I understand that there are specific things that can be considered as a "changed circumstance" that would allow changes to a GFE. Is there a cheatsheet of what on the GFE can change for various reasons?

I'm auditing these in my bank and am having some difficulty with what can change. For example, one of our lenders had a rate lock expire. Once the rate needs to be locked again, couldn't anything on that GFE change now? The consumer ended up choosing a different loan amount and even another program. I am OK with it but I was informed that I'm wrong. I've been wrong before and I usually head for some reading! I figured there had to be a matrix out there somewhere....

The long and short of it is... you should google or research (RESPA FAQ and "changed circumstance" for almost all the reasons you can change a GFE, with some examples.

Overall:

When there is a change circumstance only the fees related to that specific changed circumstance can be altered.... (RESPA FAQ GFE-"change circumstance" #5) In other words a change GFE is not a mulligan to correct mistakes made on the original GFE.

So for example, if a house fails inspection the first time and second inspection is required to close the loan, you can change the GFE and the fee only for the inspection to account for this "change."

Because under RESPA (3500.7(f)) the lender is obligated to the terms disclosed on the GFE through settlement.

Cheers!

Thanks to you both. I love the help I get here on BOL. I was looking at this example as "an expired GFE" and calling it null and void. Looks like I'm heading to the FAQs for some learning!

I like the "mulligan" reference, btw.