Definition of a Business Day for disclosures and closings.

• A. For initial disclosures, any day the office is open; for closings, any day except Sunday and Federal Holidays (if mail isn't running it doesn't count)
• B. For initial disclosures, calendar days; closings, weekends counted
• C. For both processes, only weekdays
• D. For both processes, any day including holidays

Answer: (A)

The key idea is how a “business day” is defined for disclosures versus closings. For initial disclosures, the countdown runs on days when the creditor’s office is open for business; if the office is open on a Saturday, that day counts. For closings, the countdown runs on days that are not Sundays or Federal Holidays, so closings can happen on Saturdays but not on Sundays or federal holidays. The note about mail is there because if mail isn’t running that day, it isn’t counted toward the timeline, since deliveries and communications can’t reliably occur. This setup gives borrowers a predictable window for disclosures and closings while aligning with when the lender and mail systems are actually operating.