Rescissions & Disbursements for Memorial Day 2023
Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, May 29, 2023, 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 29, 2023, 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 24, the earliest date that settlement could occur would be Saturday, May 27. If the consumer receives the initial CD on Friday, May 26, the earliest date that settlement could occur would be Wednesday, May 31. Similarly, Monday, May 29, 2023, 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 29, 2023, 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 24 |
Saturday, May 27 |
Tuesday, May 30 |
|
Thursday, May 25 |
Tuesday, May 30 |
Wednesday, May 31 |
|
Friday, May 26 |
Wednesday, May 31 |
Thursday, June 1 |
|
Saturday, May 27 |
Thursday, June 1 |
Friday, June 2 |
Wire Desk
Since banks will not operate on Memorial Day, the Newrez Wire Desk will be unable to process wires on Monday, May 29, 2023.
The Wire Desk will resume normal functions and hours on Tuesday, May 30, 2023.
Bulk Desk
The Bulk Desk will be closed on Monday, May 29, 2023.
The Bulk Desk will resume normal functions and hours on Tuesday, May 30, 2023.