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Need help with an LOE for overdraft protection. HELP!

Regular Contributor

Need help with an LOE for overdraft protection. HELP!

Hey guys,

 

  I'm down to the last nitty gritty here.  I just received another condition asking me for an LOE to explain the overdraft protection in the amount of .01 and .49 on two seperate days.  I didn't incur any fees, it is just that there was a transfer from my savings to checking to in those amounts to cover the expenses of the day.

 

I mean, it was a penny on one day and less than 50 cents on the other.  How do I explain that sufficiently? 

 

Uy yuy yuy.....this never ends.  Why is it 20 days after I submitted all my documentaion that this is coming up now?

 

Any help you could provide would be appreciated!!! Thank you!!


Starting Score:2/1/16 565
Current Score: 3/1/16 575
Lender Mid Score: 3/1/16 575

Goal Score: 700


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5 REPLIES
Frequent Contributor

Re: Need help with an LOE for overdraft protection. HELP!

You could write a one sentence letter stating exactly what you wrote in your post- you transferred a total of $.50 of your own money, from your savings account to cover daily expenses and avoid being assessed an overdraft fee.

 

My $.02 (or $.50..lol) is that I would push back to the LO and processor to go to the UW, or the UW's manager, to get that condition waived. The UW is being absolutely ridiculous, and shouldn't be wasting anyone's time over $.50.

Established Contributor

Re: Need help with an LOE for overdraft protection. HELP!

That is ridiculous! Do they have a uw contest for dumbest conditions or what.
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Regular Contributor

Re: Need help with an LOE for overdraft protection. HELP!

It is what it is....regardless, how do I explain it?  I can't even remember all the circumstances from those days.  It is from October and November.   This is deflating....all my excitement with moving has been replaced with uncertainty and anxiety.    I just wish I knew everything they needed from the get-go....all these pop-ups at the last minute are killing me...


Starting Score:2/1/16 565
Current Score: 3/1/16 575
Lender Mid Score: 3/1/16 575

Goal Score: 700


Take the FICO Fitness Challenge
Highlighted
Valued Member

Re: Need help with an LOE for overdraft protection. HELP!

I do agree that this UW is somewhat picky. But from his or her prospective, any insufficient fund transaction or overdraft protection transfer means that the borrower is incapable of balancing his or her checkbook.

Frequent Contributor

Re: Need help with an LOE for overdraft protection. HELP!

Just state your miscalculated your checking balance by a few cents, and it was financially prudent for you to transfer the money from savings, instead of letting $.01 and $.49 cause you XX amount in overdraft fees.