SUBMITTED: Friday, June 06, 2008
POSTED: Friday, June 06, 2008
Just because you see the money as no longer available in your checking account, does not mean that your lender has the payment. In many cases, mortgage companies will not accept bank-to-bank wires. US Bank Home Mortgage, for example, will only accept a wire transaction through Metavante or Checkfree. So if your bank uses a billpay through any other company then a paper check is mailed.
When that happens, your account is debited the amount of the payment, a certified check is created and mailed to the address you entered when setting up the billpay service.
If I were you, I would ask your mortgage company if they accept bank wires and if not, from which billpay services (if any) will the company accept wires?
That should get you started on the right path to finding answers to your questions.
Good luck!