Need to re-issue the LE for a changed circumstance. Appraisal has been received.

Page 1 of Loan Estimate has appropriate value, but it says "EST. PROP. VALUE $725,000", shouldn't the wording change to "Appraised Prop. Value $725,000"?

It works properly on the CD but not on the Loan Estimate.

Sounds like your system is working properly. Even if you have an appraised value you still have to disclose it as a estimated value on the LE. Look at the Official Interpretation for 1026.37(a)(7)...
"If the creditor has obtained any appraisals or valuations of the property for the application at the time the disclosure is issued to the consumer, the value determined by the appraisal or valuation to be used during underwriting for the application is disclosed as the estimated property value."

Thank you!

Tacking onto this thread. I'm reviewing a loan that correctly disclosed the estimated appraised value. A change circumstance occurred when the appraisal was received and the revised LE shows 'appraised value'. Would that be correct or should it still say 'estimated appraised value' with the original dollar amount?

Thank you!

On an LE you have two choices: Sales Price or Est. Prop Value. If you have updated your estimated property value because you have an appraisal, then the dollar amount would be updated.

I37(a)(7) Sale price. - Comment 1

If the creditor has obtained any appraisals or valuations of the property for the application at the time the disclosure is issued to the consumer, the value determined by the appraisal or valuation to be used during underwriting for the application is disclosed as the estimated property value.

So even if the value is based on an appraisal, we would still used 'estimated'?

As I said - there are only two options when using an LE. If your LOS provides other options on an LE - you have a real problem.