Defining the details of a loan modification agreement is essential for any successful process. Our free templates and this guide can help you get started.5. Modification of Loan Documents. As of the beginning of the review period the loan was under review for loan modification. Future Loan Modification. Loan Modification Agreement. The mortgage modification agreement is a legal document between a lender and borrower to change an existing loan's terms. This loan modification agreement modifies the terms of an existing credit agreement between a lender and borrower. Interest Rate Modification: This provision permits a reduction in the interest rate applied to the loan, which lowers the borrower's monthly payments. Com for any questions or assistance needed in completing or submitting the form.