Rescissions & Disbursements for Martin Luther King, Jr. Holiday 2023
Newrez LLC "Newrez" Approved Correspondent Clients please note that Monday, January 16, 2023, is Martin Luther King, Jr. 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, January 16, 2023 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, January 11, the earliest date that settlement could occur would be Saturday, January 14. If the consumer receives the initial CD on Thursday, January 12, the earliest date that settlement could occur would be Tuesday, January 17. Similarly, Monday, January 16, 2023, 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, January 16, 2023, it cannot be considered received until the next business day, Tuesday, January 17, 2023.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, January 11 |
Saturday, January 14 |
Tuesday, January 17 |
|
Thursday, January 12 |
Tuesday, January 17 |
Wednesday, January 18 |
|
Friday, January 13 |
Wednesday, January 18 |
Thursday, January 19 |
|
Saturday, January 14 |
Thursday, January 19 |
Friday, January 20 |
Wire Desk
Since banks will not operate on Martin Luther King, Jr. Holiday, the Wire Desk will be unable to process wires on Monday, January 16, 2023.
The Wire Desk will resume normal functions and hours on Tuesday, January 17, 2023.
Bulk Desk
The Bulk Desk will be closed on Monday, January 16, 2023.The Bulk Desk will resume normal functions and hours on Tuesday, January 17, 2023.