I have searched off and on for 2 days and cannot find a discussion. So if this topic has already been "beaten to death" please point me to the thread.

Most of the examples I have seen from webinar materials appear to start counting the day after a GFE has been issued. However, other compliance materials I read indicate the 10 days includes the day the GFE is issued.

What is the concensus? For example, if a GFE is dated and provided on January 11, 2010 and January 18th is a legal public holiday (MLK) would the "Estimate for all other settlement charges" (line 2 under Important Dates) be available through January 25th or 26th?

MarkB

(c) Availability of GFE terms. Except as provided in this paragraph, the estimate of the charges and terms for all settlement services must be available for at least 10 business days from when the GFE is provided,

10 business days from today (1/14/10), for us because Saturday is not a business day for us under the RESPA definition of a business day, would be Friday 1/29/10.

"for 10 business days from when the GFE is provided"

The 12th would be the first business day from when the GFE was issued, so it would be the 26th.

Thanks guys.

That's the way I originally wrote my procedures. However, one of my favorite compliance periodicals (BOL's sister publication ComplianceAction) stated "Begin count on day GFE is provided" which got me second-guessing myself.

MarkB

In our shop, all GFE's are issued via UPS overnight courier,as we do not see our client face to face. We "provide" the GFE today (1/14/2010) via UPS, we count day 1 as tomorrow and count strictly business days similar to Dan's calendar above. We document UPS delivery and use the expiration as 1/29/2010.

What definition of business day should be used for purposes of determining the date for which the estimate is available through? It looks like you are using the substantially open for all of your business rule in this post Dan. The GFE I'm looking at is calculating by counting Saturdays, even though that is not a business day for which we are open to the public for substantially all of our business functions.

Any thoughts?

The definition from 1024.2 is the only definition that I am aware of in RESPA:

Business day means a day on which the offices of the business entity are open to the public for carrying on substantially all of the entity's business functions.

That was my understanding as well. I just wanted to make sure. Thank you!