Rescissions & Disbursements for Martin Luther King, Jr. Holiday 2021
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Monday, January 18, 2021, is Martin Luther King, Jr. 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, January 18, 2021
It is important to remember the following:
- Monday, January 18, 2021, cannot be included in the rescission period for rescindable loans.
- See “Wire Desk" below for important information regarding the NewRez Wire Desk on Monday, January 18, 2021.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, January 13 |
Saturday, January 16 |
Tuesday, January 19 |
|
Thursday, January 14 |
Tuesday, January 19 |
Wednesday, January 20 |
|
Friday, January 15 |
Wednesday, January 20 |
Thursday, January 21 |
|
Saturday, January 16 |
Thursday, January 21 |
Friday, January 22 |
Additional Compliance Reminders
Monday, January 18, 2021, 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, January 13, the earliest date that settlement could occur would be Saturday, January 16. If the consumer receives the initial CD on Thursday, January 14, the earliest date that settlement could occur would be Tuesday, January 19. Similarly, Monday, January 18, 2021, 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 Monday, January 18, 2021, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on Martin Luther King, Jr. Day, the NewRez Wire Desk will be unable to process wires on Monday, January 18, 2021.
The Wire Desk will resume normal functions and hours on Tuesday, January 19, 2021.