FHA Insider: Getting borderline FHA loans approved. become. – As a former FHA underwriter, the Letter of Explanation, or LOX or LOE as some call them, is the single most important document in a borderline file. The LOX (what we call them here in the great state of Michigan), is the document underwriters turn to when they are undecided on a loan.
How to Explain Overdraft to an Underwriter | Sapling.com – Letter Format. A letter of explanation should be short and professional, encompassing two to three paragraphs. The underwriter is only interested in the facts, so avoid unnecessary details and emotional appeals. You actually only need to include a few bits of vital information to create a satisfactory explanation. Explaining What Happened
Best Practices: Letters of Explanation – National Association. – Written By: Frankie Lacy. Letters of Explanation (sometimes abbreviated to LOX or LOE) are a common condition on loan files. Underwriters request them to explain large deposits, residence histories, derogatory credit, credit inquiries, and much more.
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Writing the Perfect Letter of Explanation – Underwriters are the people that "approve" the loan for the bank. They compare their guidelines and your documents to determine if you fit the criteria That information can come in a form of a Letter of Explanation. These letters are then retained in case the Government or another Underwriter has to.
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A letter of explanation (LOX) is a brief document sent to lenders to clarify things like an insufficient-funds charge on your checking account, to note changes in income, provide a summary of your rental history, or just about anything that could be called into question during the mortgage approval process.