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lindamcrealtor · Joined: 19 Jul 2011 Posts: 1 1.29 Dollars($)

dies state of new jwrsery table fynd amd disperse immediately or do tgey escrow?... Does new jersey table fund and disperse at table?

jveenstra · Posted: Tue Jul 19, 2011 11:51 am Post subject: Table Fund

Table Funding simply means a mortgage broker processes in their own name rather than that of a Lender. The loan still closes with money from the Lender. The loan closes in the name of the broker and at the closing the loan is assigned to the Lender who provoded the money for the mortgage.

The question should more be, does the mortgage broker table fund.
The state of New Jersey does not prohibit table funding.
Money is dispersed at closing, same as wholesale or retail lending.

chrisgummerson · Posted: Tue Jul 19, 2011 4:09 pm Post subject:

You may be confused with Wet/Dry states for funding. Florida for example is a wet state, meaning when you go to close, the loan is funded at signing, whereas other states such as CA are dry, meaning that once your loan docs are signed, there is still work to be done on the file to fund the loan. Usually funds a few days after loan signing.

jveenstra · Posted: Wed Jul 20, 2011 5:04 am Post subject: Fund at Table

Thanks, Chris.

You are correct. I have never worked with any dry states and I was not thinking about them

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