Bulletin 2024-014 Rescissions & Disbursements for Christmas Holiday/New Year's Day (Cinc/Indy)
Newrez LLC "Newrez" Approved FHLB Cincinnati and Indianapolis Members: please note that Christmas Day 2024 and New Year's Day 2025 are federal holidays. As a result, Newrez will be closed for business on Wednesday, December 25, 2024 and Wednesday, January 1, 2025.
Have a safe and wonderful Holiday Season!
Wednesday, December 25, 2024
Wednesday, December 25, 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, December 20, the earliest date that settlement could occur would be Tuesday, December 24. If the consumer receives the initial CD on Monday, December 23, the earliest date that settlement could occur would be Friday, December 27. Similarly, Wednesday, December 25, 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, December 25, 2024, it cannot be considered received until the next business day, December 26, 2024.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Friday, December 20 |
Tuesday, December 24 |
Thursday, December 26 |
|
Saturday, December 21 |
Thursday, December 26 |
Friday, December 27 |
|
Monday, December 23 |
Friday, December 27 |
Monday, December 30 |
|
Tuesday, December 24 |
Saturday, December 28 |
Monday, December 30 |
Wednesday, January 1, 2025
Wednesday, January 1, 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 Friday, December 27, the earliest date that settlement could occur would be Tuesday, December 31. If the consumer receives the initial CD on Monday, December 30, the earliest date that settlement could occur would be Friday, January 3. Similarly, Wednesday, January 1, 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 Wednesday, January 1, 2025, it cannot be considered received until the next business day, January 2, 2025.
Accordingly, the following rescission dates will apply for loans closed on:
|
If Closing |
Then Rescission |
And Disbursements |
|
Friday, December 27 |
Tuesday, December 31 |
Thursday, January 2 |
|
Saturday, December 28 |
Thursday, January 2 |
Friday, January 3 |
|
Monday, December 30 |
Friday, January 3 |
Monday, January 6 |
|
Tuesday, December 31 |
Saturday, January 4 |
Monday, January 6 |
Wire Desk
The Wire Desk will be closed on Wednesday, December 25, 2024 and on Wednesday, January 1, 2025.
Bulk Desk
The Bulk Desk will close at 12pm Eastern on Tuesday, December 24, 2024 and Tuesday, December 31, 2024. In addition, the Bulk Desk will be closed on Wednesday, December 25, 2024 and on Wednesday, January 1, 2025.
Registration/Lock Desk
The Registration/Lock Desk will be staffed until 6 PM ET on Tuesday, December 24, 2024 with limited phone coverage. From December 23-31, 2024, the Registration/Lock desk will be staffed from 9:00 AM ET – 6:00 PM ET. Standard overnight rate protection will continue as usual beginning at 5 PM Local time, and expiring at 7 AM ET the next business day.
The Registration/Lock Desk will be closed on Wednesday, December 25, 2024 and on Wednesday, January 1, 2025.