Rescissions & Disbursements for Veterans Day Holiday 2020
Overview
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Wednesday, November 11, 2020, is Veterans 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.
Wednesday, November 11, 2020
It is important to remember the following:
- Wednesday, November 11, 2020, cannot be included in the rescission period for rescindable loans.
- See “Wire Desk" below for important information regarding the NewRez Wire Desk on Wednesday, November 11, 2020.
- Accordingly, the following rescission dates will apply for loans closed on:
If Closing
is on:Then Rescission
Period Ends:And Disbursements
Will Be On:Friday, November 6
Tuesday, November 10
Thursday, November 12
Saturday, November 7
Thursday, November 12
Friday, November 13
Monday, November 9
Friday, November 13
Monday, November 16
Tuesday, November 10
Saturday, November 14
Monday, November 16
Additional Compliance Reminders
Wednesday, November 11, 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 Friday, November 6, the earliest date that settlement could occur would be Tuesday, November 10. If the consumer receives the initial CD on Monday, November 9, the earliest date that settlement could occur would be Friday, November 13. Similarly, Wednesday, November 11, 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. As a reminder, if the initial Closing Disclosure is received on November 11, 2020, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on Veterans Day, the NewRez Wire Desk will be unable to process wires on Wednesday, November 11, 2020.
The Wire Desk will resume normal functions and hours on Thursday, November 12, 2020.