The Underwriter Mortgage Letter of Explanation is a critical document in the U.S. mortgage lending process, typically requested when underwriters identify items in a loan application that require additional clarification or context. This document is commonly required for situations such as explaining recent credit inquiries, large deposits, employment gaps, source of funds, or any unusual financial patterns. The letter must comply with federal lending regulations and guidelines set by major mortgage entities like Fannie Mae, Freddie Mac, and the FHA. It serves as a formal communication tool between the borrower and the underwriter, providing necessary context and explanations that can significantly impact the loan approval decision. The document should be detailed enough to address specific concerns while maintaining clarity and professionalism, often accompanied by supporting documentation to verify the explanations provided.
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1. Header Information: Includes date, underwriter's name, lending institution, loan application number, and borrower's contact information
2. Subject Line: Clear identification of the specific issue or concern being addressed
3. Introduction: Brief statement identifying yourself and the purpose of the letter
4. Explanation Details: Detailed explanation of the situation or circumstance that requires clarification
5. Supporting Facts: Specific dates, amounts, and relevant details that support your explanation
6. Resolution or Current Status: Description of how the situation was resolved or current standing
7. Closing Statement: Professional closing with commitment to provide any additional information if needed
8. Signature Block: Formal signature, printed name, and contact information
1. Reference to Supporting Documentation: Used when attaching additional documents as evidence to support the explanation
2. Third-Party Verification: Include when providing statements or verification from employers, accountants, or other relevant parties
3. Timeline of Events: Used when explaining complex situations that occurred over a period of time
4. Financial Impact Statement: Include when explaining how a past financial event has been resolved and its current impact on ability to repay
5. Future Prevention Plan: Used when explaining past credit issues or financial difficulties to show how similar situations will be prevented
1. Supporting Document List: Index of all attached supporting documents and their relevance
2. Bank Statement Analysis: Detailed explanation of specific bank statement items if required
3. Employment History Timeline: Detailed timeline explaining employment gaps or changes if relevant
4. Credit Event Documentation: Compilation of documentation related to past credit events if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking
Real Estate
Mortgage Lending
Financial Services
Housing Finance
Residential Property
Commercial Property
Consumer Finance
Relevant Teams
Underwriting
Loan Processing
Mortgage Operations
Risk Assessment
Compliance
Quality Control
Document Processing
Credit Analysis
Customer Service
Legal
Relevant Roles
Mortgage Underwriter
Loan Officer
Mortgage Processor
Credit Analyst
Compliance Officer
Risk Assessment Manager
Mortgage Broker
Real Estate Agent
Banking Officer
Loan Originator
Quality Control Specialist
Document Specialist
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