Posted By: mdog76
Does this trigger TRID? - 01/05/16 04:42 PM
Interest rate staying the same, same loan number, no new money, only thing is that the customer wants to pay down the balance a little to lower the payment amount which would then require a modified note. Does this trigger TRID documentation?
Thank you for the help.
Posted By: mdog76
Re: Does this trigger TRID? - 01/05/16 05:03 PM
I'm thinking its not TRID but wasn't sure due to the modified note and new payment amount.
If the loan is being modified to change payment or extend maturity, no TRID disclosures are triggered.
Posted By: John Burnett
Re: Does this trigger TRID? - 01/05/16 09:55 PM
If the maturity will be extended, don't forget to do a new Flood Determination if the current one is no longer valid.