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[su_posts posts_per_page=”1″ tax_term=”2703″ order=”desc” orderby=”rand”] Correspondingly, how do I write a letter of explanation for a mortgage?
Three words of advice for strong mortgage letters of explanation: simple, short, and informative. The purpose of this letter is to provide information needed to make a decision about your loan. Be clear, with as much detail as possible, such as dates, account numbers, transaction IDs, etc.
Also Know, what is a credit letter of explanation? A letter of explanation is your opportunity to explain to the lender in detail why there are negative marks on your credit. It’s designed to give the lender a better sense of your current financial situation as well as any past circumstances that caused damage to your credit score.
Correspondingly, how do I write a letter of explanation?
Explanation Letter – Sample Explanation Letter Writing Tips:
- A brief description should be provided with detail without glorifying the fact.
- Explain the step or the initiatives taken by you to make it correct.
- Emphasize your present situation with the fact.
- Explain the possible end of the situation or the problem.
Why do underwriters ask for letters of explanation?
Common issues that can cause the underwriter to ask for a letter of explanation include: changes in employment and/or income, large bank deposits and withdrawals, late payments, credit report discrepancies, and extenuating circumstances that might support the borrower’s cause.