TRID: Revising the Loan Estimate

When a valid changed circumstance occurs, it may cause the regulatory tolerances to be exceeded. Issuing a revised LE allows the institution to “reset” the tolerances based on the new information. There are, however, times when a valid changed circumstance does not result in the regulatory tolerances being exceeded and, in this case, an institution has a couple of options. The first is to not do anything. The second is to provide an “information only” revised LE. These are often provided as a customer service to keep the applicant aware of any changes, but it’s important to note that these LEs are not required and do not help an institution from a tolerance perspective. Additionally, if you make a mistake on an information only LE, it can be used against you.

Jerod explains more in the video.

TRID Resources!


Jerod Moyer

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!

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