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CFPB RESPA/TILA Rule Reference: 6.8, page 31, CFPB detailed summary of the rule 

The TILA-RESPA Integrated Disclosure rule has specific definitions of what a “business day” means. It is NOT necessarily just a weekday. Is your bank doing business on Saturdays? If so, the clock may be ticking on the Loan Estimate Disclosure rule and could potentially change how you plan your loan closings.

TILA-RESPA says that a business day is any day in which the creditor’s offices are open to the public for carrying on “substantially all of its business functions.” But what does this mean exactly?

What activities qualify as “business functions”?

·       If personnel are available to:

o   Make loan disbursements

o   Open new accounts

o   Handle credit transaction inquiries

What activities DO NOT qualify as “business functions”?

·       If personnel are available to:

o   Accept credit cards for purchases

o   Customer service windows open to:

— Accept deposits and withdrawals

— Bill paying

— Related services

The practical implications of this: if your bank is open on a weekend and it meets the Business Function’s test then that counts as one of the three days towards the Loan Estimate Disclosure delivery timeline. This can have a pretty big impact on your business because the division that handles disclosures may not be working on weekends, even though your bank is deemed “open for business.”  If that’s the case come August 2015, the disclosure clock is ticking and you could have missed the disclosure deadline.

For more information on the impacts of TILA-RESPA on your business, and how technology solutions can help you solve them,  visit to view a growing knowledge base of information and forums where you can ask questions.

All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation. The final rule can be found here.