The Letter of Explanation of Relationship for Mortgage is a crucial document in the U.S. mortgage lending process, required when the relationship between parties involved in a mortgage transaction needs clarification for underwriting purposes. This document becomes necessary in various scenarios, such as when funds are gifted between family members, when co-signers are involved, or when there are shared financial arrangements between parties. The letter helps lenders comply with federal regulations including the Equal Credit Opportunity Act, Truth in Lending Act, and state-specific lending requirements. It provides detailed information about the nature, duration, and financial aspects of the relationship, helping lenders assess risk and maintain proper documentation for regulatory compliance. Typically, this document is accompanied by supporting evidence and may need to be notarized depending on the jurisdiction or lender requirements.
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1. Header Information: Date, recipient (lender) information, subject line, and loan application reference number
2. Introduction: Writer's identification and purpose of the letter
3. Relationship Description: Clear statement of the nature of the relationship between parties (e.g., family member, friend, business partner)
4. Duration of Relationship: How long the parties have known each other or been in the specified relationship
5. Financial Connection: Explanation of any financial ties, shared accounts, or monetary arrangements between parties
6. Living Arrangement Details: If applicable, description of current or planned living arrangements
7. Closing Statement: Affirmation of truthfulness and contact information for verification
8. Signature Block: Signature, printed name, and date
1. Gift Fund Explanation: Required when the relationship involves gifted funds for down payment or closing costs
2. Co-signing Justification: Required when explaining the relationship with a co-signer on the mortgage
3. Business Relationship Details: Required when the parties have business ties in addition to personal relationship
4. Previous Property Co-ownership: Required when parties have previously owned property together
5. Support Arrangement Details: Required when explaining ongoing financial support arrangements between parties
1. Proof of Relationship: Supporting documents such as marriage certificates, birth certificates, or legal documents
2. Financial Documentation: Bank statements, gift letters, or other financial records supporting the claims in the letter
3. Identification Documents: Copies of government-issued IDs of all parties mentioned in the letter
4. Address History: Documentation proving shared residency or separate residency as relevant to the relationship
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Mortgage Lending
Real Estate
Financial Services
Housing Finance
Residential Property
Legal Services
Consumer Finance
Property Development
Relevant Teams
Lending Operations
Underwriting
Compliance
Legal
Risk Management
Document Processing
Quality Control
Customer Relations
Mortgage Operations
Credit Analysis
Relevant Roles
Loan Officer
Mortgage Underwriter
Compliance Officer
Credit Analyst
Mortgage Processor
Risk Assessment Manager
Legal Counsel
Document Specialist
Mortgage Broker
Banking Operations Manager
Quality Control Specialist
Relationship Manager
Financial Services Representative
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