Bulletin 2024-008 Rescissions & Disbursements for Presidents Day Holiday 2024
Newrez LLC "Newrez" Approved Correspondent Clients please note that Monday, February 19, 2024, is Presidents 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 19, 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, February 14, the earliest date that settlement could occur would be Saturday, February 17. If the consumer receives the initial CD on Thursday, February 15, the earliest date that settlement could occur would be Tuesday, February 20. Similarly, Monday, February 19, 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, February 19, 2024, it cannot be considered received until the next business day, Tuesday, February 20, 2024.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, February 14 |
Saturday, February 17 |
Tuesday, February 20 |
|
Thursday, February 15 |
Tuesday, February 20 |
Wednesday, February 21 |
|
Friday, February 16 |
Wednesday, February 21 |
Thursday, February 22 |
|
Saturday, February 17 |
Thursday, February 22 |
Friday, February 23 |
Wire Desk
Since banks will not operate on Presidents Day the Wire Desk will be unable to process wires on Monday, February 19, 2024.
The Wire Desk will resume normal functions and hours on Tuesday, February 20, 2024.
Bulk Desk
The Bulk Desk will be closed on Monday, February 19, 2024.The Bulk Desk will resume normal functions and hours on Tuesday, February 20, 2024.