TRID Changed Circumstances & Section C

On the Loan Estimate, Section C, “Services You Can Shop For,” has a 10% tolerance level (assuming a provider on your list is used). In other words, the fees for items disclosed in that section cannot increase by more than 10%. But what if there is a changed circumstance or even multiple changed circumstances that occur and take you over that 10% threshold? Well, the key is to look at those items collectively and not each individual item. When valid changed circumstance(s) cause those items to collectively exceed 10%, you have three business days to issue a revised Loan Estimate.

Jerod explains more in the video.

Video Highlights:

• Items disclosed in Section C of the Loan Estimate cannot exceed the 10% tolerance.
• Valid changed circumstance(s) may allow tolerances to be reset.
• Once increases collectively exceed the 10%, a revised Loan Estimate can be issued within three business days.

Published
2023/10/18