If a GFE has been provided and the interest rate has not been locked, can the loan originator provide a revised GFE when the borrower later locks the interest rate?
Yes, if a borrower locks the interest rate after the GFE has been issued, a revised GFE must be issued within 3 days of the interest rate lock reflecting the date that the interest rate lock is good through in Line 1 and N/A in Line 4 of the Important dates section of the GFE. Any interest rate-dependent charges (Block 2, Line A and Block 10 on the GFE) and terms that changed must also be updated on the revised GFE.
Related Questions
- If the borrower wants to waive the escrow account after the interest rate has been locked by the borrower, how can we show the escrow account waiver charge on the GFE?
- If the borrower has locked the interest rate, how should the loan originator complete Line 4 in the Important dates section of the GFE?
- Can a loan originator e-mail a GFE to a borrower?
