Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.
Automatic Transfer of Funds Document
The Automatic Transfer of Funds document is one of the few optional documents to sign in a loan package. Signers can attach a voided check and have funds automatically withdrawn from their bank account to make their monthly mortgage payments. The Automatic Transfer of Funds document is popular since it reduces the labor involved writing checks, and it also reduces the chance that the borrower would forget to make their payment should they go on vacation.