TRID Rules and Revised Loan Estimate
The Bank wants clarification as to when the Loan Estimate can be revised in the following scenarios:
1. The applicant indicates that the loan is for a refinance up to the maximum of the payoff, which will be about $169,000 (i.e., "Refinance - Max to qualify up to payoff amount, about $169,000").The Bank would send a Loan Estimate based on the amount of $169,000, since it couldn’t be sure of the actual pay off. It will pay for most of the fees and costs as “Lender Credits,” but the applicant will pay for the mortgage recording fee. If it is later determined that the actual pay off amount is $167,450, would this be a changed circumstance requiring a revised Loan Estimate to be provided?