A lender provides a Loan Estimate on Monday. On Wednesday, the borrower provides additional documentation that reveals the property value is significantly lower than initially stated. When must the lender provide a revised Loan Estimate?
Correct Answer
A) Within 3 business days of discovering the changed circumstance
Under TRID, when a changed circumstance occurs, the lender must provide a revised Loan Estimate within 3 business days of receiving information sufficient to establish that a changed circumstance has occurred.
Why This Is the Correct Answer
Under TRID, when a changed circumstance occurs, the lender must provide a revised Loan Estimate within 3 business days of receiving information sufficient to establish that a changed circumstance has occurred.
More Origination Questions
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A borrower presents a bank statement showing consistent deposits labeled 'Mobile Deposit.' What additional documentation should the MLO request?
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A borrower's elderly parent wants to provide a gift of $50,000 for the down payment but is unable to sign documents due to dementia. The parent's adult child has power of attorney. What is required for this gift to be acceptable?