@Tooliebell wrote:With my first lender, I had to write a LOE for why we farm! Seriously. And then explain the derogs on my CR from 2009. And then tell her in writing we weren't planning to buy any other land! The first was a paragraph and the other two were a sentence or two.
My second lender wanted a LOE only for the inquiries within the last 90 days. My LO actually wrote it and I signed it. She knew exactly what to say and I just let her run with it. I didn't have excessive inquiries but had to explain the first lender's inquiries.
Keep it short and sweet. Don't offer information like previous posters have said. If they want more info they can ask for it.
They also have a sheet for explaining all inquiries within the last year. They are all pretty self-explanatory on the credit report, a few credit cards and a loan for a storage building. Also applied for a student for my wife but it was declined. Those shouldn't be an issue.