You can think of the mortgage underwriter as a home loan sleuth, one hired to uncover anything abnormal. Letter of Explanation Template.
The underwriter will ask for one once he/she reviews the loan file, so I prefer to get these documents upfront. If you’ve been asked to write a letter of explanation for a bank overdraft, I’ve written a post to explain the format for the letter with a sample letter for you. It is currently the most popular post on my site, so I can tell.
The main purpose of the letter of explanation is to provide further. The underwriter needs clarification, in writing, that you are not going to use.
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.
A letter of explanation for a mortgage underwriter should explain delinquencies on a person’s credit report, how they happened and the steps being taken to ensure they do not occur in the future. Often, a mortgage underwriter will request a letter of explanation in order to validate his or her reasons for approving or denying the loan.
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Bankruptcy Explanation Letter Sample Below is a sample bankruptcy explanation letter. It should be a formal business letter and sent by certified mail. If the consumer is filling out a loan application, they may want to include the letter with the application. This sample is for a car loan, so the person will have transportation for his or her.