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The Underwriter's role is to make sure that your loan application and. As a result, he or she may request a letter of explanation to help clarify.
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But when an underwriter asks for a letter of explanation, you don’t have to panic. Writing this type of letter doesn’t have to be too stressful. Keep in mind that the underwriter only requests for the letter so you can explain any unusual circumstances or issues in your loan application.
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Here’s some Q&A with regard to the home loan approval process: “What do underwriters do?” Once you actually apply for a home loan, your mortgage application will be organized by a loan processor and then sent along to a loan underwriter, who will determine if you qualify for a mortgage.. The underwriter can be your best friend or your worst enemy, so it’s important to put your best.
The official way to provide an explanation is with a Letter of Explanation (discussed below). Aside from your risk, the underwriter must evaluate the three C’s of underwriting. These are Capacity, Credit, and Collateral. Do you have the Capacity to pay the loan? The underwriter looks over your employment, income, and assets.
Application. Filing a formal application for the loan is the first step in the underwriting process. This generally includes submitting evidence of current income and current assets, along with estimates of existing debt obligations and a current credit score.
There are times when a mortgage underwriter needs a letter of explanation for one or more items in your loan package. Letters are often needed to explain a credit problem such as the circumstances.
The “comfort letter” is becoming a common request from lenders. letters of explanation are a way to help the underwriter interpret something.”.
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If you understand what the underwriter is looking for on your mortgage. Write a letter of explanation about any gaps in your job history. Do this.
Prior to automated underwriting, explanations were required for. An honest Letter of Explanation gives insight into credit management skills.