Bulletin 2024-007 Rescissions & Disbursements for Independence Day 2024 (FHLB Chi)
Newrez LLC "Newrez" Approved FHLB Chicago Members: please note that Thursday, July 4, 2024, is Independence Day, a federal holiday. Newrez will be closed for business.
Thursday, July 4, 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 Saturday, June 29, the earliest date that settlement could occur would be Wednesday, July 3. If the consumer receives the initial CD on Monday, July 1, the earliest date that settlement could occur would be Friday, July 5. Similarly, Thursday, July 4, 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 Thursday, July 4, 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: |
|
Saturday, June 29 |
Wednesday, July 3 |
Friday, July 5 |
|
Monday, July 1 |
Friday, July 5 |
Monday, July 8 |
|
Tuesday, July 2 |
Saturday, July 6 |
Monday, July 8 |
|
Wednesday, July 3 |
Monday, July 8 |
Tuesday, July 9 |
Wire Desk
Since banks will not operate on Independence Day, the Newrez Wire Desk will be unable to process wires on Thursday, July 4, 2024.
The Wire Desk will resume normal functions and hours on Friday, July 5, 2024.
Bulk Desk
The Bulk Desk will be closed on Thursday, July 4, 2024.
The Bulk Desk will resume normal functions and hours on Friday, July 5, 2024.