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Underwriting- Letters of Explanation – Mortgage Women Magazine – By Anne Elliott Letters of Explanation are like toilet paper. There’s a world of difference between the best and the worst. Prior to automated underwriting, explanations were required for every blemish on the credit report. Borrowers responded with heart-wrenching tales of woe, steadfast denials of fault, unconvincing excuses, and, sometimes, the truth.
How to write a letter of explanation . 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.
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Crafting a Letter of Explanation for an FHA Mortgage. – Credit challenged borrowers often fall prey to predatory lenders as a last resort to buy their own homes. careful planning with a competent FHA lender can keep those buyers out of the financial lion’s den. A carefully written Letter of Explanation can go a long way toward getting a loan approved.
Credit Repair FCRA Section 609 instructions and letter for. – I am making no claims as to whether these letters will work. The theory seems sound though and the law is fairly clear on this subject. I am sharing these letters and the instructions above in the hopes we can start a movement and get enough people fighting back to bring attention to the fact that the CRA’s are ignoring the law, and are ignoring our consumer rights.
Letters of Explanation – mortgagestraightTalk.com – Letters of Explanation. letter of explanation is usually made when something is seen by the underwriter that warrants the clarification of an issue. The most commonly written letters of explanation revolve around explaining minor derogatory or detrimental consumer credit issues, for example.
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How to Explain Derogatory Credit | Progressive Lending Solutions – Make sure that your borrower’s credit explanation letter corresponds with the credit report. If there are five derogatory items, make certain that all five are addressed rather than just two or three. If a single incident caused several derogatory items, be sure that your borrower’s letter states that (i.e., job loss, divorce, etc.).
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Credit – American Reporting – For over 30 years, American Reporting Company has been providing a full range of credit reports to fulfill every need a client may have in providing both a lending decision or assessing their loan portfolio.