How Federal Holidays Affect The Mortgage Process

This guide covers how federal holidays affect the mortgage process. Many federal holidays are closed for operations. Sometimes, mortgage companies work during federal holidays because they do not delay the mortgage process and/or closings. However, there are instances when the banking system is closed, and wires cannot be completed. This article will discuss and cover how federal holidays affect the mortgage process.

How Federal Holidays Affect The Mortgage Process and Can Delay The Closing

Holidays are a great time to unite as Americans and enjoy time with our families. Many of us get a break from work. Most Americans do not know How Federal Holidays Affect the Mortgage Process. In this blog, we will detail what are federal holidays and How Federal Holidays Affect the Mortgage Process. We all know the major holidays like Thanksgiving and Christmas, but more holidays come into play, as well as How Federal Holidays Affect the Mortgage Process.

How Federal Holidays Affect The Mortgage Process And What Is Considered Federal Holidays

What holidays are considered Federal banking holidays?

Here is a list of federal banking holidays for the calendar year of 2024 and how federal holidays can affect the mortgage process:

• January 1 – New Year’s Day
• January 21 – Martin Luther King Jr Day
• February 18 – Washington’s Birthday / President’s Day
• May 27 – Memorial Day
• July 4 – Independence Day
• September 2 – Labor Day
• October 14 – Columbus Day
• November 11 – Veterans Day
• November 28 – Thanksgiving Day
• December 25 – Christmas Day

How Federal Holidays Affect Mortgage Process? We will discuss this topic in the following paragraph below.

Waiting Period Guidelines And How Federal Holidays Affect Mortgage Process

On October 3rd, 2015, new mortgage laws were put into place.

These laws have the acronym TRID. TRID stands for TILA-RESPA Integrated Disclosure (TILA – Truth In Lending Act. RESPA – Real Estate Settlement Procedures Act). This disclosure was designed to help consumers be more informed of their financial decision. This very clearly lays out the terms and fees of your new mortgage. They also have implemented waiting periods for closing. The waiting period is designed to give you time to make an educated decision on entering into the mortgage.

Mortgage Disclosures And How Federal Holidays Affect Mortgage Process

An explanation of how the waiting periods work is below:

• After you lock your interest rate on your mortgage, you will receive an updated loan estimate (LE) from the mortgage company
• You must acknowledge this on the electronic signature portal
• On the following calendar day (at the soonest) you will be sent a closing disclosure (CD) that goes over the final figures of your loan
• Once you receive your closing disclosure, the fees cannot go up
• They may only go down into your favor
• All parties on the mortgage must sign the closing disclosure
• Once that is signed, a three-day clock starts before you are allowed to close on your mortgage
• If you do not use electronic signatures, 7 days must elapse from the CD being sent
• The “mailbox rule” allows you to close on the loan)

In the mortgage industry, Sundays are the only days that do not count for the waiting periods. Saturday’s do count!

How Federal Holidays Affect The Mortgage Process: Refinance Rescission Period

Any time you complete a refinance on your primary residence, above and beyond the 3-day waiting period for TRID, you have a 3-day right to rescission. This gives you 3 full business days after closing to cancel your mortgage transaction. Sometimes clients get a change of heart and decide the refinance is not in their best interest. Although this is not common, is a right granted to you by the mortgage agencies.

Once again, we will cover how federal holidays affect the mortgage process. Sundays and federal banking holidays do not count or the 3-day rescission.

How Federal Holidays Affect The Mortgage Process on VA Loans

As we approach Memorial Day 2024, it is important to remember why we have this holiday. Memorial Day sometimes called Decoration Day is a Federal holiday put in place to honor and remember the persons who have died while serving in the United States armed forces. This holiday originated in the years following the Civil War. GCA Forums Mortgage Group honor our veterans in many ways. We offer VA mortgages without any LENDER OVERLAYS, participating programs such as HOMES FOR HEROES, and participate in local VA fundraising.

Honoring Memorial Day For Our Heroes

Memorial Day is currently observed on the last Monday in May, which happens to be May 27th, 2022. Fun Fact; from the years 1868 to 1970, Memorial Day was observed on May 30th. Many Americans consider the unofficial start of the summer vacation season to be Memorial Day. Many pools and outdoor activities open for the summer on Memorial Day weekend. Did you know that at 3 PM local time on Memorial Day, a national moment of remembrance takes place? We ask you to take place at this moment to remember those who have sacrificed their lives for our freedom. How Federal Holidays Affect Mortgage Banking? Lenders are closed during Memorial Day Holidays in honor of veterans of our U.S. Armed Services.

How Federal Holidays Affect The Mortgage Process: Memorial Day Is The Peak of The Home Buying Season

How federal holidays affect the mortgage process: Memorial Day occurs during the busy season for the mortgage industry. As children finish their school year, many parents try to move during the summer months to help their kids get ready for the following school year in a different school district. Real estate inventory seems to be highest during the spring and early summer months. So we see in an uptick in buying and selling homes. This is a great time of year to be a buyer or a seller.

How Federal Holidays Affect The Mortgage Process: Memorial Day Weekend

How federal holidays affect the mortgage process? On Federal Banking Holidays, the Federal Reserve is closed. These Federal banking holidays will not count as a business day for your mortgage time frames. For example, Memorial Day will not count as one of your three business days after signing your closing disclosure before you can legally close on your loan. This can be tricky for refinances as well.

How Federal Holidays Affect The Mortgage Process on Refinance

If you are refinancing your primary residence, there is a three-day right to rescission period after signing your loan documents. Federal holidays such as Memorial Day do not count for one of the three days for the loan to fund. For more information please see the CFBP WEBSITE. Federal banking holidays can be treated just like Sunday’s, which do not count as a business day in the mortgage industry.

How Federal Holidays Affect The Mortgage Process Throughout The Year

What other federal holidays affect the mortgage process in the same way? For the year 2022, the federal banking holidays are the following:

• January 1st – New Year’s Day
• January 21st – Martin Luther King’s Birthday
• February 18 – George Washington’s Birthday
• May 27th – Memorial Day
• July 4th – Independence Day
• September 2nd – Labor Day
• October 14th – Christopher Columbus Day
• November 11th – Veterans Day
• November 28th – Thanksgiving Day
• December 25th – Christmas Day

Mortgage Broker Licensed in Multiple States With With No Overlays On VA Mortgages

We specialize in VA mortgages. During the Memorial Day weekend please remind any of your friends and family who are veterans that they may purchase a home without a down payment. The brave Americans who served our country are entitled to VA benefits. One of the best benefits we offer our veterans is a no down payment home loan. Many Veterans do not know the mortgage qualification. Not having LENDER OVERLAYS to get in the way, we are able to help more Veterans than most banks.

Over 80% of Our Borrowers at GCA Forums Mortgage Group Are Folks Who Could Not Qualify at Other Lenders Due to Overlays

If you know anyone who you think may qualify or if you have personally been turned down in the past, we encourage you to reach out to our team. please check out our reviews, those speak for themselves! If you have any questions about Federal banking holidays or any mortgage-related question is general, please contact Mike Gracz on (800) 900-8569 or text us for faster response. Or you can email Mike at GCA FORUMS Mortgage Group at gcho@gustancho.com. We are available seven days a week to answer your mortgage-related questions. We hope everybody has a fun and safe Memorial Day weekend while still remembering what this day is all about. Without the brave Heroes of our Armed Forces, we would not have the freedoms we enjoy every single day. Please keep that in mind and reach out to your veteran friends over Memorial Day.

Qualifying For Mortgage With Lender With No Lender Overlays

Mortgage guidelines are constantly changing. It is important to feel comfortable with your mortgage loan officer. Many loan officers in today’s market are not educated on guidelines. They are stuck in their old ways and do not choose to learn the guidelines that are ever-changing. This is not the case at GCA Forums Mortgage Group. We pride ourselves on being up to date on all mortgage guidelines. We are also available 7 days a week, even on Sundays and federal banking holidays. During the process we understand questions will arise, our loan officers are always available via phone, text, or email. For more information on federal banking holidays are other mortgage guidelines, please contact Mike Gracz on (800) 900-8569 or text us for a faster response. Or email me directly at gcho@gustancho.com. Either I or one of my highly-trained loan officers will assist you with all your mortgage needs. GCA Forums Mortgage Group is a mortgage company licensed in multiple states with no lender overlays on government and conforming loans. We are also experts on non-QM and bank statement loans for self-employed borrowers.

This guide on How Federal Holidays Affect The Mortgage Process Was Updated on November 23rd, 2024.