Under 1026.19(e)(4)(i), IF you're going to use a revised LE to adjust the basis for a cost affected by one of the events in (e)(3)(iv)(A), (B), (C), (E) or (F), you have to send the revised LE within 3 business days of receiving information sufficient to establish the conditions under one of those paragraphs. Notice that the operative word at the start of that section is "IF." You don't have to send a revised LE if you elect not to adjust your basis for the affected costs.
Paragraph (e)(3)(iv)(D) -- the paragraph on rate locks -- is the only paragraph that includes its own requirement for the revised LE, and there is no optional language there. It's required. And the reason is the one that Randy gave -- even if there is no change in the costs, and even if the rate is locked at the same rate given on the initial LE, you have to update the disclosure to answer "YES" to the rate lock question, and provide the (updated) expiration date and time for the rate lock.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8