General World News

Juneteenth holiday sparks chaos for lenders, LOs

This article first appeared in the June 18th newsletter Lending Life. Sign up here to receive each weekday.

On Thursday, President Joe Biden signed a bill into law, declaring June 19th, or Juneteenth, a federal holiday. Biden’s order commemorates the date the last enslaved African-Americans were informed that they were free. Wonderful news, right? Wrong.

Reached Friday, many mortgage industry professionals were doing damage control — delaying closings, pushing back notices and modifying loans. Others had already left for the beach.

“It’s a complete nightmare,” said one lender. “I’m almost afraid to talk about it. The feds are putting details ⇒

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