A lender discovers that the borrower provided incorrect information about a monthly debt payment ($200 instead of $800) after the initial Loan Estimate was provided. The lender may issue a revised Loan Estimate because this represents:
Correct Answer
A) Information specific to the borrower that was inaccurate or changed
Under 12 CFR 1026.19(e)(3)(iv)(A), information specific to the borrower that was inaccurate or changed after the Loan Estimate was provided constitutes a valid changed circumstance. The borrower's incorrect debt information falls under this category.
Why This Is the Correct Answer
Under 12 CFR 1026.19(e)(3)(iv)(A), information specific to the borrower that was inaccurate or changed after the Loan Estimate was provided constitutes a valid changed circumstance. The borrower's incorrect debt information falls under this category.
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