So You Want to Be a Mortgage Broker A loan modification is defined as a change in the loan contract that has been requested by the borrower and subsequently agreed to by the lender and the borrower. In today’s interest sensitive market, the modifications are usually those designed to reduce the payment burden on borrowers faced with impending rate increases. An increase in payment makes the mortgage un-affordable. Most who request the loan mods are subprime borrowers. Homeowners faced with prospect of afford ability should consider requesting a modification. They are unlikely to get one if they don’t ask. The stakes are high, they can save their house and their credit.

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