Memorial Day Funding: What You Need to Know
It’s hard to believe we’re almost halfway through 2017! 
The last Monday of May is recognized as Memorial Day and is a federally recognized holiday. This year, the official date is May 29, 2017. This day is set aside to recognize the veterans past and present who have sacrificed to ensure that we are able to live in the country we call home with the lifestyle we are afforded.
Like all of the federally recognized holidays, the funding schedule for new mortgages will be a little different. If you have any questions after reading this, please feel free to reach out to your Loan Advisor to clear up anything.
On any primary residence refinance (NOT purchases, second homes or investment properties), there is a three day right of rescission built into the timeline. The rescission clock starts to tick at midnight of the day you sign your loan and expires at midnight of the third rescission day after you sign. Your loan will actually fund on the fourth business day following signing your loan. Rescission days are Monday through Saturday, not Sunday and not any federally recognized holiday. This boils down to, if you have a loan that is scheduled to sign on May 23rd through May 28, you are going to have a brief delay. I’ll break that down below.
Here are some basic terms to bear in mind:
Funding is the day that Royal United Mortgage LLC requests funds to be sent to the title company.
Disbursing is the day the title company is cleared to send the funds to your creditors and any funds owed to you.
There are some states that require the documents to be recorded before funds can be disbursed (released from the title company). Those states are WA, NC, CA, and VA. If your property is in any of these four states, you will have a 2 – 4-day additional delay. Please bear in mind we have absolutely no control over this delay. It’s completely out of our hands. Typically, you will receive any funds owed to you and any creditor checks you are expecting the first business day AFTER your loan disburses – we add in time for wires to be transmitted and for overnight checks to be delivered.
So that you can enjoy your holiday, pay homage to those who have served, and spend time hopefully enjoying the first real weekend of the summer, the schedule below will set you up for when to expect funds. Bear in mind, if your property is in WA, CA, NC or VA, you will have more of a delay, but this will give you a pretty good idea of when to expect everything to be done.
If your loan signed on 05/23/2017 or 05/24/2017, your loan will fund 05/30/2017.
If your loan signed on 05/25/2017, your loan will fund 05/31/2017.
If your loan signed on 05/26/2017, your loan will fund 06/01/2017.
If your loan signed on 05/27/2017 or 05/28/2017, your loan will fund 06/02/2017.
Enjoy the holiday and the official onset of summer!