Please note that Monday, January 2 is a federal (legal, public) holiday. As a result, many banks and companies will not be open for business; therefore, this day is not included in the borrower’s rescission period or used as a disbursement day pursuant to Regulation Z (12 CFR Part 1026).
Most mortgage lenders and all banks will be closed for business on Monday, January 2. Monday January 2 is being observed for the holiday and is not considered a business day for recission purposes. The rescission period is three business days. Counting begins the business day after signing (consummation). Accordingly, the following rescission dates will apply for refinance loans closed on:
Monday, January 2 is not considered a business day for any purpose, including providing the Loan Estimate (LE), the 3-day delivery after application, the 7-day delivery prior to consummation, change of circumstance, appraisal delivery, or counting the days to ensure the consumer received the Closing Disclosure (CD) timely.
Closing
Contact title companies for their holiday signing schedule.
Funding/Wire
Since banks will not be operating on Monday, January 2, Wire Desks will be unable to process wires.
