It’s not uncommon for institutions to use the terms refinance, modification, extension, and renewal differently or even interchangeably. For example, one lender might call something an extension and another might call the exact same transaction a modification. While the terminology itself isn’t necessarily problematic, it’s important to remember that Regulation Z doesn’t actually define the term renewal or extension. In other words, they aren’t really a thing as far as Regulation Z is concerned. Ultimately, renewals and extensions fall into one of two buckets. They are either a refinance or a modification.
Kevin explains more in the video.
Published 2026/08/27
