“Business day” is defined slightly differently for Loan Estimates and Closing Disclosures.
The Loan Estimate “LE”, each day on which a lender’s offices are open to the public count as a business day. Loan estimates must be delivered or placed in the mail no later than the 3rd business day after receiving your loan application.
The Closing Disclosure “CD”, a business day is defined as all calendar days except Sundays and the Federal public holidays The Closing Disclosure must be provided to you at least 3 business days PRIOR to loan consummation.
A lot of people have the misconception they have three days to review the final approved Closing Disclosure “CD”. This is not the case; the lender only needs to disclose a CD three days before final consummation. The final CD isn’t available until your lender sends closing instructions to your title company/attorney and issues final approval which usually takes place the day before closing. Need A Closing Company? Contact Us Today!