Question

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)?

Answer 1

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

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.