What is the primary difference between the regular three business days and the mailbox rule definition of three business days?

The primary difference lies in how days are counted under each definition. The mailbox rule specifically states that if a notice or document is sent via mailing, it is considered received three business days after it has been mailed, but this only counts certain days. Under this rule, a business day does not include Sundays or legal public holidays, which means that the counting of days is more restrictive.

This contrasts with the regular three business days definition that is used in other contexts, which can sometimes include all business days in a week, typically referring to Monday through Friday without holidays as excluded days for counting purposes.

Understanding this distinction is crucial for adhering to regulatory timelines and ensuring compliance with procedures that involve notifications or disclosures, especially in the context of lending and mortgage practices.