If something changes during the application, you have 3 general days to redisclose. This rule is triggered by a change in what?

If something changes during the application, you have 3 general days to redisclose. This rule is triggered by a change in what?

• A. Change of Circumstance
• B. Interest Rate Change
• C. Applicant Withdrawal
• D. Property Value Change

Answer: (A)

During the loan application, disclosures must be refreshed if something happens that changes the loan terms or the settlement charges. that trigger is called a Change in Circumstance. It covers new information from the borrower or a third party that wasn’t known when the initial disclosures were issued and would affect figures like the APR or the costs at closing. So, the rule about having a three-business-day redisclosure period applies whenever a Change in Circumstance occurs. While an interest rate change or a property value change can cause updated disclosures, they are best understood as specific examples of a Change in Circumstance rather than the trigger itself.

During the loan application, disclosures must be refreshed if something happens that changes the loan terms or the settlement charges. that trigger is called a Change in Circumstance. It covers new information from the borrower or a third party that wasn’t known when the initial disclosures were issued and would affect figures like the APR or the costs at closing. So, the rule about having a three-business-day redisclosure period applies whenever a Change in Circumstance occurs. While an interest rate change or a property value change can cause updated disclosures, they are best understood as specific examples of a Change in Circumstance rather than the trigger itself.