Why is my lender asking for a letter of explanation?

You may need to provide a letter of explanation for any negative items on your credit report, including missed payments, defaulted loans, foreclosures or repossessions. The letter should include an explanation regarding the negative event, the date it happened, the name of the creditor and your account number.

What is a letter of explanation mortgage addresses?

What is an Address Discrepancy Letter? Address Discrepancy Letter is a letter of explanation where the borrower clarifies the current residential address and responds to any discrepancy in the address stated in credit report or other documents.

What is a letter of explanation for pre approval?

A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. This document is based on certain assumptions and it is not a guaranteed loan offer.

Why does my mortgage lender want a letter of explanation?

What is a letter of explanation for a mortgage? A letter of explanation is your opportunity to explain inconsistencies in your mortgage application and any aspects of your financial history that your lender needs to understand better before it can approve you for a loan.

What do underwriters do with letters of explanation?

A letter of explanation for a mortgage helps you clear up creditworthiness questions and concerns that may arise after applying. Loan underwriters are required to investigate issues and anomalies on your credit or employment background to ensure you can and will pay your mortgage.

How do I write a letter of explanation to a lender?

How to write a letter of explanation The lender's name and address. Your name (as it appears on your application) and any client/reference/file number. The date you're submitting the letter and the expected closing date (if you know it)

Why did I receive a letter of explanation mortgage?

A letter of explanation (sometimes called an LOE or LOW) is a document requested by mortgage lenders when they want more details about your financial situation. An underwriter may request a letter of explanation if they run into questions about your finances during the mortgage approval process.

What is a letter of explanation mortgage addresses?

What is an Address Discrepancy Letter? Address Discrepancy Letter is a letter of explanation where the borrower clarifies the current residential address and responds to any discrepancy in the address stated in credit report or other documents.

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Letter Of Explanation.xlsx - Direct Federal Mortgage Inc

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Q: How do I write a letter of explanation to a lender?

How to write a letter of explanation The lender&#039;s name and address. Your name (as it appears on your application) and any client/reference/file number. The date you&#039;re submitting the letter and the expected closing date (if you know it)

Borrower Letter of Expanation If you can explain in a brief paragraph or two what is being asked of you, then sign and date. This explanation will help us understand your current situation better.

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