Review the underwriter’s request for a letter of explanation. Your mortgage loan officer or a loan processor who prepares your application for underwriting, can provide you with a copy of that request. It’s usually one of several underwriting conditions you must meet to gain full loan approval.
How to Write a Letter of Explanation. Address the letter to your mortgage loan officer or the mortgage company according to your loan officer’s instructions. Limit your explanation to facts and dates. Avoid any temptation to place blame or rant about anything or anyone involved in the situation you’re addressing.
For example, lets take a case scenario if a mortgage loan applicant has had a history of good credit. Then all of sudden a period of late payments on all of his or her payments. The underwriter will require a letter of explanation as to the event that caused the period of bad credit.
When the underwriter gets a complete package. This may mean helping a borrower to write a letter of explanation, or calling a credit card company with the borrower to get an item cleared from a.
Current Events. Close your letter with a snapshot of where you are currently. The lender will have all this information from your application, but it’s a good opportunity to reiterate your present.
Yesterday, I received a letter from you asking for a "letter of explanation for the gap in my employment". Please consider this as a letter of explanation and refer below for details on why an employment gap is evident in my application. In February 2014, I lost my job at Diva Jewelry when the store closed down.
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With the help of the letters of explanation templates one can easily frame different kind of interview letters that are needed by the candidates to pose to the company for different reasons. Taking the help of the template it will make the work easy and one can have the proper layout of the letter.
A closing protection letter (sometimes “insured closing letter” or “CPL”) forms a contract between a title insurance underwriter and a lender,
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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.