Unposted/Missing Loan Payment – Check or Wire

Missing / Unposted Wire Payment

Wire Payment Unposted – 2 business days or less

• Wire transfer payments tend to arrive on the same day if the wire transaction is initiated before 4 PM Eastern Standard time
• This payment can take up to 1-2 business days to reflect on the loan
• The payment paid date posted on the account will reflect when the wire was received
• Payment received AFTER 4 PM EST on business days, weekends, & federal holidays will be posted to the loan on the next business day

Wire Payment Unposted – more than 3+ business days

• Confirm with the client that the wire instructions were completed correctly
• Request for the client to send proof of wire payment
  • Wire Instructions: 
  • Bank Name: Quontic Bank 
  • Address: 31-05 Broadway, Astoria, NY 11106 
  • Routing/ABA: 021-473-030 
  • Beneficiary: Borrower’s Name 
  • Account: 9997999701406425 
  • Reference: Loan Number/Property Address 
• Accepted Proof of Payment  
  • Receipt 
  • Screenshot of wire payment 
• Proof must show the following: 
  • Date of wire 
  • Amount of Wire: 
  • Status of Wire: Completed 
  • Wire to Account #: 6425
  • Transaction Number or Reference number 
  • Message to recipient: Must reflect loan number or property address 

Missing / Unposted Check Payment

Ask clarifying questions

• When did you mail the payment?
• Was it mailed through USPS or via Fed Ex

Verify if the payment was received in the Check Log File: https://quonticbank.sharepoint.com/:x:/s/FacilitiesSite/EeJv5ccaTDZNiDKiwfK0EP8BLb9NpcrGGq_F6E9WCwf7gw?e=4%3APAAGfZ&at=9&CID=D7875926-2CD8-4DCB-A67B-0C3E8A4EFA0F&wdLOR=c4520CB2D-45EF-4D1A-B8E6-F23958BB0ED2

Quontic Bank is not responsible for payments that are in transit or have not been received

Highly recommend that clients submit another payment via wire or 1x ACH to avoid late fees or negative credit reporting

Check sent within the last 7-10 business days – USPS

• Mailed check transit time is 7-10 business days. Once the payment is received, it can take up to 1-2 business days for the funds to clear from your account and post to your loan.

Check mailed over 7-10 business days and payment does not show posted in Horizon or unable to locate in the check log

• We are not reflecting that your check has been received.
• We can offer to escalate for further review
• Reiterate that Quontic Bank is not responsible for payments that have not yet been received.
• Recommend that clients submit another payment via wire or 1x ACH to avoid late fees or negative credit reporting

Expedited payment / FedEx – Reflects check was delivered on shipping website, does not appear in check log

• Request the tracking # from the client
• Track item on the respective shipping website
• Take a snippet of status of delivery and add to HS notes
• Escalate to Payments Team