Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Gheezzzzzzzzzzz

Jun 19, 2021 05:00 PM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   A Federal holiday on a Saturday or Sunday usually moves to the following Monday.   

    Will the Fed be "open" on Monday?   What about Banks?   What about the U.S. Postal Service?  

Jun 19, 2021 01:20 PM
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I could not care less that they added another SJW VS Fed holiday . . . but if you're happy I'm happy LMAO! 

Jun 19, 2021 10:44 AM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Man cannot be governed by law alone. We should respect others and live that life because it is righteous (right thing) to do so. Also you raise a good point i.e. business suffers with too many holidays. Add weekends & the work-day is scarcer making others scramble. Why? 

Jun 19, 2021 10:05 AM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thankfully had a closing on Friday and all recorded well and the next one is on Thursday this coming week. But I was told by several real estate attorneys on Friday that this came at them with no warning.

Jun 20, 2021 04:36 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Two banks Chase and another major player will be open for business Monday and begin the day off next year. It is government work, so confusion is built in!

Jun 20, 2021 04:27 AM
Rainer
264,884
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

stupidity that they took a holiday one day after it was made a holiday and not next year or with enough advance notice to not have it affect borrowers

Jun 19, 2021 02:38 PM
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1,712,502
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Are we going to make it into a big deal? Some will I guess. Valid considerations on your thoughts & what Diana Zaccaro said.

Jun 19, 2021 11:28 AM
Rainmaker
952,761
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I received a newsletter about this yesterday and it will also impact the right of recession. I can't post a link to the newsletter so posting just that section of it. Do you see this as a problem?

 

Another immediate question for LOs is how to count the right of rescission. The right of rescission allows refinance, HELOC or home equity loan borrowers to walk away, within three days of closing.

 

The rule has been around since the 1968 Truth in Lending Act. When a borrower signs a loan, the clock starts ticking. Normally, however, a new federal holiday is not enacted in less than 72 hours.

 

 

 

But what about rescission periods for loans that were signed on Wednesday or Thursday, before the law went into effect? The FDIC’s note to lenders is not very reassuring.

 

“Whether it will affect the rescission period for loans closed earlier this week (before the signing of the law) is uncertain,” the compliance note reads. Yikes."

 

Jun 19, 2021 11:23 AM
Rainmaker
888,596
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Interesting perspective. I have a closing on the 25th. Doubt if it will affect that closing. I have not seen announcements of any title company or recorder closings, yet. I did have a close last Friday. No problem, yet my office was closed for the Holiday.

Next year we will all be ready for the extra holiday. We manage to work with other holidays, why not this one?

Jun 19, 2021 11:04 AM
Rainmaker
988,477
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

As with most Federal holidays....we work regardless. Government workers and banks gets the day off. Oh well. Jeff  😎

Jun 21, 2021 11:22 PM
Rainmaker
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Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

I think it will take until next year for changes to be implemented.

Jun 19, 2021 03:00 PM