How long until loans fund these days? (loan, escrow, real estate)

[jackbelchos]

Quick question for you. We went to title on Friday to sign the final loan docs, and wired our down payment that same day. However, we are told that we are in line for our loan to fund, and it could take until Thursday. Unfortunately, our rate lock expires tomorrow,so we'll have to pay a penalty every day until the loan funds. Is this normal these days? We bought our first home eight years ago, and had the keys in hand the day after we went to title. Our loan is through Wells Fargo, as is the seller's mortgage. We have a conventional, fixed 30-year loan and put down 20% thanks.

[uscg200]

We closed two weeks ago on our first home. We were given a release of liability for the property until the funding took place. We had the same type of set-up; funds wired with closing paperwork to an escrow account. It took until Wednesday of the next week for the loan to fully fund, but that was partially due to an error at the bank (they forgot to order a final appraisal for the house at the one they had was done just prior to completion of the house). From what my Real Estate Agent told me, we were a day away from being asked to move out and the deal to be cancelled. Glad that didn't happen...

[VictorBurek]

Your loan should fund the same day or the next day. I havent heard of funding issues with Wells Fargo, but recently a lender had multiple funding issues that closed their doors, Taylor Bean and Whitaker.

So, this is not normal.

[jackbelchos]

Thank you for your responses. The loan ended up funding that Wednesday, which was the day the rate lock was due to expire. All in all, it took three additional business days to fund after signing docs and wiring the down payment. My agent was surprised at how long it took as well.