Compliance Memo C2021-02 Gold Star Business Day Change
This memo is to inform you of a Gold Star Policy change in effect Monday, January 25, 2021.
Since the beginning of TRID (2015), Gold Star made the decision to include Saturday as a business day for disclosure timeline purposes. We have made the decision to no longer include Saturday.
What does this mean to you?
Applications due out no longer include Saturday within the 3 day requirement
The redisclosure of the LE no longer includes Saturday within the 3 day requirement
The Closing disclosure and rescission periods still include Saturdays
The Loan Estimate definition of “Business day” is defined by the creditor (GS).
The Closing Disclosure “Business Day” is defined as all calendar days except Sundays and all legal holidays.
Regulation Z(Rescission) defines “Business day” as all calendar days except Sundays and all legal holidays.
The new calendar dates will be turned on in Encompass on Sunday. This will only apply to loans started as of Monday, January 25th.