Bulletin 2024-001 Rescissions & Disbursements for Martin Luther King, Jr. Holiday 2024
Newrez LLC "Newrez" Approved Correspondent Clients please note that Monday, January 15, 2024, 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 15, 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 Wednesday, January 10, the earliest date that settlement could occur would be Saturday, January 13. If the consumer receives the initial CD on Thursday, January 11, the earliest date that settlement could occur would be Tuesday, January 16. Similarly, Monday, January 15, 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 15, 2024, it cannot be considered received until the next business day, Tuesday, January 16, 2024.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, January 10 |
Saturday, January 13 |
Tuesday, January 16 |
|
Thursday, January 11 |
Tuesday, January 16 |
Wednesday, January 17 |
|
Friday, January 12 |
Wednesday, January 17 |
Thursday, January 18 |
|
Saturday, January 13 |
Thursday, January 18 |
Friday, January 19 |
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 15, 2024.
The Wire Desk will resume normal functions and hours on Tuesday, January 16, 2024.
Bulk Desk
The Bulk Desk will be closed on Monday, January 15, 2024.The Bulk Desk will resume normal functions and hours on Tuesday, January 16, 2024.