Preliminary Modification
Document outlining modifications to existing loan terms for borrowers.
Last updated
December 2, 2024
The Preliminary Modification document serves as a pivotal instrument in the loan modification process, allowing financial institutions to communicate changes to loan terms effectively. This document is essential for both lenders and borrowers, providing a clear framework regarding alterations to existing loan agreements.
It typically outlines critical changes, including adjustments to interest rates, payment amounts, maturity dates, and other noteworthy terms. By ensuring a comprehensive understanding of the new loan terms, the Preliminary Modification fosters smoother transactions and helps maintain positive relationships between borrowers and financial institutions.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Preliminary 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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