An MLO sponsorship update raises a question about changed-circumstance review. Which action should the audit analyst recommend?
Correct Answer
B) Issue a revised Loan Estimate within three business days when valid
Changed circumstances can permit revised estimates only when Regulation Z conditions and timing are met. The best answer is "Issue a revised Loan Estimate within three business days when valid".
Why This Is the Correct Answer
Changed circumstances can permit revised estimates only when Regulation Z conditions and timing are met. The best answer is "Issue a revised Loan Estimate within three business days when valid".
More Origination Questions
A disclosure specialist is resolving Income Calculation Methods during an internal audit sample. Which action best fits the rule?
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During a disclosure desk review, a policy analyst encounters an Income Calculation Self Employed issue. Which response should decide how the file should be documented?
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In a pricing desk question, the loan team sees facts tied to TRID Closing Disclosure Changes. What should the file reflect?
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