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LOE!

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Valued Member

LOE!

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?

 

Thanks.

Message 1 of 3
2 REPLIES 2
Senior Contributor

Re: LOE!

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.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 2 of 3
Community Leader
Super Contributor

Re: LOE!

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.

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