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If something raises a flag during the mortgage underwriter's review of your application, you may be asked to provide a letter of explanation.
If there’s a problem, address it (usually through a formal letter of explanation) and send it back to the lender. Once you clear the underwriting hurdle, your mortgage loan is approved and you’re good.
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Buying a new home is an exciting process, but there are also a lot of challenges and frustrations that came along with closing on a mortgage. Even when you. in the need for several documents and.
Mortgage Q&A series: "What is a letter of explanation?" If you’re currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a "letter of explanation" or LOE to provide a little more color to what the underwriter might feel is a complicated matter.
The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied .
Kuplaste notes that some mortgage denials really boil down to a lack of information, or an underwriter being unclear about something on an application. "So if there’s anything that’s iffy in a file, I.
What is a Letter of Explanation? A letter of explanation (LOX) is a brief document sent to lenders to clarify things like an insufficient-funds charge on your checking account, to note changes in income, provide a summary of your rental history, or just about anything that could be called into question during the mortgage approval process.
You can think of the mortgage underwriter as a home loan sleuth, one hired to. Letter of Explanation Requirements Will Vary by Lender.