RESPA Disclosures on Saturday

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Question:

If we receive an application on a Saturday, do our disclosures need to be sent out by Wednesday or Thursday, for RESPA and Reg. Z? We are open for business on Saturday's but do not do all business functions on that day. All business done on Saturday is dated as of Monday's date. Do we still need to count Saturday as the "received" date of the application?

Answer:

In my opinion your application was received on Saturday and you have 3 business days to provide the disclosure from the date the application is received or prepared. Your disclosure should be in the mail by the close of business on Wednesday.

First published on BankersOnline.com 8/01/05