Rescissions & Disbursements for Labor Day Holiday 2020
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Monday, September 7, 2020, is Labor Day, a federal holiday. Therefore, many banks and the U.S. Postal Service will not be open for business. NewRez will be closed for business.
Monday, September 7, 2020
It is important to remember the following:
- Monday, September 7, 2020, cannot be included in the rescission period for rescindable loans.
- See “Wire Desk" below for important information regarding the NewRez Wire Desk on Monday, September 7, 2020
- Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, September 2 |
Saturday, September 5 |
Tuesday, September 8 |
|
Thursday, September 3 |
Tuesday, September 8 |
Wednesday, September 9 |
|
Friday, September 4 |
Wednesday, September 9 |
Thursday, September 10 |
|
Saturday, September 5 |
Thursday, September 10 |
Friday, September 11 |
Additional Compliance Reminders
Monday, September 7, 2020, is a federal holiday; therefore this date must be excluded as a business day when determining the earliest date that settlement may occur from the date the consumer(s) receive the initial Closing Disclosure. For example, if the consumer receives the initial CD on Wednesday, September 2, the earliest date that settlement could occur would be Tuesday, September 8. If the consumer receives the initial CD on Friday, September 4, the earliest date that settlement could occur would be Thursday, September 10. Similarly, Monday, September 7, 2020, must also be excluded as a business day in counting the seven business day waiting period from when the initial Loan Estimate was provided to consummation.
Wire Desk
Since banks will not operate on Labor Day, the NewRez Wire Desk will be unable to process wires on Monday, September 7, 2020.
The Wire Desk will resume normal functions and hours on Tuesday, September 8, 2020.