Origination ActivitiesQuestion 225 of 400
A revised Loan Estimate may NOT be provided:
a.After a rate lock
b.After a changed circumstance
c.Within three business days of application
d.On or after the date the consumer has received the Closing Disclosure
Explanation
A revised Loan Estimate cannot be provided on or after the date the consumer receives the Closing Disclosure. Because the revised LE must be received at least four business days before consummation and the CD at least three, once the CD is out, any further changes are reflected on a revised CD, not a new LE.
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Related questions on this topic
- A borrower gives the loan officer their name, monthly income, SSN, the loan amount they want, and an estimate of the home's value, but has not yet identified a specific property address. Under TRID:
- A creditor may use a revised Loan Estimate to reset a tolerance baseline only when:
- The borrower asks to switch from a 30-year to a 15-year loan after the initial LE, changing several costs. The creditor may:
- Amounts placed into an escrow, impound, or reserve account are subject to which tolerance?
- Premiums for homeowners (hazard) insurance disclosed on the LE are subject to which tolerance?
- A charge for a service the consumer cannot shop for, provided by an affiliate of the creditor, is subject to which tolerance?
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