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Bulletin 2020-046 4th of July Holiday Reminder

With the July 4th holiday approaching and falling on a Saturday, this announcement provides details of how the holiday will be handled this year from a Compliance perspective.

With the July 4th holiday approaching and falling on a Saturday, this announcement provides details of how the holiday will be handled this year from a Compliance perspective.

 

Initial Disclosure and Redisclosure Due Dates:

 

  • Both July 3rd and July 4th will be excluded from the count since NewRez is not open for business on either day.
  • For example, a loan with an application date of July 2nd must have disclosures sent by July 8th. The same count applies to Redisclosures after a valid changed circumstance.

 

Initial Closing Disclosure 3-day Cool Off and Rescission Calculation:

 

  • July 3rd will count in the calculation, July 4th will be excluded.
  • For example, an Initial Closing Disclosure generated on July 2nd will have an earliest close date of July 7th and a refinance closing on July 2nd will have a rescission expiration of midnight on July 7th.

 

 

Please contact your NewRez Regional Account Manager with any questions