We have Loan Officers who work 24 - 7 who don't understand the meaning of Business Day when disclosing the GFE and providing the 10 days the terms are good through. Is there anywhere in RESPA that I can go to quote the regulation relating to this?

We told them when disclosing on a Saturday or Sunday that they should date their GFE with Monday's date if it is not a Federal Holiday. Any help in document the ethics of this would be appreciated.

Nothing in RESPA that I am aware of prohibits providing the GFE on a non-business day. However, your waiting periods would not begin until the first business day after it was provided. As an example. Saturday and Sundays are not business days for us.

GFE provided on May 25, 2013. The rate would be good until 4:00 PM on May 28, 2013. The 10 business days would expire on June 10, 2013. May 27, 2013 is Memorial Day and is not counted as a business day.

As for references. Provide them the definition of business day found in 1024.2 and a copy of 1024.7(c) for the required 10 business days availability of the GFE terms.

I agree with Dan. If I were out at an open house on Sunday and able to prepare my own GFE from there, I would date it then. Everything else works off of business day. Do your research and pull the pertinent sections of the Reg out, such as the sample below:

Business day means a day on which the offices of the business entity are open to the public for carrying on substantially all of the entity's business functions.

a) Lender to provide. (1) Except as otherwise provided in paragraphs (a), (b), or (h) of this section, not later than 3 business days after a lender receives an application, or information sufficient to complete an application, the lender must provide the applicant with a GFE. In the case of dealer loans, the lender must either provide the GFE or ensure that the dealer provides the GFE.

(c) Availability of GFE terms. Except as provided in this paragraph, the estimate of the charges and terms for all settlement services must be available for at least 10 business days from when the GFE is provided, but it may remain available longer, if the loan originator extends the period of availability. The estimate for the following charges are excepted from this requirement: the interest rate, charges and terms dependent upon the interest rate, which includes the charge or credit for the interest rate chosen, the adjusted origination charges, and per diem interest.

OK. So you would count the 28th as part of your 10 days for line 2 of the Important Dates? Normally if disclosing on the 28th we would not start counting until the 29th. Then the 10 days would expire on the 11th.

We have had problems with our processors using the Reg Z calendar and putting in the date the LO discloses the GFE which is on the 25th as per your example. If we instruct our processors not to put in the non-business day, i.e. May 25th. They would have to use the 28th as the GFE disclousure date, correct? When doing that the Important Dates line 2 is June 11th not the 10th per the spreadsheet.

Which is correct?

Start your count on the first business day (skip weekends/holidays). YOu can also always allow more than 10 if you want to.

I just entered the dates on the Reg Z worksheet, with application and earlies done on Saturday, May 25th, and all came out as it should. The rate availability remained at 5/25, however, but that varies depending on bank rules...if you can guarantee that rate thru Monday at X time, then you can put that in on your form.

If there is a chance the rate will change Monday am...I'd keep it on the day the GFE was prepared, unless a rate was locked, or course.

If a GFE is redisclosed, does the Important Dates section number 2 (all other settlement charges is available through) have to remain the same as originally disclosed or should that date also change to at least 10 business days from the redisclosure? I looked in the FAQs and some of the Round Ups and can't confirm this.

As always, thank you!