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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.
Reviewing the Letter. Consider the following as part of your review of the letter. Compare the address list on the Address Discrepancy Letter with the schedule of real estate on the loan application (Fannie mae form 1003). compare the mortgage loans reported on the credit report to the schedule of real estate on the loan application.
You just received an email from your Loan Officer asking for a Letter of Explanation. Many borrowers have no idea what should be contained in that letter or even more importantly, why it is required.
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By Anne Elliott Letters of Explanation are like toilet paper. There’s a world of difference between the best and the worst. Prior to automated underwriting, explanations were required for every blemish on the credit report. borrowers responded with heart-wrenching tales of woe, steadfast denials of fault, unconvincing excuses, and, sometimes, the truth.
A letter of explanation (LOE) is a fairly common occurrence in the mortgage underwriting world, and they’re not always a bad thing. Lenders and underwriters sometimes ask for these letters in order to document something, to obtain more information, and to satisfy the requirements imposed by FHA, VA, Freddie Mac, etc.
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How to Write a Letter of Explanation for a Mortgage Lender By Stevie Duffin Updated on 7/26/2017. If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.
A good letter will include information on why the foreclosure happened, what steps you have taken to recover from the foreclosure and why you are a good candidate for a new home loan. Tell the Story
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