This is an email I Received from one of our loan officers:
I have a closing coming up with a local Law Office. I spoke with someone from the office today, regarding their wire transfer fee so that I could correctly disclose it on our Loan Estimate and Closing Disclosure. She told me that one of the changes made to Ohio Good Funds Law, at end of September, included a part that says financial institutions are no longer required to wire funds if the title co or attorney’s office they would be wiring to has their account at their institution. She said another institution just puts the funds in their account without a wire. The buyer’s funds still have to be wired but not loan proceeds.
So I have 3 questions:
1. Is this correct?
2. If the Buyer is also our customer as well, are we still required to wire the funds or would we be able to transfer the funds internally?
3. Would an internal transfer from one account to another be considered "electronically transferred" or does it have to be wired or done via ACH?