Rarely are mortgage underwriters completely satisfied with everything that is presented to them. And the more you put in the front of them, the more chances they have to ask for, well, more. Letter of Explanation Template. Include a basic heading and salutation; A short explanation to resolve the confusion (short and sweet!) Sign and date it
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How to Write a Letter of Explanation for Credit Problems – A letter of explanation is a 100-word letter that sits on file at the three major credit bureaus; transunion, Experian and Equifax. This letter then gets sent out to anyone requesting a copy of your credit report, providing context for any negative credit entries.
Letters of Explanation are like toilet paper. There’s a world of difference between the best and the worst. Prior to automated underwriting, explanations were required for every blemish on the credit report. Borrowers responded with heart-wrenching tales of woe, steadfast denials of fault, unconvincing excuses, and, sometimes, the truth.
For example, if a borrower’s income is lower in the recent year compared to years previous in the same position, a mortgage underwriter may request a letter of explanation to clarify the discrepancy. It may be that the borrower has an even that required a period of absence, such as a death in the family led to an extended bereavement from work.
As of August 22, 75 releases containing over 10,000 pages had been released under FOI since the log went dark, according to a.
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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. But that’s not always true.
The basic premise of this explanation letter is to address: The situation you were in which caused you to pay late was beyond your control. You have vowed to never let it happen again. Here are the things you have done to make sure it doesn’t happen.