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A letter of explanation is your opportunity to explain inconsistencies in your mortgage application and any aspects of your financial history that your lender needs to understand better before it can approve you for a loan. After you apply for a home loan, your application goes through the underwriting process.
Content of replies: Acknowledging receipt of an enquiry/request. ... Explaining action taken as a consequence of the enquiry. ... Making suggestions / justifying recommendations / pointing out pros and cons / hedging. ... Apologising and rejecting proposals. ... Stipulating action requested or to be taken.
The letter of intent explains a simple process and contains basic conditions that a borrower can review to determine if the lending offer fits with the borrower's project parameters. This is usually used as a first review document to a client and may be changed as needed.
Credit inquiries, defined. Inquiries happen when there is a legally permitted request to see your credit report from a company or person.
There is no specific format as such to the Letter of Explanation. The LoE is a single document which should be short, concise and factual (ideally 1 page, maximum 2 pages) and addresses any issues there may be in your application. LoE is only required to explain something that is not apparent and needs clarification.
What is a mortgage letter of explanation? Commonly referred to as an 'LOE' or 'LOX,' letters of explanation are often requested by lenders to gain more specific information on a mortgage borrower and their situation.
Inquiry letters are written for the purpose of asking for something from the recipient. Inquiries can be sent as a formal business letter (outside of your company) or as an e-mail. Before sending your inquiry, you should be certain that the information is not available through other means, such as the company website.