When you write a letter of explanation, consider that you are essentially writing this to the underwriter and your goal is to present a good case of why you should be approved for a mortgage. Be truthful, thoughtful, keep to the point and if you have any documents that may support your scenario, you may want to include it.
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A Letter of Explanation is a simple few lines giving an underwriter insight into something flagged in the file such as odd deposits or credit issues. There are times when a mortgage underwriter needs a letter of explanation for one or more items in your loan package. Letters are often needed to explain a credit problem such as the circumstances.
You would provide an LOE to the underwriter explaining this. But that wouldn't be the end of the story. If your LOE included details of another.
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Applying for a mortgage. help your explanation. For example, if your foreclosure was due to a divorce, include your divorce action. If it was because of an illness, attach copies of your medical.
If you have derogatory marks or gaps on your credit report, you may be asked to submit a letter of explanation to your loan underwriter that.
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Again, the documents will speak for themselves. The few sentences in your letter simply reiterate what you told the loan officer. The difference is that you sign and date this letter – it’s a sign of your agreement that you are telling the truth. Don’t get nervous if your underwriter asks you for a Letter of Explanation.
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