Which of the following would NOT be considered a changed circumstance that could justify a revised Loan Estimate?
Correct Answer
D) Borrower's decision to lock the interest rate
Under TRID regulations (12 CFR 1026.19(e)(3)(iv)), changed circumstances include new information affecting creditworthiness or loan eligibility. A borrower's decision to lock an interest rate that was previously unlocked is not considered a changed circumstance requiring a revised Loan Estimate.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.19(e)(3)(iv)), changed circumstances include new information affecting creditworthiness or loan eligibility. A borrower's decision to lock an interest rate that was previously unlocked is not considered a changed circumstance requiring a revised Loan Estimate.
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A borrower submits a complete mortgage application on Tuesday at 2:00 PM. When is the latest the lender can deliver the Loan Estimate without violating TRID timing requirements?