The letter of explanation can simply state that the reason for the foreclosure, deed in lieu of foreclosure, or short sale was due to the following: the fact that they had an adjustable rate mortgage or balloon mortgage when the adjustment period came up, the new payments were substantially higher than what they could afford
How to Write Letters of Explanation for a Mortgage Underwriter. Letters are often needed to explain a credit problem such as the circumstances behind a bankruptcy or where you got the down payment. These are important components to your loan portfolio and can make the difference in the approval or denial of the loan.
The agency did not name the firms, but published a sample letter that detailed the accusations against them. In the letter, the CFPB noted that the Home Mortgage Disclosure. firm’s compliance with.
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.
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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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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.
In a sample. an explanation," reads the letter from Patrice Alexander Ficklin, the bureau’s fair-lending director. The companies that received HMDA letters may have been attempting to straddle the.
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.