Tolerances can only be reset when there is a valid changed circumstance. This does not mean; however, that you cannot provide an updated Loan Estimate when other changes occur. Regulation does not require these types of “information only” disclosures to be provided. Thus, you may want to consider whether they are worth the time and money to produce as well as the potential for errors and violations.
Jerod explains more in the video.
Video Highlights:
- Tolerances can only be reset with a legitimate changed circumstance.
- If there is no changed circumstance, updated “information only” disclosures can still be issued.
- “Information only” disclosures are not required by regulation, but errors can still result in violations.
Published
2023/04/20
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!
