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. But that’s not always true.
A Letter of Explanation is a simple few lines giving an underwriter insight into something flagged in the file such as odd deposits or credit issues.
How does a letter of explanation work? When underwriters prepare to approve a loan for a bank, they’ll review any documents you’ve sent with your loan application, such as tax records and W-2s. If they have any questions, or if any information appears to be missing, the underwriter may request an explanation so you can fill in missing details.
SAMPLE LETTERS. Following are sample letters that you may use as a guide when working with your creditors. OPM is not able to provide legal advice to.
A letter of explanation for derogatory credit may help convince a creditor, employer or insurance company to favor the consumer's new credit.
A: 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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Sample of explanation letter late and absent? Never give an explanation letter for why you are late and absent. These will only be excuses. Write a letter of apology and assure that it will not.