Rescissions & Disbursements for Independence Day 2022
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, July 4, 2022, is Independence Day, a federal holiday. Newrez will be closed for business.
Monday, July 4, 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, June 29, the earliest date that settlement could occur would be Saturday, July 2. If the consumer receives the initial CD on Thursday, June 30, the earliest date that settlement could occur would be Tuesday, July 5. Similarly, Monday, July 4, 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, July 4, 2022, it cannot be considered received until the next business day, and therefore the earliest date that settlement could occur would be Friday, July 8.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, June 29 |
Saturday, July 2 |
Tuesday, July 5 |
|
Thursday, June 30 |
Tuesday, July 5 |
Wednesday, July 6 |
|
Friday, July 1 |
Wednesday, July 6 |
Thursday, July 7 |
|
Saturday, July 2 |
Thursday, July 7 |
Friday, July 8 |
Wire Desk
Since banks will not operate on Independence Day, the Wire Desk will be unable to process wires on Monday, July 4, 2022.
The Wire Desk will resume normal functions and hours on Tuesday, July 5, 2022.
Bulk Desk
The Bulk Desk will be closed on Monday, July 4, 2022.
The Bulk Desk will resume normal functions and hours on Tuesday, July 5, 2022.