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Question 1 of 7

1. Question
When changed circumstances occur after the Loan Estimate is provided and settlement charges increase beyond allowed tolerances, how may the revised Loan Estimate reflect those increases?
- It may reflect increased charges only to the extent actually justified by the reason for the revision
- It may reflect any increase the creditor chooses
- It may never reflect higher charges once issued
- It may reflect increases only if the borrower signs a waiver
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Question 2 of 7

2. Question
Which of the following is considered a changed circumstance under Regulation Z?
- A borrower comparing interest rates
- An extraordinary event beyond the control of any interested party or unexpected event specific to the transaction
- A creditor deciding to charge higher fees
- A settlement agent correcting clerical paperwork
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Question 3 of 7

3. Question
Which of the following also qualifies as a changed circumstance?
- Internal policy changes by the creditor
- The borrower requesting a lower rate
- Information relied upon by the creditor that was inaccurate or changed after the Loan Estimate was provided
- A revised Closing Disclosure issued at closing
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Question 4 of 7

4. Question
When may a creditor issue a revised Loan Estimate to redisclose settlement charges?
- When the borrower requests a copy of the file
- Whenever the creditor wants to update pricing
- Only after closing
- When changed circumstances cause charges to increase or cause the 10 percent tolerance threshold to be exceeded
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Question 5 of 7

5. Question
Which of the following is an example of a changed circumstance affecting settlement costs?
- A natural disaster damages the property and increases closing costs
- The creditor updates its software system
- The borrower changes email addresses
- The settlement agent reorganizes office procedures
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Question 6 of 7

6. Question
Which situation may qualify as a changed circumstance during underwriting?
- The creditor decides to increase its fees
- The title insurer originally used in the estimate goes out of business during underwriting
- The borrower asks general questions about the loan
- The lender prefers another title company
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Question 7 of 7

7. Question
Which statement correctly describes how creditors treat the six pieces of application information related to changed circumstances?
- Creditors may collect them later and claim a changed circumstance
- Creditors must always collect them before issuing a Loan Estimate
- Creditors are presumed to have collected them before issuing the Loan Estimate and may not later claim a changed circumstance
- Creditors may ignore them if issuing a revised Loan Estimate
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