Bulletin 2024-005 Rescissions & Disbursements for Juneteenth 2024 (FHLB Chi)
Newrez LLC "Newrez" Approved FHLB Chicago Clients: please note that Wednesday, June 19, 2024, is Juneteenth, a federal holiday. Therefore, many banks and the U.S. Postal Service will not be open for business, Newrez will be closed for business.
Wednesday, June 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 Friday, June 14, the earliest date that settlement could occur would be Tuesday, June 18. If the consumer receives the initial CD on Monday, June 17, the earliest date that settlement could occur would be Friday, June 21. Similarly, Wednesday, June 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 Wednesday, June 19, 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 |
|
Friday, June 14 |
Tuesday, June 18 |
Thursday, June 20 |
|
Saturday, June 15 |
Thursday, June 20 |
Friday, June 21 |
|
Monday, June 17 |
Friday, June 21 |
Monday, June 24 |
|
Tuesday, June 18 |
Saturday, June 22 |
Monday, June 24 |
Wire Desk
Since banks will not operate on Juneteenth, the Newrez Wire Desk will be unable to process wires on Wednesday, June 19, 2024.
The Wire Desk will resume normal functions and hours on Thursday, June 20, 2024.
Bulk Desk
The Bulk Desk will be closed on Wednesday, June 19, 2024.
The Bulk Desk will resume normal functions and hours on Thursday, June 20, 2024.