Letter Of Explanation To Mortgage Underwriters With documentations attached shows strength borrowers with extended period of bad credit but has since recovered and re-established themselves can qualify for mortgage.
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The key to a good letter of explanation is to cover all possible derogatory marks, gaps and extenuating circumstances that may catch the underwriter’s attention. Be specific, and include dates, details and supporting evidence for each scenario you describe.
A letter of explanation for a mortgage underwriter should explain delinquencies on a person’s credit report, how they happened and the steps being taken to ensure they do not occur in the future. Often, a mortgage underwriter will request a letter of explanation in order to validate his or her reasons for approving or denying the loan.
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For example, if a borrower’s income is lower in the recent year compared to years previous in the same position, a mortgage underwriter may request a letter of explanation to clarify the discrepancy. It may be that the borrower has an even that required a period of absence, such as a death in the family led to an extended bereavement from work.
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If your financial or employment history is less than perfect, an underwriter might ask for a letter of explanation. These letters are generally asked for in situations that the circumstances are outside of the normal guidelines that an underwriter uses.