EFT Funding Process:
CanWise will only disburse mortgage advance funds via Electronic Funds Transfer (EFT).
CanWise requires the Request For Funds 2 business days prior to the scheduled closing date to fund your deals. If a funding is required and there are less than 2 business days to disburse - additional processing fees may apply.
All solicitor documents must satisfy CanWise requirements otherwise the funding will be delayed. If satisfactory documents are not received, CanWise will require funds to be returned immediately.
We cannot send Mortgage Advance cheques via courier. To the extent that EFT is not utilized, additional charges will apply.
If CanWise does not have your banking details on file, you must fill out a Solicitor's Trust Account and Direct Deposit Information Form which is linked to your Trust Account. This form can be faxed to us and must be received at least 7 working days before the funds are required. The form is included in your Instruction package.
For a delayed closing, the solicitor is required to inform CanWise immediately and return funds to CanWise by 4pm the day following the scheduled closing date.
Interest will accrue on the funds advanced from the Advance Date. If the funds cannot be disbursed on the Advance Date, they must be returned to CanWise by no later than 4:00 pm on the day following the Advance Date. If the funds are not returned by this time, you will be responsible for all costs incurred, and for remitting funds and accrued interest to us.