TRID: Changed Circumstances, Tolerances, and Providing Revised Loan Estimates 2022 | ProBank Austin | 17 August 2022 | Webinar

Creditors are responsible for ensuring that it is, in good faith, providing information in the Loan Estimate to the consumer to help them decide whether they want to continue with the loan. This “good faith” requirement means that the creditor must provide the disclosures consistent with the best information reasonably available to the creditor at the time. For closing costs, “good faith” generally means that costs cannot increase.

As 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 LE wrong… When should creditors worry about these changes? What if these changes affect closing costs? When does a “changed circumstance” occur and what is its significance? What if the creditor learns of the changed circumstance once it already has provided the Closing Disclosure?

This webinar will provide an in-depth review of the tolerance rules, the definition of changed circumstances, and how and when creditors provide a revised estimate.

Here is what you will learn:
• Good Faith Determination for Estimate of Closing Costs
- The zero percent tolerance category
- The aggregate ten percent tolerance category
- Variations permitted for certain charges
• Revised Loan Estimates
- Changed circumstances affecting settlement charges
- Changed circumstances affecting eligibility
- Revisions requested by the consumer
- Interest rate dependent charges
- Expiration
- Delayed settlement date on a construction loan
• Provision and Receipt of Revised Loan Estimate
• Revised estimates in Closing Disclosures

This program is suitable for all personnel involved in consumer mortgage lending, including loan officers, loan processors, and mortgage brokers. Compliance officers and auditors responsible for ensuring the financial institution is fulfilling its regulatory responsibilities will also find the program valuable.

2022 Speakers

Anetria Cohen
Vice President, ProBank Austin