CFPB TRID Sec. 8 - What is a “changed circumstance”?

Compliance > Regulation Z - TILA / TRID Specific > Loan Estimates
Q:  What is a “changed circumstance”?
 
A:  A changed circumstance for purposes of providing a revised estimate and resetting tolerances is:
 
  • An extraordinary event beyond the control of any interested party or other unexpected event specific to the consumer or transaction (§ 1026.19(e)(3)(iv)(A)(1));
  • Information specific to the consumer or transaction that the creditor relied upon when providing the disclosures and that was inaccurate or changed after the disclosures were provided (§ 1026.19(e)(3)(iv)(A)(2)); or
  • New information specific to the consumer or transaction that the creditor did not rely on when providing the disclosures. (§ 1026.19(e)(3)(iv)(A)(3))
 
 
This Loan Estimate / LE information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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