How to Write a Letter of Explanation For Your Refinance to Satisfy the Underwriter

How To Do A Magic Trick With A Pen - How to Write a Letter of Explanation For Your Refinance to Satisfy the Underwriter

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During a refinance the underwriters of the loan may ask you for a letter of explanation. You may wonder what is a letter of explanation and how do you write one correctly. Well relax because its in fact a very easy thing to accomplish and is just one of the ways lenders safe guard their investment in you and your mortgage.

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How To Do A Magic Trick With A Pen

When requesting a letter of explanation an underwriter is basically seeing for explication on a matter and wants the borrowers input. The are seeing for a few key pieces of data that should be easy to supply.

What Should The Explanation Letter Contain

Acknowledgment- This is just basically mentioning the incident that needs explication and accepting accountability for it. All they in fact want to know is that you are aware that anyone they are questioning you responsibly accept as your own actions.

Reason For The Matter At Hand- First the underwriter will want to know why or how the matter or incident occurred. For example if you missed a prestige card payment six months ago but had otherwise good prestige they may request it. Just tell them exactly why you missed the payment and move on to the next piece of information.

Why It Will Not Happen Again- The key to a good letter of explanation is letting the underwriter know that you perceive you made a mistake and that you are taking steps to precise the matter and also steps to make sure it never happens again. For late payments this could in fact be explained that you now have automated bill pay or that you keep a written report of when bills are due. Just a brief summary of and medicinal actions you are taking are fine.

Although you could construe much more then this it is best to give them just the right estimate of data the need to asses the risk level of your loan. To much data may open the door to more questions and more letters of explanation. So in short be brief, be honest and be prompt when writing your letter.

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