letter of explanation for mortgage credit inquiries

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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.

What is a letter of explanation? If you have derogatory marks or gaps on your credit report, you may be asked to submit a letter of explanation to your loan underwriter that describes, clearly and concisely, the circumstances that led to those negative entries. Letters of explanation aren’t just arbitrary mandates intended to make your mortgage application longer and more confusing.

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My mortgage lender wants a letter of explanation for. – My mortgage lender wants a letter of explanation for inquiries on my credit report? Please help. Follow .. credit card or mortgage) that did not result in the opening of an account. What you need to do is very simple:. mortgage lender letter explanation inquiries credit report: https.

How to Write a Letter of Explanation for Derogatory Credit – SAMPLE. – A letter of explanation for derogatory credit may help convince a. We were unable to make payments on our credit cards and mortgage.

What is a letter of explanation for credit inquiries? – Quora – Exactly what it sounds like. A letter the borrower writes explaining what credit if any resulted from credit inquiries that appear on their credit reports. As it can take over a month for a new credit account to show up in credit a thorough lender.

Explanation of Inquiry on Credit Report | StreetEasy – An "Inquiry Letter" is a standard request from your Lender when applying for a mortgage loan. We need to verify that no new credit has been established as a result of the inquiry—credit that may not yet appear on your credit report. All debt must be disclosed when applying for a mortgage loan.

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4 Credit Report Problems That Scare Mortgage Lenders! 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.

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Fortunately, when your loan officer or an underwriter requests a letter of explanation, it doesn’t have to be a big stress moment. It’s common for mortgage underwriters to ask for a written explanation for certain situations or problem areas in your credit history, employment or other areas.

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