topic Re: Explanation Letter in Mortgage Loans

Explanation Letter

Anonymous — Mon, 09 Jan 2017 20:09:07 GMT

I received a Consumer Explanation Letter but there are only like 2 lines to write a explanation for each account. It says explanation and then under that says outcome. How can I make a detailed explanation so short? What is the outcome space for?

Re: Explanation Letter

kc0039 — Mon, 09 Jan 2017 20:58:27 GMT

Explanation for what? If it's for credit inquiries.. Here are a few examples:

1. Shopped for rates - no new credit

2. Shopped for a credit card - opened new credit (ask your LO if it shows on your report).

3. Looked at a car - no new credit or bought a car

Re: Explanation Letter

Anonymous — Mon, 09 Jan 2017 21:09:52 GMT

Explanation for late payments/charged off account.

Re: Explanation Letter

Anonymous — Mon, 09 Jan 2017 23:32:46 GMT

Just type it on a word document. They can send it with that other paper. And on 2 lines just say refer to attached document

Re: Explanation Letter

ShanetheMortgageMan — Wed, 11 Jan 2017 06:29:55 GMT

Use this format: http://ficoforums.myfico.com/t5/Mortgage-Loans/Letter-of-Explanation-sample/td-p/410563