My file is finally being processed in underwriting now and my LO emailed and told me to the underwriter wants a Letter of Explantion. I wrote it and emailed it back off to my LO and it was submitted today! I was wondering since they only asked for this one LOE is this all that I may need to make my final complete for a final approval or could ask for another LOE for something else? How long will it take for me to hear back about the Letter of Explanation, will I have to wait a whole 5 business days again for them to say if my letter was ok in order for me to continue to move forward?
Good question - I hope you hear back soon.
I read that LOE's are "just a formality" yet an curious about advice from mortgage guru's on what works best in these letters.
You'd have to ask how long it'll take - it could just be a day or it could be several more days. There is no standard as it depends on how busy the lender is and what their procedure is.