Holidays in the World of Lending

There is a perception of “banking” hours… or jobs that involve financial services.  The perception may be that those who work in financial services are big cats that sit at desks, hang out at water coolers, drink overpriced coffee drinks, and stroll through Facebook, with every imaginable holiday available off to go hit the local golf course while the rest of the country works to keep the economy moving.

Here is the reality of financial services jobs; A BUNCH of the work is scheduled by powers that lenders have no control over.  The Fed sets the hours for many holidays, but not all.  If banks aren’t open, some financial services professionals are restricted on what can be done to service borrowers on those days.

The vast majority of Royal United employees work the federal holidays to provide a service for clients looking to improve their financial situation.  With the exception of the BIG holidays – Thanksgiving, Christmas and New Years – Royal United Mortgage LLC staff is here answering incoming calls or reaching out to those making inquiries.  There are restrictions on what can be done as far as sending and receiving funds, but otherwise, it’s business as usual.

So, while the holidays don’t directly affect all lender hours, if borrowers are refinancing or purchasing a property, the holidays will affect schedules to sign or fund.

Let’s take Presidents Day as an example since it’s coming up next.
If a borrowers signs for a refinance on his or her primary residence on February 10^th, normally the loan would fund on the fourth business day after signing (since borrower’s have three full business days to feel comfortable with the new loan) on February 15^th. But this year, because February 15^th is Presidents Day, that loan would actually fund on February 16^th.  If the borrower is refinancing a second home or an investment property, the loan still would not fund on the 15^th – funds cannot be wired.  If a borrower is purchasing a home, and signs on the 15^th, the lender still cannot wire funds.

Fortunately, the calendar balances itself out in the same week as the holiday, but in the week of the holiday, everything does get bumped by one day.  If you, as a borrower, are unsure how a holiday might affect your specific situation, please reach out to your Loan Advisor. The goal of any quality lender is to be available to answer client questions either by telephone or email, even on holidays!

Written by: Cara Haynes, Client Services Manager at Royal United Mortgage LLC
Published: 2/10/2016