There are times when a mortgage underwriter needs a letter of explanation for one or more items in your loan package. letters are often needed to explain a credit problem such as the circumstances.
Find out how to write a Letter of Explanation (LOX), which is used to explain any. to make a late payment on another bill, or why there's an overdraft fee on your .
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12 Sample Letters from Customer to Bank Regarding Various. – 7. Letter to Bank Requesting for Overdraft. Dear Sir, We have a Current Account in your Bank in the name of _____ (Company Name). We wish to have overdraft facilities up to _____ (Amount) for a period of _____ (Months).
A letter of explanation (LOX) is a brief document sent to lenders to clarify things like an insufficient-funds charge on your checking account, to note changes in income, provide a summary of your rental history, or just about anything that could be called into question during the mortgage approval process.
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You should include a good letter of explanation for those overdrafts with the underwriting package because the probability of the underwriter not noticing those are slim. When it comes to underwriting you have to be proactive. A good letter of explanation should state the following: 1. You are aware of the problem 2. reason why it happened 3.