Mortgage question !!!!

Question

If a mortgage company takes your money on the 15th of each month, but does not apply that money towards your mortgage until the end of the month, are they committing a fraudulent action? Think about it, they keep your money for 15 days earlier for no apparent reason.

Answer 1

What do you mean they "take" your money on the 15th?  What do you mean by "applying it" at the end of the month?  Normally, mortgage loan payments are due on the first of the month.

Answer 2

no, it is probably taking it that long for it to "clear" from your bank to theirs.  

Answer 3

The 15 days allows Elvis to use your money to get by every month! lol

Answer 4

It means that they could be earning interest on your money for 15 whole days! It's not necessarily fraudulent, because the banks seem to do this all the time. You know all those checks/cheques that seem to take 7 working days to clear for no apparent reason?

What you could do, is request that they take the money closer towards the end of the month, so that you could earn interest on that money while it's in your account?