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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Consequently, agencies cut house-hunters some slack, and don’t allow the multiple queries to negatively impact credit scores, provided that the loan-hunting occurs within a narrow time period. For.
Credit Inquiry Letter. This letter is in regards to the home loan that you had applied from our bank on 15 th of March 2012 for an amount $200000. In order to approve the loan we need to make an inquiry about your credit history. As you must be knowing that after any individual applies for a loan, it is mandatory for us to check his credit history.
2 Sample Letters Explaining Credit Inquiries. To use the sample letters, simply click the letter you want to use and it will open in a separate window or tab as a PDF document. If you have questions about working with the document, this guide to printables can help. Once the file is open, click in the highlighted area to edit. Use the toolbar or File menu commands to save and edit.
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.
But you must disclose the monthly payment and terms to your Lender at application. The Inquiry letter is a way of double-checking that all debt has been disclosed. As for inquiries that appear from your Lender, Mortgage Broker or other Mortgage Lenders/Mortgage Brokers: these also need to be addressed in the same way. You explain the purpose of the Inquiry ("Shopping for a mortgage prequalification.") and the fact no new debt was established.
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