July 1 Recission date -- BEWARE!

The NNA’s 2021 recission calendar incorrectly calls the last date to cancel, for loans signed today, as July 5, 2021.
This ignores the fact that July 5 is the observed federal holiday for Independence Day, so the last date to cancel is July 6, 2021.


Thanks for that. I have one today that has that problem. Is the borrower supposed to make the correction or can I?


I’d employ caution in regard to this situation & reach out directly to your ‘hiring party’ to request their guidance/insight in how they’d prefer you to manage it. :sparkles::angel:


Good advice. I’m learning to rely mostly on calling because lenders have different opinions on everything.


Good call Mr. Trent !!!

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July 5th is the “federal” holiday for government employees, and maybe banks and some other businesses, but not necessarily excluded from the rescission period. If Christmas is on a Sunday, government employees might get Monday off, but Dec. 26th is still counted in the three day rescission. It’s best to always contact your hiring party to verify. If the date does need to be changed, the borrower is the one to make the changes and they have to initial and date all the changes. This rule applies to any time a change is made on the RTC.