Rescissions & Disbursements for Veterans Day Holiday 2021
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Thursday, November 11, 2021, is Veterans Day, a federal holiday. Therefore, many banks and the U.S. Postal Service will not be closed for business. Newrez will be closed for business.
Thursday, November 11, 2021
It is important to remember the following:
- Thursday, November 11, 2021, 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 11, 2021.
The following rescission dates will apply for loans closed on:
|
If Closing is on: |
Then Rescission Period Ends: |
And Disbursements Will Be On: |
|
Saturday, November 6 |
Wednesday, November 10 |
Friday, November 12 |
|
Monday, November 8 |
Friday, November 12 |
Monday, November 15 |
|
Tuesday, November 9 |
Saturday, November 13 |
Monday, November 15 |
|
Wednesday, November 10 |
Monday, November 15 |
Tuesday, November 16 |
Additional Compliance Reminders
Thursday, November 11, 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 Saturday, November 6, the earliest date that settlement could occur would be Wednesday, November 10. If the consumer receives the initial CD on Tuesday, November 9, the earliest date that settlement could occur would be Saturday, November 13. Similarly, Thursday, November 11, 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 Thursday, November 11, 2021, 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 Thursday, November 11, 2021.
The Wire Desk will resume normal functions and hours on Friday, November 12, 2021.