CFPB TRID Sec. 9 - What definition of “business day” applies to redisclosure rules?

Compliance > Regulation Z - TILA / TRID Specific > Loan Estimates
Q:  What definition of “business day” applies to redisclosure rules?
 
A:  For purposes of providing a revised Loan Estimate within three business days of receiving information sufficient to establish that an event permitting redisclosure has occurred, the standard definition of business day applies. (See section 6.14 above, in the Bureau’s compliance guide)
 
However, for purposes of the four-business-day period prior to consummation, “business day” means all calendar days except Sundays and legal public holidays specified in 5 U.S.C. 6103(a) such as New Year’s Day, the Birthday of Martin Luther King, Jr., Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day. (Comment 19(e)(4)(ii)-1; § 1026.2(a)(6) and Comment 2(a)(6)-2)
 
 
This Loan Estimate / LE information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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