Letter Of Explanation To Mortgage Underwriters. For example, you may need to write a letter of explanation if you have unusual or sudden activity in your credit report or banking statements. This article on how to write a good letter of explanation for underwriters was written by gustan cho nmls 873293 letter of explanations will be common during the mortgage process.
How to write a letter of explanation for a mortgage lender by stevie duffin updated on 7/26/2017. I am dealing with a massive financial constraint due to an accident that left me bedridden and unable to work. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied.
When creating a formal or service letter, discussion style as well as format is key to making an excellent first impact.
This letter, which you write, should state the date of the inquiries, the lender reporting them, and the reason. It may be because reduction in income due to the following reasons: Differences in addresses the federal trade commission (ftc) enforces an address discrepancy rule which puts the burden on mortgage loan originators, brokers, lenders and banks to report your correct address to the various credit agencies. Letter of explanation is often asked by mortgage underwriters when they stumble a date, event, or need other clarification on a specific item and/or document she is reviewing.