Top Definition
Modifying an exsisting loan to better terms/lower payments. Currently loan mods are a way for a borrower of a home loan to negotiate the terms of there mortgage. Loan Modification officers are typically a third party out of work x-mortgage loan officer trying to continue to make easy money by being a middle man involved in financial transactions.
GD:"Mortgage re-financing is terrible right now,lending sucks".

Bova: I know,where the hell have you been, We are all doing "Loan Mods" right now until sub-prime comes back!
by drummerg2 April 07, 2009

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