Origination ActivitiesQuestion 187 of 400
When a valid changed circumstance justifies a revised Loan Estimate, the creditor must deliver or mail it within how many business days of receiving information sufficient to establish the change?
a.1 business day
b.3 business days
c.7 business days
d.4 business days
Explanation
After a valid changed circumstance, the creditor must provide a revised Loan Estimate within three business days of receiving information sufficient to establish that the changed circumstance occurred. This resets the applicable tolerance baseline for the affected charges.
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Related questions on this topic
- For counting the three days to deliver the Loan Estimate, 'business day' means:
- Before the consumer has received the Loan Estimate and communicated intent to proceed, the creditor may collect which fee?
- Which of the following qualifies as the consumer's 'intent to proceed' with the transaction?
- A revised Loan Estimate must be received by the consumer no later than how many business days before consummation?
- Which charge is subject to a zero percent tolerance (cannot increase from the LE to the CD)?
- Which fee falls under the 10 percent cumulative tolerance category?
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