Rescissions & Disbursements for Memorial Day 2024

Bulletin 2024-030 Rescissions & Disbursements for Memorial Day 2024

Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, May 27, 2024, is Memorial 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, May 27, 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, May 22, the earliest date that settlement could occur would be Saturday, May 25. If the consumer receives the initial CD on Friday, May 24, the earliest date that settlement could occur would be Wednesday, May 29. Similarly, Monday, May 27, 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, May 27, 2024, it cannot be considered received until the next business day.

 

The following rescission dates will apply for loans closed on:

 

If Closing
is on:

Then Rescission
Period Ends:

And Disbursements
Will Be On:

Wednesday, May 22

Saturday, May 25

Tuesday, May 28

Thursday, May 23

Tuesday, May 28

Wednesday, May 29

Friday, May 24

Wednesday, May 29

Thursday, May 30

Saturday, May 25

Thursday, May 30

Friday, May 31

 

Wire Desk

 

Since banks will not operate on Memorial Day, the Newrez Wire Desk will be unable to process wires on Monday, May 27, 2024.

 

The Wire Desk will resume normal functions and hours on Tuesday, May 28, 2024.

 

Bulk Desk

 

The Bulk Desk will be closed on Monday, May 27, 2024.

 

The Bulk Desk will resume normal functions and hours on Tuesday, May 28, 2024.