Does this trigger TRID?

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: Skittles

Re: Does this trigger TRID? - 01/05/16 04:45 PM

Has the note matured?
Posted By: mdog76

Re: Does this trigger TRID? - 01/05/16 05:00 PM

It has not matured.
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.
Posted By: Kathleen O. Blanchard

Re: Does this trigger TRID? - 01/05/16 05:06 PM

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If the maturity will be extended, don't forget to do a new Flood Determination if the current one is no longer valid.