By Brandon Cornett | © 2019, all legal rights reserved | Duplication prohibited
Reader question: “We happen expected to publish a page of description for our mortgage underwriter that is lender’s regarding a bank overdraft charge. These people were struggling to give a template or sample for a home loan page of description, however they did state to keep it easy. How come mortgage brokers request letters of explanation, and do a sample is had by you template we are able to used to begin? ”
The page of explanation (or LOE for quick) is really a part that is common of mortgage underwriting and paperwork procedure. Some borrowers panic whenever an underwriter wants this type of page, since they think the loan is likely to be rejected. But that is not necessarily real.
In reality, a request an LOE is generally a a valuable thing, given that it means the underwriter is wanting to report their means around a specif...