Rescissions & Disbursements for President’s Day 2022
Newrez Approved Correspondent Client: please note that Monday, February 21, 2022, 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 21, 2022
It is important to remember the following:
- Monday, February 21, 2022, 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 21, 2022.
- See “Bulk Desk" below for important information regarding the Newrez Bulk Desk on Monday, February 21, 2022.
The following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, February 16 |
Saturday, February 19 |
Tuesday, February 22 |
|
Thursday, February 17 |
Tuesday, February 22 |
Wednesday, February 23 |
|
Friday, February 18 |
Wednesday, February 23 |
Thursday, February 24 |
|
Saturday, February 19 |
Thursday, February 24 |
Friday, February 25 |
Additional Compliance Reminders
Monday, February 21, 2022, 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 16, the earliest date that settlement could occur would be Saturday, February 19. If the consumer receives the initial CD on Friday, February 18, the earliest date that settlement could occur would be Wednesday, February 23. Similarly, February 21, 2022, 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 21, 2022, it cannot be considered received until the next business day.
Wire Desk
Since banks will not operate on President’s Day, the Wire Desk will be unable to process wires on Monday, February 21, 2022.
The Wire Desk will resume normal functions and hours on Tuesday, February 22, 2022.
Bulk Desk
The Bulk Desk will be closed on Monday, February 21, 2022.
The Bulk Desk will resume normal functions and hours on Tuesday, February 22, 2022.