Business Day

Updated 2026-05-17

Under Regulation Z, "business day" has two context-specific meanings used to time mortgage disclosures and waiting periods. Using the wrong definition is a common compliance error: the general definition tracks when the creditor's offices are open; the more precise definition counts all calendar days except Sundays and federal public holidays.

The two Regulation Z definitions

1. General Definition: Any day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. This definition applies to most disclosures, including the provision of the Loan Estimate.
2. More precise (rescission/waiting-period) Definition: All calendar days except Sundays and federal public holidays. This more expansive definition applies specifically to the calculation of the notice-of-right-to-rescind period and related precise waiting periods (including certain Closing Disclosure waiting-period contexts referenced on related pages).

Understanding which definition applies to a given situation is essential for compliance with timing rules such as the Three Business Day Rule (Revised Estimates) for revised Loan Estimates and the waiting period before loan consummation.

What MLOs must know for the SAFE exam

• Always identify which business-day definition the rule uses before counting days.
• Loan Estimate delivery timing generally uses the "creditor's offices open" definition.
• Rescission periods use all calendar days except Sundays and federal holidays.
• The three-business-day revised-estimate clock and consummation waiting periods depend on the applicable Regulation Z definition for that requirement.