Announcement 2025-043 Rescissions & Disbursements for Independence Day 2025
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Friday, July 4, 2025, is Independence Day, a federal holiday. Newrez will be closed for business.
Friday, July 4, 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 Monday, June 30, the earliest date that settlement could occur would be Thursday, July 3. If the consumer receives the initial CD on Tuesday, July 1, the earliest date that settlement could occur would be Saturday, July 5. Similarly, Friday, July 4, 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 Friday, July 4, 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 |
|
Monday, June 30 |
Thursday, July 3 |
Monday, July 7 |
|
Tuesday, July 1 |
Saturday, July 5 |
Monday, July 7 |
|
Wednesday, July 2 |
Monday, July 7 |
Tuesday, July 8 |
|
Thursday, July 3 |
Tuesday, July 8 |
Wednesday, July 9 |
Wire Desk
Since banks will not operate on Independence Day, the Newrez Wire Desk will be unable to process wires on Friday, July 4, 2025.
The Wire Desk will resume normal functions and hours on Monday, July 7, 2025.
Bulk Desk
The Bulk Desk will be closed on Friday, July 4, 2025.
The Bulk Desk will resume normal functions and hours on Monday, July 7, 2025.