your mo now. You’ll keep asking till someone agrees with you…

Go with your gut. The sellers will most likely relent and you will win this game of brinksmanship.
You may need to make some immaterial concessions though, like agreeing to use their mortgage broker but with the expectation the he will match any GFE you find within, say, $1000.

tb

[teaboy]

Hey Walt,
If you want to see what difference a loan broker can make to your costs here’s a least effort method:
1. Goto zillow.com’s Mortgage page.
2. Enter your loan details on the left of the page.
3. Click “Get Quotes”
4. Sort by “Total Cost”
5. Compare the lowest “Total Cost” with the highest “Total Cost”.

For me the difference was ~$20k over 10 years. More than your measly $12k, right.

(Plus the Present Value of ~$20k over 10 years is what, ~$24k…?)

Kudos to SDR, Walt, why dont you have a stab at figuring this crap out yourself first?

tb 🙂

[teaboy]

Hey Walt,
If you want to see what difference a loan broker can make to your costs here’s a least effort method:
1. Goto zillow.com’s Mortgage page.
2. Enter your loan details on the left of the page.
3. Click “Get Quotes”
4. Sort by “Total Cost”
5. Compare the lowest “Total Cost” with the highest “Total Cost”.

For me the difference was ~$20k over 10 years. More than your measly $12k, right.

(Plus the Present Value of ~$20k over 10 years is what, ~$24k…?)

Kudos to SDR, Walt, why dont you have a stab at figuring this crap out yourself first?

tb 🙂

[teaboy]

Hey Walt,
If you want to see what difference a loan broker can make to your costs here’s a least effort method:
1. Goto zillow.com’s Mortgage page.
2. Enter your loan details on the left of the page.
3. Click “Get Quotes”
4. Sort by “Total Cost”
5. Compare the lowest “Total Cost” with the highest “Total Cost”.

For me the difference was ~$20k over 10 years. More than your measly $12k, right.

(Plus the Present Value of ~$20k over 10 years is what, ~$24k…?)

Kudos to SDR, Walt, why dont you have a stab at figuring this crap out yourself first?

tb 🙂

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