Letter to Lender Explaining Different Names

A notarized Name Affidavit may be used to declare under oath or affirmation that a person is known by several names such as a nickname maiden name married name name change adopted name professional name misspelling foreign name etc. Lenders may also require an explanation for conflicting information such as different names addresses or employers that appear on your credit report.

9 Letter Of Explanation For Mortgage Template Template Intended For Letter Of Explanation Template In 2022 Business Letter Template Lettering Formal Business Letter

A letter of explanation is a brief document you can use to explain anything in your financial or employment documents that might make an underwriter pause like a previous bankruptcyFor example you may need to write a letter of explanation if you have unusual or sudden activity in your credit report or banking statements.

. If the lender wants an LOE to better understand a recent bank withdrawal simply provide the details of that transaction and why it was necessary. Your mortgage letter of explanation should address any issues your lender has asked you to clarify such as missed payments an employment gap or a bankruptcy. That could be a change in jobs a gap in employment a large deposit into their bank account a source of self-employed income or just about anything else.

Todays date the date you are writing the letter The name of the company you are writing to your lender Their complete street address andor mailing address on two lines with city state or province and ZIP or postal code on the second line. I have a few questions regarding this 1. Letter of Explanation Requirements Will Vary by Lender.

My first name in all my educational documents are listed as Saravana kumar but in my passport and work permit my first name is listed as Saravanakumar without the space between Saravana and kumar. For instance a lender may ask for a letter of explanation for derogatory credit before he allows you to borrow money. First do I really need to mention this difference in the Letter of explanation.

Letters of explanation help lenders make decisions about marginal applicants. Depending on your financial situation your lender may also request a letter of explanation. If your mortgage lender has requested you write a letter of explanation to describe an extenuating circumstance that led to some blemishes in your loan application consider it an opportunity to satisfy eligibility requirements.

When your lender requests a mortgage letter of explanation remember this first. At some point in the mortgage application process after the lender passes your application on to the loan processor and they confirm that all the necessary paperwork has been submitted your application. Writing an LOE is very straightforward.

Jane Doe also applies for credit under her name. The goal of the letter is to be factual clear concise and polite. Always keep the letter short.

And probably new ones being generated daily. Later she marries and takes on her new husbands name. There are lots of situations where a letter of explanation might be required too many to name really.

Its more important to focus on writing a good letter for the Letter of Explanations that really do mean something. The affidavit lists the current name. Next double-check with your lender on exactly what is being requested.

You will be asked to submit a stack of documents during the mortgage process including bank statements tax returns pay stubs and more. The lender and their underwriter are asking the borrower to explain something. Address Discrepancy Letter is a letter of explanation where the borrower clarifies the current residential address and responds to any discrepancy in the address stated in credit report or other documents.

However you cannot always get the whole picture just by looking at numbers and statistics. The lender will want an AKA letter from John addressing each of the name variants. An explanation letter is just a short letter that comprises of the following information.

These kinds of letters are also typically asked for if the borrower is purchasing a house a long distance from. Unfortunately the marriage didnt work out but she kept using Jane Jones. A mortgage explanation letter fills in the holes in your application.

Ask someone to proofread your letter for clarity grammar and spelling. Letter of Explanation Example. Not all of them will require one depending on the situation at hand.

How to Write a Letter of Explanation for a Mortgage Lender By Stevie Duffin Updated on 7262017. Remember an LOE is simply a clarification that allows both you and your underwriter to address any concerns with your application. Your name Current street address City state zip Date.

I am writing to explain a bank deposit for the amount of 6800 which went into my checking account with Hometown Bank on May 2 2017. The lenders phone number. Answer 1 of 2.

Here is a sample template for a mortgage letter of explanation. This can range from a gap. Dont assume your lender wont be.

We have to write a LOE for multiple addresses that appear on my credit report. As a general rule follow these simple 10 steps when writing an LOE then go back and reference them. Your lender largely relies on information included in your tax returns pay stubs W-2 forms bank statements and credit report to decide whether to award the loan.

Letter of explanation multiple addresses. Then write a clear concise. Explain why the situation happened how you corrected it and how your financial situation has changed since that time.

A lender may typically ask for this letter when the current residential address provided on the loan application is different than the. However they dont help applicants with insufficient credit or income. Additionally the need for an LOE will vary by mortgage lender.

We had a couple of short term housing situations back when we werent making very much money and once when we were going to try to buy a house two years ago. A lender or underwriter could ask for a letter to explain a credit inquiry a late payment or a negative mark on your credit report. Mortgage application number Dear Mr.

How To Write A Good Letter Of Explanation And Steps In Writing The Perfect LOE. Be sure to include your name address and phone number as well. Heres a sample letter.

She is known as Jane Jones. A letter of explanation is your chance to answer any questions a lender might have about your loan application. You should include any documentation with your letter that speaks to your case.

Name of person requesting the letter of explanation This letter explains each of the items. Your Letter of Explanation should contain in the following order. 1 the date you write the letter 2 the lenders name address and contact information 3 your name and loan number 4 a paragraph explaining your current situation 5 a conclusion that indicates youre open to answer any additional questions 6 your legal name and signature 7 your co.

Sometimes lenders also ask for a letter of explanation for mortgage to ask for clarification on issues such as insufficient funds. Final tip on writing a letter of explanation. A letter of explanation is a short document you would send to a recipient such as a lender.

We have moved a lot during our marriage for various reasons.

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