I'm pretty sure we are stuck on this one but does an early ARM Disclosure need to be provided on a loan modification with more funds given?

Are you changing the variable rate feature or just adding increasing the loan amount?

We just added money to the principle, everything else stayed the same? This is an auditor finding so a cite would be appreciated.

Official Interpretation

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.

If you modified the existing obligation, it was not extinguished "and" replaced.


Then refer to Comment 3, which you say you did not do.