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Effective date vs post date for mortgage payment

Quacky1970
New Member

Effective date vs post date for mortgage payment

Hello all. I haven't been able to find anything to answer this question despite looking everywhere I can think of.  I recently made my June mortgage payment on the last day of the month due to financial constraints and some really stressful family stuff going on.  It's not something I normally like to do and I fully admit it was probably quite bone-headed in retrospect. I made the payment in the evening after the Eastern office had closed for the day (Loancare).  I included the late fee for paying past the 16th of the month. I was able to choose that date (June 30) as the "effective date" (which I also received an email confirmation for plus I took some screen caps as well).  The payment however did not post until July 1.   I've been working really hard on my credit the last couple of years (zero late payments) and I am extremely worried about getting a 30 day late for this. I did call the office the next day and the person I spoke to did state that they don't post payments after a certain time of day but that she didn't see anything on my account about it being late. This was on the 1st though, so I followed up today with an email to be sure. Has anyone else ever had to deal with anything like this?  My concern is that the payment date in their history in my online account is showing the 1st as the payment date, even though my receipt shows June 30 as the effective date.  Thank you for any information or insight you have to share!

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Quacky1970
New Member

Re: Effective date vs post date for mortgage payment

Well to answer my own question, I guess they didn't report it as late.  I was able to talk to another person at the servicer today who dug into things for me and told me that my June payment showed as current and that I had no late payments going back either.  She wasn't sure when they reported to the bureaus because of the holiday but I pulled my official credit reports today as well and they showed June's payment as current.  It could be that I got a break because of the holiday (they were closed completely for two days). Or the effective date is actually the date they credit the payment, even if posts later.  Lesson learned to not pay on the last day of the month ever, if possible.

Message 2 of 3
chuckwood
Valued Member

Re: Effective date vs post date for mortgage payment

Some banks allow payments after normal banking hours and still allow them to post to your account for the current day. Thats why they show effective day when you make the payment. Its usually in there fine print what time they allow up to for current day posting to your account. It would then still not be processed till the next business day. Just be carefull cutting it that close because glitches happen and some banks change things time to time.

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