A Loan Modification, 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 activated. 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.
For an example on how Loan Modifications work within the UI, take a look at our Account Modification article.
For information on Loan Modification database tables, see the following articles:
Try It Instructions
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 ready for you—hit Try It to send the request.
If hitting Try It results in an empty response, take a look at the response examples located under the Try It button. We've included an example of response from a loan with an active Loan Modification.
However, 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.