Rescissions & Disbursements Veterans Day Holiday 2020

Please be aware that Wednesday, November 11th, 2020 is Veterans Day, which is a national holiday, and therefore, many banks and U.S. Postal Service will NOT be open for business. LenderSelect Mortgage Group will NOT be open for business.

It’s important to remember the following:

  • Wednesday, Nov. 11th cannot be included in the rescission period for rescindable loans
  • Since banks will not operate on Veterans Day, the LenderSelect Lock Desk will be unable to process locks that day- the Lock Desk will resume normal functions and hours on Thursday, Nov. 12th.

Accordingly, the following rescission dates will apply for loans closed on:

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Since Wednesday, November 11th is a federal holiday, the 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 Friday, Nov. 6, the earliest date that settlement could occur would be Tuesday, Nov. 10.

If the consumer receives the initial CD on Monday, Nov. 9, the earliest date that settlement could occur would be Friday, Nov. 13.  Similarly, Wednesday, Nov. 11, 2020, 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 CD is received on Nov. 11, it cannot be considered received until the next business day.

If you have any questions regarding this announcement, please reach out to your AE/sales manager.