We have a customer with a 5/1 ARM who put in a request to refinance right when the rates dropped. We want to keep her in the same product, no new money, just lower the interest rate. As I said, she had/has a 5/1 ARM that adjusted once prior to this request. Are we still able to modify this loan and keep at 5/1 status and fix her payments for another 5 years? Does the fact the loan adjusted once even play into the scenario?

Lowering the rate alone would not trigger 1026.20(a). Resetting the payment adjustment periods however might be considered adding a new variable rate feature.

And if it does that means new TRID documents correct?

Yes - a refinance under 1026.20(a) would trigger a new early ARM and TRID disclosures.