REMINDER – FEDERAL RIGHT OF RESCISSION
Friday (December 25) is a federal holiday and should not be counted in the federal three business day right of rescission.
REMINDER – TRID
Friday (December 25) is a federal holiday and should not be counted when calculating the seven business day waiting period between the delivery of the initial early disclosures and the closing. Friday (December 25) is a federal holiday and should not be counted when calculating the 3 business day waiting period for the 3 business day CD nor if a 3 business day redisclosure of a CD is required prior to closing.
REMINDER – TEXAS HOME EQUITY AND HOLIDAY
Unless a lender has internal guidelines prohibiting a Texas Home Equity loan from closing on a Federal Holiday, a Texas Home Equity loan may close on Friday (December 25) if the Home Equity preclosing disclosures are given to the owners and spouses of owners prior to or on Wednesday, December 23, and the closing is during that title company’s normal business hours on the 25th. Verify with the title company that they will issue the T-42 and T-42.1 with no deletions (other than the agricultural exemption deletions, if applicable)
PLEASE NOTE FOR DISCLOSURE AND FUNDING: Some lenders will not be open and will not be funding on Friday (December 25). If your funding date falls on Friday (December 25), please check with your lender and verify whether they will be funding on Friday (December 25).
If you have any questions, please contact one of the attorneys.