Mortgage Q&A series: "What is a letter of explanation?" If you’re currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a "letter of explanation" or LOE to provide a little more color to what the underwriter might feel is a complicated matter.
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A letter of explanation can keep your mortgage approval moving forward if something unexpected happens to your. Here's a sample explanation letter: April 29.
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The Letter of Explanation is not meant to be a bad thing – it is simply to ensure that the mortgage that you are applying for has your best interests in mind. Today lenders are very keen on ensuring that your debt ratio is in line and that you will be able to afford the loan well into the future.
Below is a sample bankruptcy explanation letter. It should be a formal business letter and sent by certified mail. If the consumer is filling out a loan application, they may want to include the letter with the application.
Again, most letters of explanations are written by loan officers. Letter of explanation is required if borrowers had events below: Bankruptcy. Mortgage Loan modifications. foreclosure. delinquent credit payment History. Recent job change. divorce.
How to Write Letters of Explanation for Mortgage Underwriting; How to Write Letters of Explanation for Mortgage Underwriting. By: Karina C. Hernandez.. Review the underwriter’s request for a letter of explanation. Your mortgage loan officer or a loan processor who prepares your application.
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A letter of explanation (LOX) is a brief document sent to lenders to clarify things like an insufficient-funds charge on your checking account, to note changes in income, provide a summary of your rental history, or just about anything that could be called into question during the mortgage approval process.