I would like to have someone from Veterans United review the policies, procedures and performance of the closing agent McDonnell and Associates.
After signing all closing documents on August 6th and sending them back to V.U. (presumably by Aug. 9th) It is my understanding that the mortgage was "funded" on August 10th (the following Friday). In my follow up with McDonnell, I was led to believe that; A) the disbursement for my existing mortgage lender would be sent upon the loan being funded (August 10th - it was not, and B) Although, I had elected to have my disbursement mailed directly to me, it was also my understanding that the check was mailed upon the loan being funded - It was not.
McDonnell held the funded loan proceeds for three more days before writing either check, sent both checks via FedEx ground - delivered by the end of day... (delaying receipt another three full days.) And, ultimately, sending checks written on a standard bank draft, instead of cashier’s check, certified check or teller check, further delaying use of funds until the check clears another 5 business day.
All of this means that McDonnell is collecting interest on the mortgage funds, nearly 14 days from loan funding.
Additionally, because of the delayed receipt from closing my original mortgage, I have incurred a daily interest of $12.91 or $110. (precisely the same amount McDonnell could make by delay of payment.)