Can someone explain this about mortgage companies?

Question

Why do they take 7-10 days or more to post a payment when it only takes 3 days to get there then they charge you a late charge is this right.It was paid on time and sent way ahead of time

Answer 1

No its not right.  They do it because they are theives.  Call them and raise h**l and they will probably refund the late fee, especially if they get 1000 calls a day just like yours.

Answer 2

They are not sitting on the steps waiting for your check to come in the mail.  They have thousands of checks to process by a certain date, not just yours.

Answer 3

This practice you describe, can you prove their malice? Seems you may be mistaken.

Set your payments for electronic delivery.

Answer 4

I work for a bank in the mortgage dept most mortgage payment are due on the 1st of the month and they have a 15 day grace period so in turn you should be mailing your payments the day they are due which is the 1st of the month an dthey then can take 7-10 business days to process. Large banks like the one i work for have millions of mortgage loans to service so it takes time to process all of the payments. If this was the first time you were assesed this late charge you should be able to call the bank and see if you can get it waived due to your history. I know at my bank we would be able to do that for you! Hope I was able to help!!