Rescissions & Disbursements for Labor Day Holiday 2023

Bulletin 2023-064 Rescissions & Disbursements for Labor Day Holiday 2023

Newrez LLC "Newrez" Approved Correspondent Clients: please note that Monday, September 4, 2023, is Labor Day, a federal holiday. Newrez will be closed for business.

 

Monday, September 4, 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, August 30, the earliest date that settlement could occur would be Saturday, September 2. If the consumer receives the initial CD on Thursday, August 31, the earliest date that settlement could occur would be Tuesday, September 5. Similarly, Monday, September 4, 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, September 4, 2023, it cannot be considered received until the next business day.

 

The following rescission dates will apply for loans closed on:

 

If Closing
is on:

Then Rescission
Period Ends:

And Disbursements
Will Be On:

Wednesday, August 30

Saturday, September 2

Tuesday, September 5

Thursday, August 31

Tuesday, September 5

Wednesday, September 6

Friday, September 1

Wednesday, September 6

Thursday, September 7

Saturday, September 2

Thursday, September 7

Friday, September 8

 

Wire Desk

 

Since banks will not operate on Labor Day, the Wire Desk will be unable to process wires on Monday, September 4, 2023.

 

The Wire Desk will resume normal functions and hours on Tuesday, September 5, 2023.

 

Bulk Desk

 

The Bulk Desk will be closed on Monday, September 4, 2023.

 

The Bulk Desk will resume normal functions and hours on Tuesday, September 5, 2023.