Word recognition and generation is a fundamental part of the processing of natural language, especially for languages with rich morphology such as Modern Greek, and it requires computationally effective morphological processors. Various models have been proposed for developing computerized systems to accomplish the task of recognition of morphosyntactic features of words. In this paper there is a description of extending and adapting the model of functional decomposition in order to cover a number of morphological phenomena that are encountered in Modern Greek. To achieve a more efficient word recognition modifications on the original model were introduced, the lazy word-parsing approach been adopted. The proposed system was used for processing a large scale corpus and the results are presented and discussed as well.