Consumer Loan made prior to TRID implementation is having the maturity date changed/extended. Would extending the maturity date trigger TRID docs? Nothing is changing except the maturity date.

Is the extension happening prior to the maturity date?

yes

If the loan is being modified prior to maturity day then this does not meet the definition of a refinance and TRID documentation is not required.

Just make sure that the modification doesn't involve something more than just an extension of the maturity that would make the transaction a refinancing under Regulation Z §1026.20(a). That would mean you'd have to handle it as a TRID loan (and apply any other applicable Regulation Z requirement). But based onyyour statement that nothing is changing except the maturity date, you should not have that problem.

what happens if the loan has matured and we need to extend it by 90 days? This was a construction loan that we intend to refinance with a permanent loan; both were disclosed simultaneously.

John, could you elaborate on this a little bit? We modify all the time for reasons beyond just the maturity of the loan. That is the primary reason, but I've added money [ROR], changed terms, etc., by modification. My understanding has always been you can do pretty much anything you want other than add or maybe remove a VR feature by modification. Assuming there is no state law preventing such.

I have the same question as RR Joker herein. Anyone? Can you extend before maturity date and increase the payment amount?

20(a) Refinancings

1. Definition. A refinancing is a new transaction requiring a complete new set of disclosures. Whether a refinancing has occurred is determined by reference to whether the original obligation has been satisfied or extinguished and replaced by a new obligation, based on the parties' contract and applicable law. The refinancing may involve the consolidation of several existing obligations, disbursement of new money to the consumer or on the consumer's behalf, or the rescheduling of payments under an existing obligation. In any form, the new obligation must completely replace the prior one.

The key is "the original obligation has been satisfied or extinguished and replaced by a new obligation". Unless you are adding or changing a variable rate feature, if you aren't doing that quoted action, it is not a refinance regardless of what else you are doing.

Thank you. That helps.