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# How is the Closing Costs Expiration Date calculated?

The Date in the Closing Costs Expiration section, found in the application phase, is calculated based on the # of Business Days entered in your document policy and the Loan Estimate Issued Date entered on the Loan Definition page. The calculated date will default to the Closing Costs Expiration Date where you are able to change the date if needed. The date will be recalculated if the Loan Estimate Issued Date is changed until you manually change the Closing Costs Expiration Date on the Calculations page. If # of Business Days is left blank in your document policy, the Date in the Closing Costs Expiration section will default the Loan Estimate Issued Date.

A business day is any calendar day except Sundays and legal public holidays specified in a federal statute, 5 USC 6103(a). Saturday is generally a 'business day' whether or not the organization is open for business on that day.

The legal public holidays are January 1 (New Year's Day), Martin Luther King, Jr., Washington's Birthday, Memorial Day, July 4 (Independence Day), Labor Day, Columbus Day, November 11 (Veterans Day), Thanksgiving Day, and December 25 (Christmas Day).

If one of the holidays defined as a specific date (e.g., July 4) days falls on a Saturday, then that Saturday is not a business day. If in that same example, Independence Day is observed on Friday (July 2) or Monday (July 6), that observed day is a business day according to Official Comment 2 to section 1026.2(a)(6) of Regulation Z.