I've been researching whether a revised CD is required due to a change in the loan term from 15 years to 20 years and have been finding conflicting answers. The APR did not change (we kept the same rate and fees), we did not add a prepayment penalty and the specific loan product (fixed rate) did not change. However, the loan term did change - is that considered a feature of the loan product? Would we need to re-disclose and allow an additional 3 days?

Would we need to re-disclose - Yes

allow an additional 3 days - No

I agree with Dan. The description of the "Product" under Loan Information at the top of page 1 of the closing disclosure was "Fixed Rate" before the change and "Fixed Rate" after the change. Since it didn't change, the APR remained accurate, and you didn't add a prepayment penalty, there is no additional "wait" imposed on closing.

Thank you both for your expertise!