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Re-disclose if Over Time Limit Initial TIL?

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Question: 
For consumer residential mortgage loans, is redisclosure required when the finance charge is understated by more than the allowed amount on the initial TIL due to a change of circumstance, such as the loan amount changes?
Answer: 

Change circumstances affect the authority to issue a revised GFE under RESPA. Under Reg. Z if the APR is outside the allowable tolerance you must re-disclose the ETIL and wait the applicable number of days before closing the loan. Review 1026.19(a) and its Commentary.
First published on BankersOnline.com 4/9/12

First published on 04/09/2012

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