Account Reconciliation
Use this Tallyfy template to reconcile your internal cash register or accounting records with bank statements. It walks ...
5 steps
1 automations
Banking Accounting
Loan Modification Request
Workflow for processing borrower requests to modify loan terms. Covers hardship assessment, options analysis, and modification approval. Takes 2-4 hours for evaluation. Best for: Loss mitigation, loan workout specialists.
4 steps
Process steps
1
Collect and verify hardship documentation
7 days from previous step
Request hardship documentation: letter explaining circumstances, current income verification, bank statements, and monthly budget. Verify the hardship is legitimate - job loss, medical issue, divorce, death of co-borrower, etc. Temporary hardships may qualify for forbearance; permanent changes need modification.
Form fields in this step
Hardship Type *
Hardship Documented *
Current Monthly Income *
2
Analyze modification options
5 days from previous step
Run scenarios for different modification types: rate reduction, term extension, principal forbearance, or combination. Calculate the new payment under each option. Compare to borrower's current ability to pay. Consider impact on bank's position - NPV analysis for significant modifications.
Form fields in this step
Options Analyzed *
Recommended Option *
New Payment (if modified) *
3
Obtain modification approval
10 days from previous step
Submit modification recommendation to appropriate approval authority based on your policy. Include complete analysis, NPV calculations, and recommendation. If denied, document reasons and alternative options. If approved, prepare modification documents.
Form fields in this step
Decision *
Approved Terms
Denial Reasons (if denied)
4
Execute modification agreement
14 days from previous step
Prepare modification agreement reflecting approved terms. Review with borrower and obtain signatures. Record modification if secured by real estate. Update loan system with new terms. Monitor the loan closely during trial period if applicable.
Form fields in this step
Agreement Signed *
Loan System Updated *
First Modified Payment Due
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