Can you use a loan modification agreement on a consumer renewal/extension to change the maturity date instead of renewing the loan by rewriting the note and redisclosing, if no other terms on the loan change and there is no new money.
One of our lenders has such an agreement used by another bank and wants to know if we can do the same. The other bank charges a fee which is added to the loan balance. Their form addresses the interest rate as remaining the same but does not address the APY at all.

Yes, you can extend the maturity date of a note using a modification and no additioanl disclosure is required even if you charge a fee for the modification. However, you may have issues with your collateral document such as a mortgage or deed of trust to deal that need to be addressed.

WHAT IS THE PROPER DOCUMENTATION FOR THE FILE/AND CUSTOMER WHEN MODIFYING THE PMT AMOUNT OF A CONSUMER NOTE (LOWERING AND NOT CHANGING MATURITY DATE, INTEREST AMT)- REPRINT THE CONSUMER NOTE AND LIST CHANGES UNDER "OTHER TERMS"? OR REPRINT NOTE WITH NEW AMT OF PMT IN THE FED BOX