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A letter of explanation is a document that’s used to explain any circumstance or situation. There may be different types of situations wherein someone would ask you for such a letter.
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Sometimes you’ll have evidence to include with your Letter of Explanation. For example, if you have a large deposit in your account that was due to you selling stocks, you could provide the proof of the sale and receipt of the funds.
Any number of situations may cause a mortgage underwriter to ask for a letter of explanation. You may be asked for a letter of explanation if there are issues with your credit report. Sometimes.
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.
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Rev. 1/2014 exhibit 33 letterofexplanationforlargedeposits borrowername: Date: PropertyAddress: identifyalllargedeposits: nameofbankor institution Account
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.
So in such a case, you will want and need a letter explaining the circumstances by which you have come into $10K or greater as made visible by a cash deposit. I’ve been saving coins from daily transactions for years. I suspect it amounts to more than $5,000 and in time will likely exceed $10,000.
This BLOG On How To Write A Good Letter Of Explanation To My Lender Was UPDATED On September 21st, 2018. Advice And Tips On How To Write A Good Letter Of Explanation Sample For Mortgage Underwriters. This article on How To Write A Good Letter Of Explanation For Underwriters was Written By Gustan Cho NMLS 873293
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How to write a letter of explanation . The key to a good letter of explanation is to cover all possible derogatory marks, gaps and extenuating circumstances that may catch the underwriter’s attention. Be specific, and include dates, details and supporting evidence for each scenario you describe.