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You just received an email from your Loan Officer asking for a Letter of Explanation. Many borrowers have no idea what should be contained in that letter or even more importantly, why it is required.
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.
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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.
An explanation letter is a letter that gives an explanation and an apology regarding a mistake committed. With regards to employment matters, an explanation letter will serve the purpose of explaining your circumstances to your employer.
Letter Of Explanations will be common during the mortgage process. Most borrowers freak out after they get a conditional loan approval and part of conditions are a bunch of letter of explanations that need to be provided. There is one condition borrowers can never escape when applying for a mortgage is letters of explanations.
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Check your letter for spelling, grammar and formatting issues before you submit it, and follow your loan officer’s instructions. A letter of explanation helps your lender understand you better. Use it as an opportunity to show that you are a responsible borrower who can manage big financial obligations like a mortgage.
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Letter of Explanation for Credit Issues By Sari R. Updated on 6/6/2017. Borrowers are often prompted to write a letter explaining the reasons for credit default. You can use our sample letter as a guide if you asked to write such a letter.
Late Payment On Mortgage I made a mortgage payment on time via ach online payment, but the payment was returned by my bank due to insufficient funds. By the time I realized that the payment was returned, it was already more than 30 days after the initial due date and a late payment was reported to the credit bureaus.