I think the question related to "change in term" (not "change in terms") agreement, and refers to the term of the loan being changed (AKA an extension). Nonetheless, it would still be a form of modification agreement.
Changing the term (in other words postponing the maturity date) of a loan clearly has some costs. The most obvious, if the loan carries interest in arrears, is the added interest to be paid during the extended term of the loan. If it's a single payment loan with prepaid interest (FKA a discounted note), the lender would expect to get its interest for the extension term either with a prepayment or at the extended maturity.
In addition to the expected interest, many lenders impose a modification fee (or, if you prefer, a loan extension fee) for the paperwork and time involved.
As Richard said earlier, this would be a post-closing event and would not make the earlier disclosures on the loan inaccurate.
Take a look at Regulation Z section 1026.20(a) to see information on when you might creating a refinancing with what you think is a modification or change in term. Those are actions you need to avoid when consumer credit is involved and you don't want to go the full refinancing route.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8