How does funding for Mortgage Financing works?

Once the application is approved, the rate is determined by investors who bid down the maximum rate based on their initial mortgage risk assessment. Learn how an interest rate is determined.

Once the sufficient amount is raised, and the auction is closed, the final interest rate is set based on best rate committed by investors required to finance the loan amount. The Broker completes the loan origination.

When does money disbursement occur?

IRESE will initiate money disbursement as soon as you sign and notarize your financing legal documents, authorize money disbursement and all documents are recorded in a local recorder's office. Learn more about signing for your Mortgage Financing.

When do I receive my financing proceeds?

IRESE transfers your financing proceeds to you electronically using the ACH (Automated Clearing House) banking network. Using the ACH network, the funds usually reach your account the next business day after IRESE initiates the transfer.

The time it takes for you to receive your financing proceeds depends on when you sign for your financing. If we receive notarized documents and confirmation from the local recorder's office for your financing before 3 PM Pacific Time (which is 6 PM Eastern Time) on a business day (a day other than a Saturday, Sunday or holiday), IRESE initiates the funds transfer that same day, and the funds should reach your account the next business day.

If we receive notarized documents and confirmation from the local recorder's office for your financing after 3 PM Pacific Time or on a non-business day, the funds transfer is initiated the next business day, and the funds should reach your account on the second business day after you signed for your financing and all documents are recorded in a local recorder's office.

For example, if you sign and record on Monday before 3 PM Pacific Time (PT), the financing proceeds should reach your account on Tuesday. If you sign and record for your financing on a Friday before 3 PM PT, the financing proceeds should reach your account the following Monday. If you sign and record for your financing on a Friday after 3 PM PT or on Saturday or Sunday, the financing proceeds should reach your account on the following Tuesday (Wednesday, if Monday is a Holiday).

As soon as you sign for your financing, the financing will be created immediately (and be visible in your account). Learn more about signing for your Mortgage Financing.

How do I make payments on a Mortgage Financing?

You can learn more about making payments here.