Business Day Chart - Indecomm Mortgage Services

Business Day Definition Chart

Regulation

Topic or Disclosure

Applicability

Regulation B (ECOA)

ECOA Notice of Adverse Action,

approval or 30--day notice

Applies to all creditors

ECOA Appraisal Notice

Applies to all creditors

Copies of appraisal to borrower Applies to all creditors

Requirement

Business Day Definition

Creditor must deliver a notice to an applicant within 30 days of

application advising the borrower of approval, denial or need for Business day or calendar day is not stipulated. The law merely states 30

additional information.

days for delivery.

Applicant must receive written notice of the right to receive a

copy of appraisals involved with a loan within three business

days of application. This notice may also serve as the HPML ECOA does not have a definition of business day even though the

appraisal notice.

requirement stipulates business day

Creditor must

deliver copies of appraisals no later than three ECOA does not have a definition of business day even though the

business days prior to closing.

requirement stipulates business day

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Business Day Definition Chart

Regulation

Topic or Disclosure

Applicability

Requirement

Business Day Definition

Regulation X (RESPA)

Applies to

federally--related residential mortgages,

excludes 25 acres or more, applications

without a property

Homeownership Counseling List

Servicing Disclosure Notice

closed--end mortgages closed--end mortgages, primary residence only

Servicing Transfer Notice

closed--end mortgages

closed--end and open--end

Good Faith Estimate (GFE)

mortgages

Charge no fee (other than for credit

report) until receive Intent to

closed--end and open--end

Proceed

mortgages

GFE reissued due to changed circumstances (?1024.7(f)(2,3))

closed--end and open--end mortgages

HUD--I or HUD--1A Settlement Statement

Tolerance cure (?1024.7)

closed--end and open--end mortgages closed--end and open--end mortgages

Settlement Cost Booklet

closed--end and open--end mortgages, purchases only

Must be received by applicant within three business days of

application. Only the list is required and the applicant is not A day on which the offices of the business entity are open to the public for

required to attend counseling. ?1024.20

carrying on substantially all of the entity's business functions ?1024.2.

Must be received by applicant within three business days of

application. ?1024.33(a)

Business days exclude Saturdays, Sundays and legal public holidays

May be delivered at closing if transfer is effective at that time,

or transferor servicer must deliver to the borrower not less than

15 days prior to the effective date of transfer. Transferee

servicer must deliver to the borrower 15 days prior to first

payment made at new address. ?1024.33(b)(3)

This section does not stipulate "business days". It only refers to "days".

Must be received by the applicant within three business days of

application unless denied within that time period. Not required A day on which the offices of the business entity are open to the public for

for applications without a property. ?1024.7(a)

carrying on substantially all of the entity's business functions. ?1024.2.

It is considered that the applicant has received GFE three

calendar days (excluding Sundays and legal holidays) after it has

been put in the mail or delivered electronically. ?1024.7(4)

n/a -- calendar days apply

If a GFE is reissued due to changed circumstances the lender

must deliver the new GFE to the applicant within three business A day on which the offices of the business entity are open to the public for

days of receiving the changes. ?1024.7(f)(2, 3)

carrying on substantially all of the entity's business functions ?1024.2.

Delivered at or before closing. Must be reconciled to current

GFE. Borrower should receive copy for review at least one

A day on which the offices of the business entity are open to the public for

business day prior to closing. ?1024.10(a)

carrying on substantially all of the entity's business functions ?1024.2.

A tolerance cure must be delivered or placed in the mail within

30 calendar days of settlement. ?1024.7(i)

n/a -- calendar days apply

Must be received by the applicant within three business days

after the application is received or prepared unless the

application is denied within that time period. Not required for A day on which the offices of the business entity are open to the public for

applications without a property. ?1024.6

carrying on substantially all of the entity's business functions ?1024.2.

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Business Day Definition Chart

Regulation

Topic or Disclosure

Applicability

Requirement

Business Day Definition

Regulation Z (TILA)

Must be delivered to applicant within three business days of receiving a

Applies to any consumer credit

written application. 1026.19(a)(1)(i)

Home equity loans: must

transaction on residential

be delivered at application or within three business days of receiving a A day on which the creditor's offices are open to the public for carrying on

property.

TIL Early Disclosure

closed--end and open--end mortgages written or phone application. 1026.40(d), 1026.6

substantially all of its business functions. 1026.2(a)(6)

Creditor may not impose any fee other than for a credit report before the

borrower has received the early TIL Disclosure. It may consider that the

closed--end and open--end mortgages borrower received the disclosure three business days after mailing. 1026.20, A day on which the creditor's offices are open to the public for carrying on

May not impose a fee

(excluding HELOCs)

1026.19(a)(1)(ii, iii) & (b)

substantially all of its business functions. 1026.2(a)(6)

closed--end and open--end mortgages

Wait period for closing

(excluding HELOCs)

Must wait seven business days to close the loan. 1026.19(a)(2)(i) If APR falls out of required tolerance a revised TIL Disclosure must be

Calendar days except Sundays and legal public holidays. 1026.2(a)(6)

reissued. Borrower must receive no later than three business days prior to

Re--disclosure of APR if outside of closed--end and open--end mortgages closing. If mailed, creditor can assume borrower received three business

tolerance

(excluding HELOCs)

days after mailing. 1026.19(a)(ii)

Calendar days except Sundays and legal public holidays. 1026.2(a)(6)

Must be delivered before consummation. Finance charges on final TIL

Final TIL Disclosure

closed--end and open--end mortgages Disclosure should relate to the most current GFE.

n/a

Two copies must be delivered to all title holders at closing and loan may not

be disbursed until after midnight of the third business day after closing.

Notice of Right of Rescission

closed--end and open--end mortgages 1026.23, 1026.15

Calendar days except Sundays and legal public holidays. 1026.2(a)(6)

Creditor must refund all fees charged to the borrower (including appraisal

Refund any fees if borrower

and credit report fees) within 20 business days of receiving the borrower's

rescinds

closed--end and open--end mortgages rescission notice. 1026.23(b)(2--4), 1026.15(d)(2--4)

Calendar days except Sundays and legal public holidays. 1026.2(a)(6)

Non--QM, higher--priced mortgage Applicant must receive written notice of right to receive a copy of appraisals

loans (definition includes only closed involved with a loan within three business days of application. This notice

HPML Appraisal Notice

end, primary residences)

may also serve as the

appraisal notice required under ECOA.

Business day was not re--defined in ?1026.35 for delivery of the notice.

Interior--inspection appraisals by a certified or licensed appraiser are

required. Creditor must deliver copies of appraisals involved with a loan no

Non--QM, higher--priced mortgage later than three business days prior to closing. Considered delivered three Business day was not re--defined in ?1026.35 for delivery of appraisal copies.

loans (definition includes only closed business days after mailing or ESIGN--compliant transmission.

General business day is a day on which the creditor's offices are open to the

HPML Appraisal Requirements end, primary residences).

1026.35(c)(6)(ii--1)

public for carrying on substantially all of its business functions. 1026.2(a)(6)

High--cost mortgages require special

disclosure. Closed--end and open--end High--cost mortgage may not close until the third business day following the

HOEPA Disclosure

mortgages.

borrower's receipt of the special disclosure. ?1026.31(c ), 1026.32(c )

Calendar days except Sundays and legal public holidays. 1026.2(a)(6)

HOEPA Homeownership

Required counseling for High--Cost Counseling must be completed by a HUD--approved counselor after issuance

Counseling Requirement

Mortgages

of GFE and HOEPA Disclosure and before closing. 1026.34(a)(5)(ii)

n/a

Required counseling for closed--end

mortgages with negative

Homeownership Counseling amortization to first--time

Counseling must be completed by a HUD--approved counselor prior to

Requirement--Negative Am Loans homebuyers

closing. 1026.36(k)

n/a

Closed--end and open end mortgages Must be delivered by transferee/assignee on or before the 30th calendar

Notice of Transfer or Assignment on borrower's primary residence day following the date of transfer/assignment. ?1026.39(b)

CHARM Booklet & ARM Program Closed--end and open--end variable Must be delivered to applicant within three business days of application.

Disclosure

rate mortgages

1026.19(b), 1026.6

HELOC Booklet and Program

Must be delivered to applicant within three business days of application.

Disclosure

Home equity lines of credit

1026.40(d), (e ), 1026.6

n/a -- calendar days apply. ?1026.39(b) A day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. 1026.2(a)(6) A day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. 1026.2(a)(6)

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