Banking workflow for Tallyfy

Evaluate modification requests fairly with proper documentation

Modification is often better than foreclosure, but only if borrowers can sustain the new terms. This workflow guides hardship assessment, options analysis, and approval decisions with documentation that satisfies auditors and examiners.

4 steps

4 fields

Import into Tallyfy Preview steps

Banking

Run this workflow in Tallyfy

Import this template into Tallyfy and assign loss mitigation specialists and credit approvers to evaluation and decision steps

Capture borrower name, loan number, current payment, and requested change at kickoff, then document hardship type and income using Tallyfy's dropdown and text fields

Track options analysis, approval decisions, and agreement execution in Tallyfy with the first modified payment due date recorded for monitoring

Import this template into Tallyfy

Process steps

Collect and verify hardship documentation

7 days from previous step

task

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 *

Analyze modification options

5 days from previous step

task

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) *

Obtain modification approval

10 days from previous step

approval

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)

Execute modification agreement

14 days from previous step

task

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