Loan Modification
Document outlining changes to original loan terms and conditions.
Last updated
December 2, 2024
The Loan Modification document details the terms and conditions under which existing loans are modified. This process is essential for borrowers who may face difficulties in adhering to their original loan agreements due to unforeseen financial challenges. By altering the existing loan terms—such as interest rates, payment amounts, and loan duration—borrowers can potentially lower their monthly payments and make them more manageable.
This document is critical for financial institutions as it provides a comprehensive overview of the adjustments made, ensuring compliance with regulatory requirements and helping maintain accurate records. The accuracy of the information in this document directly impacts the financial institution's ability to service the loan effectively.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Loan Modification document. Please refer to the table below for detailed information.
|
| Document Type | Yes | text |
| Document Type CLF | Yes | text |
| Document Title | Yes | text |
| FHA OR VA Case Number | Yes | text |
| Mers/Min Number | yes | number |
| Loan Number | yes | number |
| Investor Loan Number | Yes | number |
| Date of First Lien | yes | date |
| Unpaid Principal Balance | Yes | amount |
| Original Loan Amount | Yes | amount |
| New Money | Yes | amount |
| Mod Effective Date | Yes | date |
| Document Date | Yes | date |
| Borrower Name | yes | text |
| Co-Borrower Name | yes | text |
| Lender or Servicer Name | yes | text |
| Property Street Address | yes | text |
| Property City | yes | text |
| Property State | yes | text |
| Property Zipcode | yes | number |
| Current Interest Rate | Yes | text |
| Mod First Payment Date | Yes | date |
| Maturity Date | Yes | date |
| Current Principal and Interest payment | Yes | amount |
| New Principal Balance | Yes | amount |
| First ARM Change Date | Yes | date |
| Subsequent Change Interval | Yes | text |
| Deferred Principal | Yes | amount |
| Borrower Signature Name | yes | text |
| Co-Borrower Signature Name | yes | text |
| Deferred Interest | Yes | text |
| Current Unpaid Principal Balance | Yes | amount |
| Current Unpaid Advance Balance | Yes | amount |
| Expiration date | Yes | date |
| Recast Effective Date | Yes | date |
| Interest Bearing Principal Balance | Yes | amount |
| Final Balloon Payment | Yes | amount |
| Interest Rate Change Date | Yes | date |
| Monthly Escrow Amount | Yes | amount |
| Total Monthly Payment | Yes | amount |
| Number of Monthly Payments | Yes | number |
| Recast Current Interest Rate | Yes | text |
| Recast Interest Rate Change Date | Yes | date |
| Recast Current Principal and Interest | Yes | amount |
| Recast Monthly Escrow Amount | Yes | amount |
| Recast Total Monthly Payment | Yes | amount |
| Recast First Payment Date | Yes | date |
| Recast Number of Monthly Payments | Yes | number |
| Deferred Principal Reduction Amount | Yes | amount |
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