this post was submitted on 24 Jul 2023
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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed's goal is to connect 9,000 financial institutions nationwide.

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[–] MasterObee@lemmy.world 2 points 1 year ago (1 children)
[–] jeffw@lemmy.world 3 points 1 year ago (1 children)

Bruh… the entire comment. 7 to 45 days… really? Gratuity… in a bank app?

[–] abort_christian_babies@lemmy.world 0 points 1 year ago* (last edited 1 year ago) (1 children)

From Rocket Mortgage, a banking app.

“Overall, the average time to close on a mortgage – the amount of time from when the lender receives your application to the time the loan is disbursed – is 52 days, according to Ellie Mae. Conventional loans had the shortest turnaround times at 51 days, followed by FHA loans at 55 days and VA loans at 57 days.”

[–] jeffw@lemmy.world -1 points 1 year ago (1 children)

We’re talking about wire transfers, not closing on a mortgage. They take 3-5 days. I pay my loan to Rocket every month

[–] abort_christian_babies@lemmy.world 0 points 1 year ago (1 children)
[–] jeffw@lemmy.world 1 points 1 year ago

No, the entire thread is about wire transfers lol. There’s nowhere on Earth where you can close on your mortgage instantly