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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.
In applying for a mortgage. with their lender. But when the underwriting department has specific questions that aren’t answered by asset, credit or employment documentation already in the file,
How to Properly Write a Letter of Explanation for a Mortgage April 29, 2018 By JMcHood If everything on your mortgage application isn’t textbook material, it’s fairly certain that you’ll receive a request for a Letter of Explanation.
· 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.
The Financial Assessment (FA) has, without a doubt, complicated the responsibilities of reverse mortgage originators since it took. and having assisted the woman in writing a letter of explanation.
Trulia.com: Crafting a Letter of Explanation to a Mortgage Lender Los Angeles Times: FHA Eases Rules for Some Borrowers After Bankruptcy, Foreclosure FriscoMortgageGuy.com: Secret to Getting a.
The ABCs of Writing a Letter of Explanation for a Mortgage. Fortunately, when your loan officer or an underwriter requests a letter of explanation, it doesn’t have to be a big stress moment. It’s common for mortgage underwriters to ask for a written explanation for certain situations or problem areas in your credit history, employment or other areas.
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A letter of explanation supplements the information you provided on your mortgage loan application. Lenders like everything to appear in black and white, which is why you have to submit a boatload of supporting documents when you submit a mortgage application.
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Letter of Explanation Requirements Will Vary by Lender. Perhaps there’s a deposit for $10,000 in the account, which doesn’t quite line-up with what you make in the way of salary. It seems a little out of place, even if it’s entirely legit. The underwriter may ask that you explain that deposit to ensure it’s kosher,
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