Rescissions & Disbursements for Memorial Day 2022
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, May 30, 2022, 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 30, 2022
It is important to remember the following:
- Monday, May 30, 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, May 30, 2022.
- See “Bulk Desk" below for important information regarding the Newrez Bulk Desk on Monday, May 30, 2022.
The following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, May 25 |
Saturday, May 28 |
Tuesday, May 31 |
|
Thursday, May 26 |
Tuesday, May 31 |
Wednesday, June 1 |
|
Friday, May 27 |
Wednesday, June 1 |
Thursday, June 2 |
|
Saturday, May 28 |
Thursday, June 2 |
Friday, June 3 |
Additional Compliance Reminders
Monday, May 30, 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, May 25, the earliest date that settlement could occur would be Saturday, May 28. If the consumer receives the initial CD on Friday, May 27, the earliest date that settlement could occur would be Wednesday, June 1. Similarly, Monday, May 30, 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, May 30, 2022, 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 30, 2022.
The Wire Desk will resume normal functions and hours on Tuesday, May 31, 2022.
Bulk Desk
The Bulk Desk will be closed on Monday, May 30, 2022.
The Bulk Desk will resume normal functions and hours on Tuesday, May 31, 2022.