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#2260949 - 10/08/21 05:11 PM CD Delivery & Monday's Holiday
Believing... Offline
Gold Star
Joined: Apr 2012
Posts: 346
In the mountains
I always second guess myself when this holiday rolls around. The bank is open on Columbus Day. If a borrower picks up his CD today, 10/8, can we close the loan on Monday or do we wait until Tuesday.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2260951 - 10/08/21 05:35 PM Re: CD Delivery & Monday's Holiday Believing...
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
You never count Sunday so you can't close on Monday no matter what.
this chart will help

Using the chart, albeit somewhat backwards, if you deliver today you couldn't close till Tuesday. With Monday being a legal holiday, whether you're open or not, I would opine that you shouldn't close till Wednesday.

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#2260969 - 10/08/21 08:12 PM Re: CD Delivery & Monday's Holiday Believing...
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
I would opine that you shouldn't close till Wednesday.

If the disclosure is hand delivered today Wednesday is the earliest closing date. You never count the day of delivery in the # of days and Monday is not a business day.

Today - day zero - Saturday Business day 1, Tuesday Business day 2, Wednesday Business day 3 and you can close on the 3rd business day.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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