Rescissions & Disbursements for Thanksgiving Holiday 2020
Overview
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Thursday, November 26, 2020, is Thanksgiving, a federal holiday. Therefore, many banks and the U.S. Postal Service will not be open for business. NewRez will be closed for business.
Thursday, November 26, 2020
It is important to remember the following:
- Thursday, November 26, 2020, cannot be included in the rescission period for rescindable loans.
- See “Wire Desk" below for important information regarding the NewRez Wire Desk on Thursday, November 26, 2020.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Saturday, November 21 |
Wednesday, November 25 |
Friday, November 27 |
|
Monday, November 23 |
Friday, November 27 |
Monday, November 30 |
|
Tuesday, November 24 |
Saturday, November 28 |
Monday, November 30 |
|
Wednesday, November 25 |
Monday, November 30 |
Tuesday, December 1 |
Additional Compliance Reminders
Thursday, November 26, 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 Saturday, November 21, the earliest date that settlement could occur would be Wednesday, November 25. If the consumer receives the initial CD on Tuesday, November 24, the earliest date that settlement could occur would be Saturday, November 28. Similarly, Thursday, November 26, 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 26, 2020, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on Thanksgiving, the NewRez Wire Desk will be unable to process wires on Thursday, November 26, 2020.
The Wire Desk will resume normal functions and hours on Friday, November 27, 2020.