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A creditor hands the borrower a Loan Estimate in person on Monday, August 3, 2026. No federal holidays fall in the next two weeks. Considering only the Loan Estimate waiting period, what is the earliest day the loan may be consummated?
The Loan Estimate must be delivered or placed in the mail not later than the seventh business day before consummation (12 CFR 1026.19(e)(1)(iii)(B)). Here the specific definition applies: every calendar day except Sundays and legal public holidays (12 CFR 1026.2(a)(6)). From Monday, August 3: Tue 4 (1), Wed 5 (2), Thu 6 (3), Fri 7 (4), Sat 8 (5), Mon 10 (6), Tue 11 (7). Consummation may occur on Tuesday, August 11. Wednesday or Thursday would result from wrongly skipping Saturday. Source: 12 CFR 1026.19(e)(1)(iii)(B); 12 CFR 1026.2(a)(6) (as at 11 Oct 2026).
Skipping Saturdays in the seven-day count; under the specific definition only Sundays and legal public holidays are excluded.
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