If your financial or employment history is less than perfect, an underwriter might ask for a letter of explanation. These letters are generally asked for in situations that the circumstances are outside of the normal guidelines that an underwriter uses.
How do I write a letter explaining why I am buying a house within close proximity of the current home I own. Is there a sample letter available? Find answers to this and many other questions on Trulia Voices, a community for you to find andGet answers, and share your insights and experience.
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That information can come in a form of a Letter of Explanation. These letters are then retained in case the Government or another Underwriter has to review the file. Missing or incomplete files.
The reasons why you may need to write a letter explaining your bankruptcy and the type of things a prospective lender will want you to include in the letter to be convinced of your ability to fulfil your obligations as a lender.
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How to Write a Letter of Explanation for a Mortgage Lender By Stevie Duffin Updated on 7/26/2017. If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.
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Review the underwriter’s request for a letter of explanation. Your mortgage loan officer or a loan processor who prepares your application for underwriting, can provide you with a copy of that request. It’s usually one of several underwriting conditions you must meet to gain full loan approval.
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A letter of explanation should be short and professional, encompassing two to three paragraphs. The underwriter is only interested in the facts, so avoid unnecessary details and emotional appeals. You actually only need to include a few bits of vital information to create a satisfactory explanation.
Mortgage Underwriting Letter of Explanation: Sample and Overview. The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied.
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