TRID: Changed Circumstances, Tolerances & Providing Revised Loan Estimates

Date Recorded: August 8, 2024
Presenter: Ginger McCullough, Manager, Forvis Mazars, LLP

As bankers we all know, things change as we progress through the application process. It is inevitable that creditors will become aware of information that makes the disclosures provided on the original Loan Estimate wrong and costs may be more than anticipated.  The concept of good faith with the Loan Estimate as applied to closing costs can be complicated and confusing. So much depends on the particular circumstances and it can be difficult to keep the rules straight. Despite what many believe, when a creditor is actually required to provide a revised estimate is actually very specific.

This webinar will provide an in-depth review of the concept of “good faith” with closing costs, the basic rule of “0% tolerance,” along with the exceptions (the other tolerance categories and “changed circumstances”), and how and when creditors should provide a revised estimate.?

HERE IS WHAT YOU WILL LEARN: 

• Good Faith Determination for Estimate of Closing Costs
• What constitutes a “valid” change in circumstance
• What disclosures to use for baseline tolerance calculations
• How and when to provide a revised disclosures