Bulletin 2023-084 Rescissions & Disbursements for Christmas Holiday and New Year's Day
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Christmas Day 2023 and New Year's Day 2024 are federal holidays. As a result, Newrez will be closed for business on Monday, December 25, 2023 and Monday, January 1, 2024.
Have a safe and wonderful Holiday Season!
Monday, December 25, 2023
Monday, December 25, 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 Tuesday, December 19, the earliest date that settlement could occur would be Friday, December 22. If the consumer receives the initial CD on Wednesday, December 20, the earliest date that settlement could occur would be Saturday, December 23. Similarly, Monday, December 25, 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, December 25, 2023, it cannot be considered received until the next business day, December 26, 2023.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Tuesday, December 19 |
Friday, December 22 |
Tuesday, December 26 |
|
Wednesday, December 20 |
Saturday, December 23 |
Tuesday, December 26 |
|
Thursday, December 21 |
Tuesday, December 26 |
Wednesday, December 27 |
|
Friday, December 22 |
Wednesday, December 27 |
Thursday, December 28 |
Monday, January 1, 2024
Monday, January 1, 2024 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 Tuesday, December 26, the earliest date that settlement could occur would be Friday, December 29. If the consumer receives the initial CD on Wednesday, December 27, the earliest date that settlement could occur would be Saturday, December 30. Similarly, Monday, January 1, 2024, 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 1, 2024, it cannot be considered received until the next business day, January 2, 2024.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Tuesday, December 26 |
Friday, December 29 |
Tuesday, January 2 |
|
Wednesday, December 27 |
Saturday, December 30 |
Tuesday, January 2 |
|
Thursday, December 28 |
Tuesday, January 2 |
Wednesday, January 3 |
|
Friday, December 29 |
Wednesday, January 3 |
Thursday, January 4 |
Wire Desk
The Wire Desk will be closed on Monday, December 25, 2023 and on Monday, January 1, 2024.
Bulk Desk
The Bulk Desk will close at 12pm Eastern on Friday, December 22, 2023 and Friday, December 29, 2023. In addition, the Bulk Desk will be closed on Monday, December 25, 2023 and on Monday, January 1, 2024.
Registration/Lock Desk
The Registration/Lock Desk will be staffed until 6 PM ET on Friday, December 22, 2023 with limited phone coverage. From December 23-29, 2023, the Registration/Lock desk will be staffed from 9:00 AM ET – 6:00 PM ET. Standard overnight rate protection will continue as usual beginning at 5 PM Local time, and expiring at 7 AM ET the next business day.
The Registration/Lock Desk will be closed on Monday, December 25, 2023 and on Monday, January 1, 2024.