Rescissions & Disbursements for Memorial Day 2021
Overview
NewRez LLC "NewRez" Approved Correspondent Clients: please note that Monday, May 31, 2021, is Memorial 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, May 31, 2021
It is important to remember the following:
- Monday, May 31, 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, May 31, 2021. Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, May 26 |
Saturday, May 29 |
Tuesday, June 1 |
|
Thursday, May 27 |
Tuesday, June 1 |
Wednesday, June 2 |
|
Friday, May 28 |
Wednesday, June 2 |
Thursday, June 3 |
|
Saturday, May 29 |
Thursday, June 4 |
Friday, June 4 |
Additional Compliance Reminders
Monday, May 31, 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, May 26, the earliest date that settlement could occur would be Saturday, May 29. If the consumer receives the initial CD on Friday, May 28, the earliest date that settlement could occur would be Wednesday, June 2. Similarly, Monday, May 31, 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, May 31, 2021, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on Memorial Day, the NewRez Wire Desk will be unable to process wires on Monday, May 31, 2021.
The Wire Desk will resume normal functions and hours on Tuesday, June 1, 2021.