Origination ActivitiesQuestion 208 of 400
A revised Loan Estimate is also permitted when:
a.The creditor simply wants to reset tolerances
b.The consumer's credit score stays the same
c.Information specific to the consumer relied on at application later turns out to be inaccurate, such as income differing from what was stated
d.More than 10 business days have passed for any reason
Explanation
A changed circumstance also covers information specific to the consumer that was relied upon at application and later proves inaccurate or changes, such as stated income not matching verified income. This can justify a revised Loan Estimate and reset the tolerance for affected charges.
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Related questions on this topic
- When a creditor permits the consumer to shop for a settlement service, the creditor must provide:
- If the creditor allows the consumer to shop for a service but fails to provide the required written list of providers, the charge for that service is generally treated under which tolerance?
- Which of the following qualifies as a 'changed circumstance' that permits a revised Loan Estimate?
- When a consumer locks an interest rate after the initial Loan Estimate, the creditor must provide a revised Loan Estimate by when?
- The Loan Estimate states that the consumer must indicate intent to proceed within how many business days for the closing cost estimates to remain available (the standard minimum period)?
- Under TRID, 'consummation' refers to:
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