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A creditor may use a revised Loan Estimate to reset a tolerance baseline only when:
a.At any time before closing for any reason
b.A valid reason applies, such as a changed circumstance, a borrower-requested change, or a rate lock
c.The consumer's income is verified as originally stated
d.The creditor discovers it underpriced its own origination fee
Giải thích
A revised LE may reset tolerances only when a specific valid reason applies, such as a changed circumstance affecting settlement charges or eligibility, a borrower-requested change, a rate lock, or expiration of the LE. A creditor's own pricing mistake is not a valid reason to reset tolerances.
Trích dẫn luật: TRIDLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- For purposes of triggering an application, the 'estimated value of the property' may be based on:
- Before the consumer receives the Loan Estimate, if the creditor provides a written estimate of terms or costs, it must:
- 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:
- The borrower asks to switch from a 30-year to a 15-year loan after the initial LE, changing several costs. The creditor may:
- A revised Loan Estimate may NOT be provided:
- Amounts placed into an escrow, impound, or reserve account are subject to which tolerance?
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