A Letter Of Explanation How to Write a Letter of Explanation. Address the letter to your mortgage loan officer or the mortgage company according to your loan officer’s instructions. Limit your explanation to facts and dates. Avoid any temptation to place blame or rant about anything or anyone involved in the situation you’re addressing.
Also referred to as an LOX or LOE (letter of explanation), late payment letters can be sent to creditors explaining why a payment is late. An apology letter for late payment is written to express regret for making a late payment.
When writing a mortgage letter of explanation, be as specific as possible and include actual dates and dollar amounts. If your LOE relates to a late payment or some other negative issue, you might want to describe the steps you’ve taken to ensure it won’t happen again.
One may be asked to write a mortgage letter of explanation when there is an overdraft fee on a bank account, insufficient funds, late payment, or different address on bank statements than current.
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Also referred to as an LOX or LOE (letter of explanation), late payment letters can be sent to creditors explaining why a payment is late. However, they are also used as part of a mortgage application to explain why accounts on the applicant’s credit report show a history of late payments.
Even though you qualify for the loan, the lender may ask you to explain any late payments on your report. This letter will not help a desperate credit situation, but may make a difference in a marginal one. Explaining a couple late payments could mean the difference between a good interest rate and a fair one.
A letter of explanation is a 100-word letter that sits on file at the three major credit bureaus; TransUnion, Experian and Equifax. This letter then gets sent out to.
Late Payment Explanation Letter. There are several different reasons why a borrower might fail to make timely payments to a lender. In such.
· How to Write a Letter of Explanation for a Mortgage Lender By Stevie Duffin Updated on 7/26/2017. If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application, consider it an opportunity to satisfy eligibility requirements.