Announcement 2025-029 Rescissions & Disbursements for Memorial Day 2025
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, May 26, 2025, is Memorial 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, May 26, 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, May 21, the earliest date that settlement could occur would be Saturday, May 24. If the consumer receives the initial CD on Friday, May 23, the earliest date that settlement could occur would be Wednesday, May 28. Similarly, Monday, May 26, 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, May 26, 2025, 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 |
|
Wednesday, May 21 |
Saturday, May 24 |
Tuesday, May 27 |
|
Thursday, May 22 |
Tuesday, May 27 |
Wednesday, May 28 |
|
Friday, May 23 |
Wednesday, May 28 |
Thursday, May 29 |
|
Saturday, May 24 |
Thursday, May 29 |
Friday, May 30 |
Wire Desk
Since banks will not operate on Memorial Day, the Newrez Wire Desk will be unable to process wires on Monday, May 26, 2025.
The Wire Desk will resume normal functions and hours on Tuesday, May 27, 2025.
Bulk Desk
The Bulk Desk will be closed on Monday, May 26, 2025.
The Bulk Desk will resume normal functions and hours on Tuesday, May 27, 2025.