{"id":52302,"date":"2021-07-06T10:26:07","date_gmt":"2021-07-06T18:26:07","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=52302"},"modified":"2023-10-11T08:21:53","modified_gmt":"2023-10-11T15:21:53","slug":"letter-of-explanation-for-a-mortgage-template-and-how-to-write-one","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/letter-of-explanation\/","title":{"rendered":"Letter of Explanation for a Mortgage: Template and How to Write One"},"content":{"rendered":"<p>After you apply for a mortgage, the lender will evaluate your application and financial documentation to verify that you meet its requirements for loan approval.<\/p>\n<p>If the lender finds information that raises red flags, it might ask you for a letter of explanation to shed light on the issue \u2014 whether it be a gap in employment, a derogatory mark on your credit, or an unusually large deposit in your bank account.<\/p>\n<p><b>Here\u2019s what you need to know about letters of explanation, including how to write one:<\/b><\/p>\n<ul>\n<li><a href=\"#what-letter-explanation-mortgage\">What is a letter of explanation for a mortgage?<\/a><\/li>\n<li><a href=\"#why-need-letter-explanation\">Why you might need a letter of explanation<\/a><\/li>\n<li><a href=\"#how-write-letter-explanation\">How to write a letter of explanation<\/a><\/li>\n<li><a href=\"#letter-explanation-template\">Letter of explanation template<\/a><\/li>\n<li><a href=\"#what-if-letter-rejected\">What to do if your letter of explanation is rejected<\/a><\/li>\n<\/ul>\n<p><a name=\"what-letter-explanation-mortgage\"><\/a><\/p>\n<h2>What is a letter of explanation for a mortgage?<\/h2>\n<p>A letter of explanation is your opportunity to explain inconsistencies in your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-apply-for-mortgage\/\">mortgage application<\/a> and any aspects of your financial history that your lender needs to understand better before it can approve you for a loan.<\/p>\n<p>After you apply for a <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a>, your application goes through the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/underwriting-process\/\">underwriting process<\/a>. The underwriter takes a detailed look at your credit history, employment, tax returns, assets, and debts to make sure the information is complete and accurate and shows you to be at low risk of defaulting on the loan.<\/p>\n<p>If something turns up that could disqualify your application, the underwriter might ask for a letter of explanation to help better understand the specific details of the issue.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>The underwriter will check your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/credit-score-for-home-loan\/\">credit scores<\/a>, employment, and other items again shortly before finalizing the loan. Any changes that have occurred since the loan was approved could require an explanation before the lender will clear your loan to close. So it\u2019s best not to make any changes to your finances until you\u2019re done with the homebuying process.<\/div><\/div>\n<p>If you\u2019re looking to purchase a new home, Credible can help you compare our partner lenders in just a few minutes. It\u2019s simple and secure \u2014 and you don\u2019t even have to leave our platform.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"why-need-letter-explanation\"><\/a><\/p>\n<h2>Why you might need a letter of explanation<\/h2>\n<p>Just about any aspect of your loan application can require a letter of explanation, but most requests have to do with credit, employment, cash reserves, or fraud protection.<\/p>\n<p>Here are some items that might prompt your lender to request a letter of explanation:<\/p>\n<h3>Derogatory items on your credit report<\/h3>\n<p>Past credit problems might prompt a request for a letter of explanation because they suggest you\u2019ve had trouble managing your debt. These problems include:<\/p>\n<ul>\n<li>Late payments<\/li>\n<li>Collection items<\/li>\n<li>Charge-offs<\/li>\n<li>Bankruptcy<\/li>\n<li>A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/short-sale\/\">short sale<\/a> or foreclosure<\/li>\n<\/ul>\n<p>Excessive <a href=\"https:\/\/www.credible.com\/blog\/soft-vs-hard-credit-inquiries\/\">credit inquiries<\/a> can also be a red flag if they lead the lender to suspect you\u2019ve been shopping for credit because you\u2019ve had trouble getting approved.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/buy-a-house-with-bad-credit\/\"><b><i>Can You Buy a House with Bad Credit?<\/i><\/b><\/a><\/p>\n<h3>Unusual or inconsistent work history<\/h3>\n<p>You\u2019ll need at least a two-year history of steady employment, either in the same position or field, to prove that your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/income-required-for-mortgage\/\">income<\/a> is reliable. Some circumstances that make you look riskier to the lender include:<\/p>\n<ul>\n<li>Job gaps or periods of unemployment<\/li>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/self-employed-home-loan\/\">Self-employment<\/a><\/li>\n<li>Frequent job changes<\/li>\n<li>A new job in a different line of work<\/li>\n<\/ul>\n<h3>Purchase a home far from where you work<\/h3>\n<p>If your new home is more than 50 miles or so from your place of employment, your lender might suspect that you\u2019re purchasing a second home or investment property rather than a primary residence.<\/p>\n<p>Lending standards are tougher for non-primary residences, and interest rates are usually higher.<\/p>\n<h3>Lack of a rental history<\/h3>\n<p>Lenders like to see a history of on-time rent payments for at least the most recent 12 months for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyers\/\">first-time buyers<\/a>. That\u2019s because inexperienced renters might be unprepared to suddenly take on a mortgage payment.<\/p>\n<h3>Large bank deposits, withdrawals, or transfers<\/h3>\n<p>Lenders like for the money in borrowers\u2019 checking and savings accounts to be \u201cseasoned and sourced,\u201d meaning the money has been there long enough, and its source is apparent enough, to show that it\u2019s your money versus gift money or a loan that you\u2019ll need to repay.<\/p>\n<p>Typically, lenders consider the funds to be seasoned if they have been in your bank account for at least 60 days, but that timeframe could vary from lender to lender. Conversely, large withdrawals might cause the lender to think you\u2019re in a bind.<\/p>\n<h3>Mailing address discrepancies<\/h3>\n<p>Address inconsistencies within a loan file are considered <a href=\"https:\/\/singlefamily.fanniemae.com\/mortgage-fraud-prevention#:~:text=Inconsistencies%20in%20the%20loan%20file,may%20signal%20a%20fraudulent%20transaction.\">\u201chigh-level red flags\u201d<\/a> for mortgage fraud, Fannie Mae warns.<\/p>\n<p>The lender will need a letter of explanation if it finds any of these issues in your identifying documents, such as a different address given in your credit report than on your bank statements and tax returns.<\/p>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/credit-monitoring-services\/\"><b><i>Credit Monitoring: Why You Should Get a Credit Monitoring Service<\/i><\/b><\/a><br \/>\n<a name=\"how-write-letter-explanation\"><\/a><\/p>\n<h2>How to write a letter of explanation<\/h2>\n<p>It&#8217;s best to keep your letter of explanation short and sweet. Include as much detail as needed, but address only the specific information the lender requested. The idea is to make it easy for the underwriter to find the information they need.<\/p>\n<p>Your letter of explanation should be businesslike in tone and structure. Here are some of the things mortgage experts recommend you include:<\/p>\n<ul>\n<li>The date you\u2019re writing the letter<\/li>\n<li>The lender\u2019s name, mailing address, and phone number<\/li>\n<li>Your full legal name and loan application number<\/li>\n<li>Your explanation, with references to any supporting documents you\u2019re including<\/li>\n<li>Your mailing address and phone number<\/li>\n<\/ul>\n<p>Once you\u2019ve gathered your information and your thoughts, here\u2019s how to proceed.<\/p>\n<h3>1. Be honest<\/h3>\n<p>The lender already knows, or at least suspects, an issue with the application. This isn\u2019t the time to try to convince them otherwise or make excuses. Politely state the issue as a matter of fact, and then proceed with the explanation.<\/p>\n<h3>2. Keep it brief<\/h3>\n<p>The underwriter wants to see all the information they need to understand the issue, but that\u2019s all they want to see. Keep your explanation brief, specific, and to the point.<\/p>\n<h3>3. Provide supporting evidence<\/h3>\n<p>If, for example, the lender thinks you\u2019ll have an excessive commute from your new home, consider getting a letter from your boss or HR department explaining the situation <span style=\"font-weight: 400;\">\u2014 let\u2019s say the role is remote or you\u2019re not required to go to the office every day of the week \u2014<\/span> and attach it to your letter.<\/p>\n<p>Similarly, if an extended illness kept you from working, submit unemployment benefit statements and\/or medical bills with your letter.<\/p>\n<h3>4. Carefully proofread your letter<\/h3>\n<p>An error-free letter shows you\u2019ve taken the underwriter\u2019s request seriously and it will help them take you more seriously too. Ensure that you maintain a professional tone throughout the letter as well.<br \/>\n<a name=\"letter-explanation-template\"><\/a><\/p>\n<h2>Letter of explanation template<\/h2>\n<p>The content of your letter will, of course, depend on your specific circumstances. You can use the following sample letter and replace the details with your own information and explanation:<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">\nDate<br \/>\nXYZ Bank<br \/>\n123 Broadway<br \/>\nNew York, NY 20021<br \/>\n555-555-5555<\/p>\n<p>RE: Jane Smith\u2019s mortgage loan application #123456<\/p>\n<p>Dear Loan Specialist:<\/p>\n<p>I\u2019m writing in response to the underwriter\u2019s request for information regarding [my gap in employment] from [January 15, 2023 to June 15, 2023]. The reason for my absence from work was [the premature birth of my son on January 15, 2023].<\/p>\n<p>In support of my explanation, I\u2019ve enclosed the following documentation:<\/p>\n<ol>\n<li>[An insurance statement documenting that he was hospitalized from January 15, 2023 through April 1, 2023]<\/li>\n<li>[Certification of Health Care Provider for Family Member\u2019s Serious Health Condition under the Family and Medical Leave Act form]<\/li>\n<li>[A letter from his pediatrician restricting him from attending daycare until June 15, 2023]<\/li>\n<\/ol>\n<p>If you have any additional questions, please do not hesitate to contact me.<\/p>\n<p>Sincerely,<\/p>\n<p>Jane Smith<\/p>\n<p>123 State St.<br \/>\nNew York, NY 20012<br \/>\n555-555-0001<br \/>\n<\/div><\/div>\n<a name=\"what-if-letter-rejected\"><\/a><\/p>\n<h2>What to do if your letter of explanation is rejected<\/h2>\n<p>If the underwriter rejects your explanation, you have a few options. First, you can submit a new letter with more specific details. Include anything you might\u2019ve overlooked the first time and additional documentation to support your explanation.<\/p>\n<p>If that isn\u2019t enough to qualify you for the loan, you could start from scratch and try to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-a-mortgage\/\">get a mortgage<\/a> with another lender, but you may encounter the same problem.<\/p>\n<p>Your best bet might be to put off your purchase while you <a href=\"https:\/\/www.credible.com\/blog\/personal-finance\/credit-monitoring-services\/\">improve your credit<\/a> and\/or resolve the issues that precipitated the explanation request. At the very least, the issues will be less recent next time you apply, so they might have less impact on the lender\u2019s decision.<\/p>\n<h3>Compare multiple lenders<\/h3>\n<p>If your letter of explanation is rejected, you might want to try looking at a different lender. Credible\u2019s streamlined process can help. We make comparing multiple mortgage lenders easy.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>After you apply for a mortgage, the lender will evaluate your application and financial documentation to verify that you meet its requirements for loan approval. If the lender finds information that raises red flags, it&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/letter-of-explanation\/\">Continue reading<\/a><\/p>\n","protected":false},"author":103,"featured_media":52303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1535,1521],"class_list":["post-52302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-homebuying-guide","tag-mortgage-rates-sidebar","letter-of-explanation-for-a-mortgage-template-and-how-to-write-one","post_tag-homebuying-guide","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Letter of Explanation for a Mortgage: Template and How to Write One - Credible<\/title>\n<meta name=\"description\" content=\"A letter of explanation can give your mortgage application the boost it needs for approval. 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