Bulletin 2024-050 Rescissions & Disbursements for Labor Day Holiday 2024
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, September 2, 2024, is Labor 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, September 2, 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, August 28, the earliest date that settlement could occur would be Saturday, August 31. If the consumer receives the initial CD on Thursday, August 29, the earliest date that settlement could occur would be Tuesday, September 3. Similarly, Monday, September 2, 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, September 2, 2024, it cannot be considered received until the next business day.
The following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, August 28 |
Saturday, August 31 |
Tuesday, September 3 |
|
Thursday, August 29 |
Tuesday, September 3 |
Wednesday, September 4 |
|
Friday, August 30 |
Wednesday, September 4 |
Thursday, September 5 |
|
Saturday, August 31 |
Thursday, September 5 |
Friday, September 6 |
Wire Desk
Since banks will not operate on Juneteenth, the Newrez Wire Desk will be unable to process wires on Monday, September 2, 2024.
The Wire Desk will resume normal functions and hours on Tuesday, September 3, 2024.
Bulk Desk
The Bulk Desk will be closed on Monday, September 2, 2024.
The Bulk Desk will resume normal functions and hours on Tuesday, September 3, 2024.