Rescissions & Disbursements for Columbus Day Holiday 2022
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, October 10, 2022, is Columbus Day, a federal holiday. Newrez will be open for business.
Monday, October 10, 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, October 5, the earliest date that settlement could occur would be Saturday, October 8. If the consumer receives the initial CD on Thursday, October 6, the earliest date that settlement could occur would be Tuesday, October 11. Similarly, Monday, October 10, 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, October 10, 2022, it cannot be considered received until the next business day, October 11, 2022.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, October 5 |
Saturday, October 8 |
Tuesday, October 11 |
|
Thursday, October 6 |
Tuesday, October 11 |
Wednesday, October 12 |
|
Friday, October 7 |
Wednesday, October 12 |
Thursday, October 13 |
|
Saturday, October 8 |
Thursday, October 13 |
Friday, October 14 |
Wire Desk
Since banks will not operate on Columbus Day, the Wire Desk will be unable to process wires on Monday, October 10, 2022.
The Wire Desk will resume normal functions and hours on Tuesday, October 11, 2022.
Bulk Desk
The Bulk Desk will be closed on Monday, October 10, 2022.
The Bulk Desk will resume normal functions and hours on Tuesday, October 11, 2022.