Posted by Alan Jorgensen on 2/16/13 12:26pm
Msg #456168

Recisshion calculation

OK, I know this has come up and been discussed before and I DID SEARCH, but could not find it.

If the federal holiday falls on Sunday and is observed on Monday do you count Monday as a business day? If it falls on Saturday you don't count Saturday as a business day and count the observed Friday as a business day?

Even though I have been a notary for a year I haven't had much activity and continually go over lesson materials, blogs, updates, etc. to stay sharp and anticipate situations and I know I saw this somewhere, but lost the answer and need a refresher.

Thank you in advance for your kind consideration and answer.

Reply by Malbrough_LA on 2/16/13 12:34pm
Msg #456170

Searching for the term 'Recisshion' will most certainly come up empty handed...though not anymore I suppose. Look to the top left corner of your screen: "2013 Rescission Calendar". Problem solved.

Reply by Alan Jorgensen on 2/16/13 12:43pm
Msg #456175

Thank you for your reply, i apologize for the spelling, but I did did spell it right in the search, my typing gets dislexic at times. I use a couple calculation calenders, but I'm playing Joe Friday here "just the facts mam (sir)". I have seen warnings about free rescission calculators and calendars and would like to double check (nothing against this sites calendar).

Reply by MikeC/TX on 2/16/13 5:03pm
Msg #456211

The day the holiday is observed is for the purpose of federal employee pay. The only thing that matters for rescission purposes is the holiday itself - not the day it's observed. If it falls on Sunday and is observed on Monday, Monday is a business day. If it falls on Saturday and is observed on Friday, Friday is a business day. The only holidays this ever becomes an issue with are New Year's Day, Independence Day, Veteran's Day, and Christmas Day.

There are some lenders that will treat the observed holiday as a non-business day, usually because their office is closed, which in effect gives the borrower an extra rescission day. That's their call - they can add as much as they want to the rescission period, it just can't be less than 3 days.

Reply by Alan Jorgensen on 2/16/13 9:21pm
Msg #456234

Thank you Mike, so I gather there is ultimately no hard and fast rule if it is up to the lenders. Once I did call to verify one signing and left it up to their call with notes and names of whom I talked to.

Reply by MikeC/TX on 2/17/13 2:37pm
Msg #456278

The only rule is that it has to be at least 3 business days after signing; lenders are free to extend that if they want or need to. If the date is already printed on the RTC and it's 3 or more business days, you're fine. If there's no date on the RTC, I would call and ask whether they want to count the observed holiday or not.

It doesn't come up that often (it won't this year), so it's just one of those things you should store in your memory bank...

Reply by JanetK_CA on 2/17/13 6:38pm
Msg #456297

As Mike indicated, technically, there IS a hard and fast rule, but how it's implemented can vary significantly, as we found out last year. I received lots of conflicting instructions on which ever holiday it was that landed on Sunday. Usually the safe thing to do is just what you did: to verify it with the client whenever there is any potential doubt - and document it.

Reply by MikeC/TX on 2/17/13 7:58pm
Msg #456305

Exactly - but what's crazy is that there are only four days in the year where this could potentially be an issue, and it definitely won't be an issue in 2013. Yet every year where it does come up, we see the same questions.

Maybe this should be part of whatever NSA training is being offered.