Need help Re Mortgage payout statement

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Nov 3rd, 2020 11:39 pm

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Nov 3rd, 2020 6:02 pm

TechFundi [OP]: Member; May 12, 2006; 256 posts; 67 upvotes

Nov 3rd, 2020 6:02 pm

Need help Re Mortgage payout statement

Closing on a mortgage deal. Lawyer requested a payout statement last week from BMO. Its been a week yet no response from the bank.

Does anyone know how long it can potentially take? And how can we expedite the process as closing was supposed to happen. Yesterday.

Thanks

Last edited by TechFundi on Nov 3rd, 2020 11:42 pm, edited 1 time in total.

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Nov 3rd, 2020 6:53 pm

toyopl: Deal Addict; Dec 6, 2008; 2137 posts; 504 upvotes; Milton, Ontario

Nov 3rd, 2020 6:53 pm

Few hours, CIBC got me mortgage statement within few hours.

Nov 3rd, 2020 8:58 pm

sauderite: Newbie; Feb 25, 2015; 59 posts; 19 upvotes; Vancouver, BC

Nov 3rd, 2020 8:58 pm

HSBC here. Lawyers have been in touch with the bank since October 22 and finally got the payout statement this evening, 2 days before closing date after several rounds of follow up and waiting on the phone.

Nov 3rd, 2020 11:39 pm

TechFundi [OP]: Member; May 12, 2006; 256 posts; 67 upvotes

Nov 3rd, 2020 11:39 pm

toyopl wrote: ↑ Few hours, CIBC got me mortgage statement within few hours.

Yeah I was under the impression that banks would have a software to generate a payout statement rather quickly.

Doesn't seem to be always the case here with BMO and HSBC.

Is it the banks or I was thinking maybe the lawyers not expediting the process seriously?

Is the interest rate calculated daily or monthly? And when payout is requested, does the interest stop accruing the same day?

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