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By Brandon Cornett | © 2019, all legal rights reserved | Duplication prohibited
Reader question: “We have already been expected to publish a letter of description for the mortgage lender’s underwriter, regarding a bank overdraft charge. These people were struggling to provide a template or sample for a home loan page of description, nevertheless they did state to help keep it easy. How come mortgage brokers request letters of description, and do you have got a test template we are able to used to begin? ”
The page of description (or LOE for brief) is a part that is common of home loan underwriting and documents process. Some borrowers panic whenever an underwriter asks for this type of page, simply because they think the mortgage is likely to be rejected. But that’s not at all times real.
In reality, a request an LOE is normally the best thing, so he can clear the loan for funding because it means the underwriter is trying to document his way around a certain issue. So you may think about it as going one action closer to shutting. The main element would be to cope with it in a manner that is timely.
Ease of use is key whenever composing a letter of description for a home loan underwriter. Whatever you need to do is explain, in clear and language that is simple just what the financial institution really wants to understand. (more…)