Rescissions & Disbursements for Columbus Day Holiday

Bulletin 2024-060 Rescissions & Disbursements for Columbus Day Holiday

Newrez LLC "Newrez" Approved Correspondent Clients: Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, October 14, 2024, is Columbus Day, a federal holiday. Newrez will be open for business.

 

Monday, October 14, 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, October 9, the earliest date that settlement could occur would be Saturday, October 12. If the consumer receives the initial CD on Thursday, October 10, the earliest date that settlement could occur would be Tuesday, October 15. Similarly, Monday, October 14, 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, October 14, 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, October 9

Saturday, October 12

Tuesday, October 15

Thursday, October 10

Tuesday, October 15

Wednesday, October 16

Friday, October 11

Wednesday, October 16

Thursday, October 17

Saturday, October 12

Thursday, October 17

Friday, October 18

 

 Wire Desk

 

Since banks will not operate on Columbus Day, the Newrez Wire Desk will be unable to process wires on Monday, October 14, 2024.

 

The Wire Desk will resume normal functions and hours on Tuesday, October 15, 2024.

 

Bulk Desk

 

The Bulk Desk will be closed on Monday, October 14, 2024.

 

The Bulk Desk will resume normal functions and hours on Tuesday, October 15, 2024.