A revised Closing Disclosure may be delivered at or before consummation reflecting any changed terms, unless: The disclosed APR becomes inaccurate. The Loan Product changes – prior Closing Disclosure becomes inaccurate. A Prepayment penalty is added.

Change in circumstance definition A changed circumstance may also involve a situation where the lender relied on specific information to complete the loan estimate and that information later becomes inaccurate or changes.

Change in circumstance definition Finally, a changed circumstance may be the discovery of new information specific to the consumer or transaction that the lender did not rely on when providing the original disclosures.

Under the TRID rules, a lender may increase a fee once disclosed as being non-shoppable by the consumer when the result of an event or circumstance taking place after a disclosure is issued. These are known under the law as “allowable changes in circumstances.”

Common reasons you may receive a revised Loan Estimate include: The home was appraised at less than the sales price. Your lender could not document your overtime, bonus, or other irregular income. You decided to get a different kind of loan or change your down payment amount.

Common “substantial changes in circumstances” may include: a loss or gain of employment, a sudden change in either party's finances, a relocation of the parties or children, a death, a change in the child's wishes, etc.

Defining a Changed Circumstance The term “changed circumstance” is often referred to as the reason a revised Loan Estimate must be provided, which can reset the fees and tolerance buckets used to calculate any possible reimbursements.