What constitutes a business day for the purpose of closing?

For the purpose of closing, a business day is defined as any day the business is open, excluding Sundays and Federal Holidays. This definition ensures clarity regarding when certain actions or deadlines can occur, particularly in transactions involving mortgage loans.

By this standard, business days are typically limited to Monday through Saturday and do not include days when federal observances disrupt normal business operations. This is crucial in the context of real estate transactions because it directly affects timelines for disclosures, fund distributions, and other critical processes that rely on the identification of business days.

The definition aligns with regulatory requirements and helps to ensure that all parties involved in a mortgage transaction have a clear understanding of operational timelines. Knowing which days count as business days helps mortgage loan originators, lenders, and consumers navigate transactions smoothly and comply with legal requirements related to closing timelines.