My bank has a mortgage department (not a separate division). On the Loan Estimate's provided by the department Saturday is counted as a business day. The reasoning is that the mortgage department takes applications and can lock rates on Saturday; however the bank is not open for any business (branches closed, etc.). If an LE is prepared on the bank side (lot loans or consumer construction loans), Saturday is not counted as a business day. The examiners, external consultants and internal auditors have never cited this as an issue. I can't wrap my head around how this is acceptable.
Thoughts?
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