If there is a changed circumstance and the mortgage broker issued the GFE, may the lender issue the revised GFE reflecting the changed circumstances?
Yes. If there is a changed circumstance that allows for a revised GFE, either the mortgage broker or the lender may issue the revised GFE, but must also comply with the requirements for documenting and retaining documentation of the reason for the revised GFE. A loan originator may issue a revised GFE reflecting only the increased charges resulting from the changed circumstance.
Related Questions
- If there is a changed circumstance, do the mortgage broker and the lender both need to retain documentation of the reasons for any revised GFE?
- If a mortgage broker provides the initial GFE and the lender accepts the loan, can the lender issue a new initial GFE?
- If there is a changed circumstance,. when does the loan originator issue a new GFE?
