Rescissions & Disbursements for President’s Day Holiday 2023
Newrez LLC "Newrez" Approved Correspondent Clients please note that Monday, February 20, 2023, is President’s 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, February 20, 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, February 15, the earliest date that settlement could occur would be Saturday, February 18. If the consumer receives the initial CD on Thursday, February 16, the earliest date that settlement could occur would be Tuesday, February 21. Similarly, Monday, February 20, 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, February 20, 2023, it cannot be considered received until the next business day, Tuesday, February 21, 2023.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, February 15 |
Saturday, February 18 |
Tuesday, February 21 |
|
Thursday, February 16 |
Tuesday, February 21 |
Wednesday, February 22 |
|
Friday, February 17 |
Wednesday, February 22 |
Thursday, February 23 |
|
Saturday, February 18 |
Thursday, February 23 |
Friday, February 24 |
Wire Desk
Since banks will not operate on President’s Day the Wire Desk will be unable to process wires on Monday, February 20, 2023.
The Wire Desk will resume normal functions and hours on Tuesday, February 21, 2023.
Bulk Desk
The Bulk Desk will be closed on Monday, February 20, 2023.The Bulk Desk will resume normal functions and hours on Tuesday, February 21, 2023.