Good Funds Policy
In order to protect all participants in the purchase/mortgage transaction, Mattingly Ford Title Services, LLC strictly adheres to the Good Funds Law of each state in which we close transactions. In the event that a certain state does not promulgate a good funds law, the following is MFTS's Good Funds Policy:
1. We must have collected funds in escrow prior to disbursing proceeds at the closing table.
Forms of payment that qualify as collected funds:
2. If the transaction is funded with lender or investor check or wire transfer, Mattingly Ford will distribute proceeds from one of our escrow accounts by either check or wire. If a wire is requested, Mattingly Ford must have written and signed instructions requesting a wire.
3. We realize that our Good Funds Policy may cause some transactions to be delayed or closed “dry.” We apologize for this inconvenience.
1. We must have collected funds in escrow prior to disbursing proceeds at the closing table.
Forms of payment that qualify as collected funds:
- Completed wire transfer (notification of verification number does not satisfy criteria).
- Cashier checks
- Money orders
- A personal check in the amount of $1,000.00 or less may be used. (Mattingly Ford reserves the right to refuse or accept a personal check for any amount.)
2. If the transaction is funded with lender or investor check or wire transfer, Mattingly Ford will distribute proceeds from one of our escrow accounts by either check or wire. If a wire is requested, Mattingly Ford must have written and signed instructions requesting a wire.
3. We realize that our Good Funds Policy may cause some transactions to be delayed or closed “dry.” We apologize for this inconvenience.
