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A borrower signs the note and mortgage for a re-finance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial
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A borrower signs the note and mortgage for a re-finance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)?

User Chris Andrews
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Answer: The earliest the funds could be disbursed would be Wednesday the 6th.

Step-by-step explanation:

Federal holidays and Sundays are not counted when considering the 3business days rescission period for loans principal residences. The borrower has the opportunity till midnight on these 3 business days after landing papers are signed, the days are Saturday, Monday and Tuesday. With this consideration's, the earliest the funds could be disbursed would be Wednesday the 6th.

User Fahri Azimov
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