After you sign your loan agreement, we are legally required to wait three business days before sending the payoff funds to your previous loan servicer(s). During this period, you may cancel your loan agreement or request changes to its terms, such as the loan amount, interest rate, or monthly payment.
Once the three business days have passed, Earnest will send the payoff funds to your previous loan servicer(s) and send you an email confirmation once your previous loan servicer(s) receives our funds. Although your previous servicer(s) should receive the funds within 10 USPS delivery days of your signing date, they will need additional time to process the payment and apply it to your account. Most servicers apply the funds within one to three weeks. We recommend allowing at least three weeks from the date Earnest sends the funds for your balance(s) to be updated. Please continue making any upcoming payments to your previous lender(s) until the balance of each loan is $0.”
Until the payoff process is complete, your previous servicer’s customer support team may not be able to provide an update. If you're still not seeing the funds applied after three weeks, please let us know by clicking the “Get In Touch” button at the bottom of this article. We'd be happy to work with your previous servicer(s) to get things taken care of. For more information on when your first payment will be, click here.
Will Continuing To Make Payments Overpay My Loan?
If your previous lender receives more than the amount needed to pay off your loan, it will send the overpayment to either Earnest or you. In most cases, the servicer returns the funds to Earnest. Once we receive them, we’ll apply the funds to the principal balance of your Earnest loan. This process can take 30-45 days.
If you choose to communicate with us via email, please understand that you assume all responsibility for the protection of personal information while in transit to us and should consider appropriate email security measures. These security measures should include the use of encryption, such as password protection. Additionally, be sure to contact us at the correct email address provided.