A Loan ModificationModification - Performing a modification on an account is essentially writing a new contract for the account while saving the original loan information and loan history. This tool lets you update settings, numbers, and calculations on an account., like the name implies, is a change made to the settings of a loan. Loan Modifications are more than simple changes to a loan's terms, however. Here's what you need to know about modifications:
- Modifications are used for loans that have already been activatedactivated - Activating an account will cause the calculations on the loan to take into account actual dates and payment history. An account that hasn’t been activated exists in an abstract piece of time with no sense of past or future.. Thus, modification requests will not work for loans that are inactive.
- A loan modification is essentially a new loan that is placed on top of an old loan. The history and transactions from the old loan are present, but the terms of the new loan take precedence.
- Modifications are "soft deletes" in the database meaning that they aren't removed but instead marked as deleted within the table.
For information on the Loan Modification process, take a look at our API – Modifying a Loan article on our help site.
And for an example on how Loan Modifications work within the UI, see our Account Modification article.
For information on Loan Modification database tables, see the following articles:
Try It Instructions
This request is a bit special; this is a POST request, but a payload isn't required since the header handles the cancellation.
In addition, our requests often provide sample payload information so that you can receive a 200 response from simply hitting the Try It button. This request is a bit different. This requests removes something, so we won't provide sample information since the same information won't work for multiple users. But if you'd like to see an example of a successful response, click the response examples located under the Try It button.
If you would like to try this request with your own tenant account, make sure to change the headers to match your own authentication information.