On the initial loan estimate - we will enter the estimated value of the property. When the appraisal comes in and it is different; will this be a changed circumstance requiring re-disclosure?

Not unless it impacts the loan in some manner that causes the loan charges to increase.

The property value on page one of the Loan Estimate does not have to be updated when later verified (i.e. an appraisal). However, if when verified the change in value causes loan charges to increase then you would have a changed circumstance event. Re-disclosure would then depend on the overall effect of the changed circumstance. Is it a 0% tolerance item? Is it a 10% item, does this change cause all you to exceed 10%? Would need more details to provide a more detailed answer.

What about an instance where we lock the rate based on the LTV. If the appraisal comes in lower than anticipated so the customer no longer qualifies for that rate, would that qualify as a changed circumstance allowing redisclosure? Or are we stuck since the rate has been locked (although it was based on the assumed LTV at application)?

IMO your rate lock agreement should have some sort of disclaimer stating that the lock is conditional upon verifications. Relative to TRID, if the rate was locked based on an estimated LTV and then the appraisal doesn't check out, you have a changed circumstance. In fact check out [§1026.19(e)(3)(iv)(B)].

Thank you so much for the guidance, and for the cite!!! That helps a lot!!