[Sandy]

When doing a Loan Estimate for a purchase home loan, is it required that if there is a borrower’s deposit that it is to be on the Loan Estimate? If so and it is not on the original Loan Estimate does a revised Loan Estimate need to be given before the closing disclosure is issue?

[Kimberly Boatwright, CAMS, CRCM]

Yes, if you are aware that the borrower put in a deposit and/or down payment those are required to be on the LE. The rules state you are to make a “good faith” effort to disclose the the transaction. Additionally, every time a revised LE is sent it must include updated and relevant information.

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