MAVENT custom calendar workflow - How to add/remove additional holidays and/or office closure(s) in Mavent?
The link above is the correct link to the Case # 000006076 in the Resource Center -
What is the Mavent Compliance Service impact?Mavent Customers Affected: This applies to all clients using the TILA-RESPA Review, TRID Disclosure Review, or TILA Right of Rescission (TILA-ROR) Review.Loans Affected: Transactions using a Mavent Compliance Service supported calendar.Rules: Mavent will update its calendars to reflect the Juneteenth National Independence Day, June 19. Any rule using a Mavent calendar will receive the update the night of June 17, 2021.Creditor "Business Day" CalendarAs a system default, Mavent uses the U.S. Postal Holiday Calendar (as well as the Federal Holiday calendar) to determine the default system creditor "business day" for certain rules. The U.S. Postal Holiday Calendar has not yet been updated for the Juneteenth National Independence Day. Since June 19, 2021 falls on a Saturday, Mavent will treat Saturday June 19 as a holiday, for these types of rules. The Mavent default can be changed if a customer submits their own business day calendar following standard business calendar setup update procedures. | Section | Creditor "Business Day" Disclosure Timing Rules |
| 12 CFR 1024.20 | Not later than three business days after receipt of an application, or information sufficient to complete an application, creditor must provide the applicant with a clear and conspicuous written list of homeownership counseling organizations that provide relevant counseling services in the loan applicant's location. |
| 12 CFR 1026.19(e)(1)(iii)(A) | Deliver or place in the mail the Initial Loan Estimate not later than the third business day after the creditor receives the consumer’s application |
12 CFR 1026.19(e)(1)(iii)(A)
12 CFR 1026.19(e)(1)(vi) | List of Settlement Service Providers must be delivered or placed in the mail not later than the third business day after receiving a consumer's application. |
Federal Specific (More Precise) "Business Day" CalendarCertain Mavent rules use a more precise federal business day calendar as required by 12 CFR § 1026.2(a)(6). For these rules, Mavent will treat Friday, June 18, 2021 as a business day and Saturday, June 19, 2021 as a holiday (non-business day). | Section | Federal Specific "Business Day" Disclosure Timing Rules |
| 12 CFR 1026.19(e)(1)(iii)(B) | Deliver or place in the mail initial Loan Estimate not later than the seventh business day before consummation. |
| 12 CFR 1026.19(e)(1)(iv) | If initial Loan Estimate not provided to the consumer in person, the consumer is considered to have received the initial Loan Estimate three business days after they are delivered or placed in the mail. |
| 12 CFR 1026.19(e)(2)(i)(A) | Neither a creditor nor any other person may impose a fee before the consumer has received the initial Loan Estimate and indicated to the creditor an intent to proceed with the transaction described by the initial Loan Estimate. |
| 12 CFR 1026.19(e)(4)(ii) | The consumer must receive a revised Loan Estimate not later than four business days prior to consummation. If the revised Loan Estimate is not provided to the consumer in person, the consumer is considered to have received the revised Loan Estimate three business days after the creditor delivers or places it in the mail. |
| 12 CFR 1026.19(f)(1)(ii) | The consumer must receive the Closing Disclosure no later than three business days before consummation. |
| 12 CFR 1026.19(f)(1)(iii) | If a Closing Disclosure is not provided to the consumer in person, the consumer is considered to have received it three business days after they are delivered or placed in the mail. |
| Section | Federal Specific "Business Day" for Rescission Rules |
| 12 CFR 1026.23(a)(3)(i) | The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice of right to cancel, or delivery of all material disclosures, whichever occurs last. |
| 12 CFR 1026.23(c) | Unless a consumer waives the right of rescission, no money shall be disbursed other than in escrow, until the rescission period has expired |
Custom Calendar (Creditor Specific)If you have a custom company calendar, please contact your customer service representative and ask them to update your custom company calendar to reflect your observance of the Juneteenth Holiday, as applicable.
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