Rescissions & Disbursements for Columbus Day Holiday 2020
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Monday, October 12, 2020, is Columbus Day, a federal holiday. Therefore, many banks and the U.S. Postal Service will not be open for business. NewRez will be open for business.
Monday, October 12, 2020
It is important to remember the following:
- Monday, October 12, 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, October 12, 2020.
- Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, October 7 |
Saturday, October 10 |
Tuesday, October 13 |
|
Thursday, October 8 |
Tuesday, October 13 |
Wednesday, October 14 |
|
Friday, October 9 |
Wednesday, October 14 |
Thursday, October 15 |
|
Saturday, October 10 |
Thursday, October 15 |
Friday, October 16 |
Additional Compliance Reminders
Monday, October 12, 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, October 7, the earliest date that settlement could occur would be Saturday, October 10. If the consumer receives the initial CD on Friday, October 9, the earliest date that settlement could occur would be Wednesday, October 14. Similarly, Monday, October 12, 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 Columbus Day, the NewRez Wire Desk will be unable to process wires on Monday, October 12, 2020.
The Wire Desk will resume normal functions and hours on Tuesday, October 13, 2020.