Lost Job after cleared to close on refi

[Ryan Weimer]

One of my friends was cleared to close on a refi on his primary and lost his job after being cleared to close.  He still signed and they asked the standard "did anything in your employment status change" and he answered no since the refi will save him $300/month and has plenty in reserves and no issue paying it.

I told him once he's cleared to close from underwriting he'd be fine, but I'm also not an expert on this specific situation and he is concerned there may be repercussions about lying.  Can anyone shed some light on this scenario?  Are there any negative consequences even if he makes payments on time?