Rescissions & Disbursements for President’s Day 2021
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Monday, February 15, 2021, is President’s Day (also known as Washington’s Birthday), 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, February 15, 2021
It is important to remember the following:
- Monday, February 15, 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, February 15, 2021.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, February 10 |
Saturday, February 13 |
Tuesday, February 16 |
|
Thursday, February 11 |
Tuesday, February 16 |
Wednesday, February 17 |
|
Friday, February 12 |
Wednesday, February 17 |
Thursday, February 18 |
|
Saturday, February 13 |
Thursday, February 18 |
Friday, February 19 |
Additional Compliance Reminders
Monday, February 15, 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, February 10, the earliest date that settlement could occur would be Saturday, February 13. If the consumer receives the initial CD on Friday, February 12, the earliest date that settlement could occur would be Wednesday, February 17. Similarly, Monday, February 15, 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, February 15, 2021, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on President’s Day, the NewRez Wire Desk will be unable to process wires on Monday, February 15, 2021.
The Wire Desk will resume normal functions and hours on Tuesday, February 16, 2021.