Which of the following events would require a revised Loan Estimate to be provided to the borrower?
Correct Answer
B) The loan amount increases from $300,000 to $325,000
Under TRID regulations (12 CFR 1026.19(e)(3)(iv)), a revised Loan Estimate is required when there are changed circumstances that affect the loan amount, among other specific triggers. A loan amount change from $300,000 to $325,000 constitutes a changed circumstance requiring a revised estimate.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.19(e)(3)(iv)), a revised Loan Estimate is required when there are changed circumstances that affect the loan amount, among other specific triggers. A loan amount change from $300,000 to $325,000 constitutes a changed circumstance requiring a revised estimate.
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