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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.
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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The underwriter is requesting me write a letter explaining 6 items on my credit report . Explaning in detiail how each one was late . What have.
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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8+ Sample Letter of Explanations. Essentially letter of explanation refers to interviews but also used in another context like criminal procedures. When it comes in interviews, the preparation becomes easy and you feel comfortable. Using a letter of explanation helps you prepare for the interview, feel more comfortable and the presentation will be coherent and sensible.
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That information can come in a form of a Letter of Explanation. These letters are then retained in case the Government or another Underwriter has to review the file. Missing or incomplete files.
A letter of explanation should be short and professional, encompassing two to three paragraphs. The underwriter is only interested in the facts, so avoid unnecessary details and emotional appeals. You actually only need to include a few bits of vital information to create a satisfactory explanation.