What is a requirement for issuing a revised loan estimate?

A revised loan estimate is necessary when certain changes occur that affect the cost or terms of a loan, and it must be issued to provide the most accurate and current information to the borrower. This means that the cost outlined in the revised estimate must accurately reflect the current market conditions and any adjustments in fees or loan terms that may have occurred since the initial estimate was provided.

This requirement ensures that borrowers have a clear understanding of their potential costs as they move through the loan process, allowing them to make informed decisions. The aim is to promote transparency and protect consumers from unexpected fees or terms as they finalize their mortgage financing.