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#2152879 - 11/09/17 05:50 PM Veterans Day on Saturday
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
If we issue CD today (11/9) can we close on Monday (11/13) even though Saturday is Veterans Day?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2152899 - 11/09/17 06:55 PM Re: Veterans Day on Saturday mdog76
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,959
Galveston, TX
No - Saturday is not a business day for the three business day closing requirement.

Official Interpretation

2(a)(6) Business Day
2. Rule for rescission, disclosures for certain mortgage transactions, and private education loans. A more precise rule for what is a business day (all calendar days except Sundays and the Federal legal holidays specified in 5 U.S.C. 6103(a)) applies when the right of rescission, the receipt of disclosures for certain dwelling- or real estate-secured mortgage transactions under §§ 1026.19(a)(1)(ii), 1026.19(a)(2), 1026.19(e)(1)(iii)(B), 1026.19(e)(1)(iv), 1026.19(e)(2)(i)(A), 1026.19(e)(4)(ii), 1026.19(f)(1)(ii), 1026.19(f)(1)(iii), 1026.20(e)(5), 1026.31(c), or the receipt of disclosures for private education loans under § 1026.46(d)(4) is involved. Four Federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New Year's Day, January 1; Independence Day, July 4; Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for example) falls on a Saturday, Federal offices and other entities might observe the holiday on the preceding Friday (July 3). In cases where the more precise rule applies, the observed holiday (in the example, July 3) is a business day.
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