Bulletin 2025-011 Rescissions & Disbursements for Presidents Day Holiday 2025
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, February 17, 2025, 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 17, 2025 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 12, the earliest date that settlement could occur would be Saturday, February 15. If the consumer receives the initial CD on Thursday, February 13, the earliest date that settlement could occur would be Tuesday, February 18. Similarly, Monday, February 17, 2025, 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 17, 2025, it cannot be considered received until the next business day, Tuesday, February 18, 2025.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Wednesday, February 12 |
Saturday, February 15 |
Tuesday, February 18 |
|
Thursday, February 13 |
Tuesday, February 18 |
Wednesday, February 19 |
|
Friday, February 14 |
Wednesday, February 19 |
Thursday, February 20 |
|
Saturday, February 15 |
Thursday, February 20 |
Friday, February 21 |
Wire Desk
Since banks will not operate on Presidents Day the Wire Desk will be unable to process wires on Monday, February 17, 2025.
The Wire Desk will resume normal functions and hours on Tuesday, February 18, 2025.
Bulk Desk
The Bulk Desk will be closed on Monday, February 17, 2025. The Bulk Desk will resume normal functions and hours on Tuesday, February 18, 2025.