For years now, I have been advocating that there is only one reason why a revised Loan Estimate must absolutely be issued: when an initially floating rate is subsequently locked.
Sure, there are other reasons a financial institution can issue a revised loan estimate, such as when there is a valid changed circumstance, but the only time a revised Loan Estimate is absolutely required is when an initially floating rate is subsequently locked.
While this reason for a revised loan estimate may seem simple, there are actually some questions that arise with the requirement to provide a revised Loan Estimate from a rate lock. For example, you may be asking one of the following questions:
Is a written rate lock agreement required for the revised Loan Estimate trigger?
Is a revised Loan Estimate required after a rate expiration or for a rate extension?
Is a revised Loan Estimate required when a rate is locked after a Closing Disclosure has been issued?
Is a revised Closing Disclosure required when a rate is locked after a Closing Disclosure has been issued?