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.
The mortgage lender told us they needed a letter from the company stating it is no longer being disputed. We did that. Now they are saying they.
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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In order for the mortgage loan applicant to be able to use the funds from the sale of the car for down payment or closing costs, a letter of explanation is required as well as supporting documents such as copy of check, deposit slip, and bill of sale Any irregular deposit of $200 or more, a letter of explanation is required
The debriefing could also get extended by a few days if the Defense Department allows additional questions after offering an.
A mortgage letter of explanation is written by someone attempting to borrow money and explains a situation that could present lender risk. When risk is evident, mortgage underwriters often require a letter of explanation before they approve a loan.
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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.
credit history for each applicant listed on the mortgage application. with outstanding balances/payments must have a letter of explanation.
The MBA tells us that independent mortgage banks and mortgage subsidiaries of chartered. In lieu of this form, a signed letter of explanation for all credit inquiries found during the loan process.
Mortgage lenders may scrutinize your credit report right up until closing day.. from all angles: my bank statement, his bank statement, the canceled check, a letter from him.. Anything that isn't clear must have an explanation.