Real Estate

Need help Re Mortgage payout statement

  • Last Updated:
  • Nov 3rd, 2020 11:39 pm
[OP]
Member
User avatar
May 12, 2006
256 posts
67 upvotes

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.
3 replies
Deal Addict
User avatar
Dec 6, 2008
2137 posts
504 upvotes
Milton, Ontario
Few hours, CIBC got me mortgage statement within few hours.
Newbie
Feb 25, 2015
59 posts
19 upvotes
Vancouver, BC
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.
[OP]
Member
User avatar
May 12, 2006
256 posts
67 upvotes
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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