Which scenario would constitute a valid changed circumstance allowing for a revised Loan Estimate?
Correct Answer
D) The borrower requests a different loan program with different terms
A borrower-requested change to the loan terms constitutes a valid changed circumstance under TRID. This allows the lender to provide a revised Loan Estimate. Market rate changes or lender business decisions are not valid changed circumstances.
Why This Is the Correct Answer
A borrower-requested change to the loan terms constitutes a valid changed circumstance under TRID. This allows the lender to provide a revised Loan Estimate. Market rate changes or lender business decisions are not valid changed circumstances.
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Which of the following refinance scenarios would most likely FAIL to meet the tangible net benefit requirement?
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An MLO learns that a competing lender has offered their borrower significantly better terms two days before closing. The MLO's obligation under fair dealing principles is to: