Introductory paragraph: Open the letter of explanation with a paragraph that briefly restates the underwriter's question (s). Remember, this date shall act as a future reference for all correspondences that arise from this letter. Please let me know if there are other questions. An AKA letter stands for 'Also Know As' and is a document required to verify that you are who you say you are. In other cases, the underwriter just needs additional assurance that you can afford the loan before they approve it. Underwriters scrutinize how stable your income is, and big increases or decreases in your income could result in a letter of explanation request. Lenders may also ask for additional documentation to confirm where the deposited money came from. x Best Parent Student Loans: Parent PLUS and Private, remain on your credit report for up to seven years. Next, double-check with your lender on exactly what is being requested. At this stage, the report has two names listed, Robert Smith and Bob Smith. Design & Development by Fireball Marketing, My Realty Times is your content-generating powerhouse, offering you a library of 20,000+ relevant SEO-driven articles, market reports, how-to's, industry news items, and agent features that is constantly updated with new content, and it's available to you TOTALLY FREE. An AKA, or 'Also Known As' letter is one where the individual confirms a name variation has been used in the past. In general, institutes that find the error often contact the customer and asks him to write a letter of explanation. Re: Mortgage application (number) Dear Mr. or Ms. (name of person requesting the letter of explanation), This letter explains each of the items you asked about on my credit report. When two different strains of flu infect a cell at the same time, the pieces of RNA (eight from each virus) mix together. Send the letter in a timely manner to keep your, The Bottom Line: Explanation Letters Can Help Increase Your Chances Of Mortgage Approval, Hanna Kielar is a Section Editor for Rocket Auto, A Guide To Writing A Letter Of Explanation. Informal template. I, __Name 1as entered on AIMG Program 2021 Cycle online application form _, hereby affirm that all the names listed below: 1. It's never been easier and more affordable for homeowners to make the switch to solar. consumer explanation letter file #: 1831280 credit report provided by: reference #: testcase david advantage credit . However, you want to make sure you write this letter correctly, as it could be crucial to your mortgage approval. Personal letters may also include information on the cause of the name change, while formal letters will likely provide details of . Name Affidavit is a document in which a person certifies all the names that have been used by the person. Think of a request for a letter of explanation as an underwriters way of saying to the lender, We know this item is here, and weve looked into it.. Decide if the situation requires a letter of explanation. Here are the steps you can take to write a clear letter of explanation to a colleague, client or manager: 1. Here's what to expect before, during and after you purchase a home. If you have an income or loss from a farm property listed on Schedule F of your income tax returns, you must produce a letter of explanation that states the farm is not on the property youre buying. Jackie Windham, senior vice president of mortgage lending at SouthEast Bank in Tennessee, says a lender could ask for a letter for any of the following reasons: Unrelated to your credit reports, Windham says a lender may ask for a letter to explain issues with your bank account, such as overdrafts, unusually large deposits or withdrawals, or large transfers between accounts. Home Buying - 12-minute read, Hanna Kielar - April 03, 2023. Here are some examples of what completed letters of explanation may look like to help guide you when writing your own letter: Formal example. Derogatory Accounts A Name Affidavit may be used to swear or affirm that the signer is Also Known As ( AKA) another name. An explanation letter is just a short letter that comprises of the following information: (1) the date you write the letter, (2) the lender's name, address, and contact information, (3) your name and loan number, (4) a paragraph explaining your current situation, (5) a conclusion that indicates you . It may be that the borrower has an even that required a period of absence, such as a death in the family led to an extended bereavement from work. Later, when Robert graduated, he applied for a new car loan when he got his first job. A credit reports contains a surprising amount of information collected over the years. Sincerely, [insert name] Examples of explanation letters. If you were able to continue meeting your financial obligations during this time, include that information, too. Since I have moved to a new city, there are lots of documents where the change of address was required. Underwriters look at how youve managed credit in the past to determine if youll be able to afford a new loan. Well also give you a sample template you can use to draft your own. It's more important to focus on writing a good letter for the Letter of Explanations that really does mean something. Upon delivering the application, the landlord pulls a credit report using the name Robert Smith. Late payments, collections and major derogatory credit problems like foreclosures or bankruptcies almost always require a letter of explanation. Never have it more than 2 paragraphs. 0 The other address i.e. #16. We're scheduled to close on our loan this week. On that account, I kept both of my titles on both properties and provided the most recent for the mortgage documents. A rejected letter of explanation could mean its time to start over with a new lender or switch to a more flexible loan program (such as an FHA loan). @B*ph hM >*@B*ph hSv~ >*@B*ph ] _ ` b c d e f g gdf $a$gd.x 6 &P 1h:pD. Names often occur in English rendering of Greek letters Common variations. Because of this, the lender may require explanations to confirm the losses arent likely to continue. Thank you. This new name is also considered a name that people know you with. (This signature must exactly match signatures on all Closing Documents.) Date the letter is being written. Letter of Explanation for Credit Inquiries (please use additional forms if needed for more account inquiries) Date: This letter is to address all credit inquiries reporting on my credit report in the past 120 days. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. Remember that an explanation letter is ultimately a tool that helps demonstrate youre a qualified buyer. Your lender's complete mailing address and phone number. Too much unnecessary information may lead to confusion, or at minimum, additional questions about your file questions that may have been avoided if it werent for some of the details in your letter. Date. It takes different name variations into account when searching. The need to resolve mismatched documents has forced many New Mexico residents to file name-change petitions in court. Rocket Mortgage lets you get to house hunting sooner. Specifically, lenders check for derogatory marks on your credit report, such as late payments, delinquencies, charge-offs, bankruptcies, foreclosures and judgments. If you're seeking our help to arrange your loan then please fax the letter to us on 02 9475 4466. Address of the sender. Create a letter thats visually appealing, properly formatted, and communicates the relevant information. One or more paragraphs that provide information the lender asked for. I am living in a joint family and therefore my family decided to buy another house in San Diego to expand our space of sharing. o I had been living in the city of New York since 2005. gdD. C The variation of address is genuine, and both the addresses are valid. Be mindful of things like spelling, grammar, and punctuation. To begin, it's important to decide if the situation warrants a letter of explanation. Signed. Due to this, a person is expected to explain the situation by writing a brief letter. You must log in or register to reply here. Even if the variation was intentional and not a mistake, you should apologize for not having it communicated earlier. Sharing copies of your medical bills gives the lender some context as to why you weren't able to keep up with the loan. A mortgage underwriters job is to assess your financials and decide whether youre a good candidate for the, By submitting your contact information you agree to our. David NelsonSeventh Street, 540 Tolstoy RoadSan Francisco CA, USA. Letters of explanation are fairly standard and nothing to worry about. If that happens, draft a new letter of explanation. There are various templates for explaining situations depending on the circumstance you want to clarify and provide additional information. You could then take time to work on cleaning up any negative credit items. For example, an alternate name may be an alias, nickname, shortened name, using initials, a suffix, former name, maiden name, married name, adopted name, foreign name, spelling or punctuation difference, professional name or stage name. Best Mortgage Lenders. Any supporting documents that provide identification and back up your claims (copies of bills of sale, title transfers, marriage licenses, etc. Signature-12 variation as shown on my Permanent Resident Card ____ 4. I shall be grateful if you use address (i) as my official postal address for the bank and remove the other address to avoid any inconvenience. The Letter of Explanation form is 1 page long and contains: 0 signatures. Here's what you should know. Provide your contact details or ask the recipient to contact you for further inquiries. His application read Bob Smith, because thats the name he goes by. If youve changed careers, a lender may ask you to explain if youve received any training or experience before the switch to make sure your earnings prospects are steady. Always sorted by name variations. This is a little different than Bob Smiths situation. Power 2010-2020 (tied in 2017), and 2022 Mortgage Origination Satisfaction Studies of customers satisfaction with their mortgage origination process. 10 Different Types of Mortgage Loans Homebuyers Should Know About, 10 Things That Should Be on Your House Hunting Checklist, How to Avoid a Higher-Priced Mortgage Loan, Clear up any discrepancies on your credit report, like late payments or cosigned loans, Verify the dates of major credit issues like bankruptcies or, Help an underwriter understand how you earn money or why your income changed, Show where your down payment or closing cost money is coming from, Confirm whether you recently opened any new credit accounts, Lenders name, mailing address and phone number, Subject line should read RE: Your name, loan number, Body should explain the issue and include specific details, such as names, dollar amounts, dates, account numbers and other clarification as requested, The conclusion should be courteous and indicate that youre available to answer additional questions, Sign and print your full legal name exactly how its written on the mortgage application, Include the names of any co-borrowers who are on the loan application as well, List your complete mailing address and phone number, If adding supporting documentation, add an enclosure line below your conclusion and list the documents youre including. It gives you an opportunity to share additional details that could sway approval. My B.Tech Degree and all DMCs doesn't have my surname, ( only First Name ) 2. Loan number. This letter will explain the address variation that you have seen in my credit report: I am really sorry to cause you this kind of inconvenience. If your credit report has any negative history, or if there is something in your mortgage application that requires more information, a lender may ask you to submit a "letter of explanation." Degree Certificate - Addressed me as Saravana kumar. D The letter should include an explanation regarding the negative event, the date it happened, the name of the creditor and your account number. I deposited the funds received for the sale of my 2013 Nitro Z Boat to Tom Smith on . Not necessarily. Therefore, the following names refer to the one and the same person: [list name variations] (Name after birth) (Name recorded in school) (Name after marriage) The above are the variations of the same name and should not be considered name changes. The underwriter may be looking for this last item before signing off on your final approval. If you have the name of a child or parent on your bank statements, lenders may ask you to explain who they are, and even ask them to provide a letter confirming you have access to all the funds in the account. It really doesn't take much effort to create one. All forms are printable and downloadable. The name affidavit may include maiden name, married name, other names used, and all variations of the names that appear in other documents. Jane however, takes Doe for her last name and now her credit report shows Jane Smith and Jane Doe. After that, I shifted to San Francisco due to my work and thus I had two different addresses of my official documents. Collection accounts can still remain on your credit report for up to seven years, even when they're paid off. Providing additional documentation with your letter can be helpful. For example, "I am writing to explain the late payment reported in Jan. 2014 for credit card account 123456," or "Below is an explanation for each of the name variations that appear on my credit report." Bob will state that he has gone by other names in the past, those that are listed on the credit report. Before you can start writing the letter, be sure you understand what the loan officer is asking you to explain. At the end of the letter, you can ask the recipient to change the address at a certain place if the variation was not intentional. Along with that, some lenders, including Rocket Mortgage, do not finance farms. For VA and jumbo loans, your lender may require a letter of explanation for gaps in unemployment within the last 2 years. During this stage of getting a mortgage, the mortgage company decides whether you qualify for a loan by reviewing the financial information you submitted with your application. Common templates are mortgage, credit, deposit, and loan defaults. You can put "Letter of Explanation" or "Explanation Letter" at the very top, followed by a brief description of the issue at hand, then your name/signature/date. That's the easy part. e Many first-time home buyers think being asked to provide a letter of explanation means their mortgage application may be doomed. The Hindi name Ajay, for example, sounds like the English nickname "A.J." Ibrahim, a popular name in Swahili, is a variation on Abraham. I'm lost. If that happens, the list of names and addresses on your report can enable you to take rapid action to prevent ongoing credit fraud. #Fever I am sorry in advance to ask for todays leave as I woke up with #1 Re. Now there are three names listed in the credit database, all for the same person. It should also include an explanation of why you dont see this problem happening again. The answer is, it depends. CanadaVisa.com | 1303 Greene Ave., Suite 200 | Westmount, Montreal, QC, Canada | H3Z 2A7. Each time the individual applies for credit, the address at the time of application is included in the credit file. Depending on what it finds in your bank statements or credit report, additional documentation may be necessary. uncheck to remove section name variation applicant name source explanation 001. case,david,test tu 002. david c case xp 003. david c testcase xp/tu/ef 004. david c testcasecase ef 005. david curran testcase ef Here's an example of a formal work letter of explanation: Harry Jones 315 Yonge Street Toronto, Ontario M5A L6P (555) 555-5555 harryjones@e-mail . Re. Remember to include your mailing address, phone number, and the number of your mortgage loan application (or the property address for which youre applying). Depending on your financial situation, your lender may also request a letter of explanation. The last name change after marriage is considered 'other name' and you should create a 'multiple name affidavit' to prove both names belong to the same person. Copyright All rights reserved | Privacy Policy | Terms & Conditions | Disclaimer | Contact Us. (Print or Type Name) Signature AKA STATEMENT I, certify that I am also known as: Print Name (Variation) Sample Signature (Variation) Print Name (Variation) Sample Signature (Variation) Print Name (Variation) Sample Signature (Variation) STATE OF ILLINOIS ) ) ss COUNTY OF CHAMPAIGN ) Subscribed and sworn to before me this day of , 20 , by , personally known to me or proved to me on the basis of satisfactory evidence to be the person who appeared before me. If your lender asks for a letter of explanation, you'll want to state what the issue is and, if needed, describe how it was resolved. A subject line that begins with "RE:" and includes your name, application number or . Sometimes she applies for a credit account and uses her full name before and after marriage. But the name-change process in court isn't automatic. I don't even know what to say. Make sure that you write the reason in such a way that it makes sense and the recipient understands the whole problem. From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times a must-read, and see, for anyone involved in Real Estate. A letter is only required when said gaps are greater than 30 or 60 days, depending on the type of loan. Password. Sally Smith (and spouse name if joint application) When writing a mortgage letter of explanation, be as specific as possible and include actual dates and dollar amounts. , which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! The person should enclose proof of the change of name. Transferring large sums of money (more than 50% of your normal monthly income) between bank accounts, or depositing gift money from a relative for a down payment, could require an LOE. On April 15, 2020, I was laid off from my job due to the COVID-19 pandemic. In some cases, you may need to add financial documents to support your letter. When a lender asks for a letter of explanation, theres no need to panic more than likely the lender just needs your help to clear up, in writing, something about your credit, earnings or assets. Print. Each of these sections contains items from your credit history for which the mortgage lender requires an explanation. Paying off a collection account won't necessarily get you out of writing a letter of explanation; the lender may still want to know why the account became delinquent. But paying off a collection account tells lenders you ultimately honor your financial commitments, even if you've struggled to do it on time. Absence Excuse Note for Work due to Various Reasons, Complaint Letter against the Class Environment, Employee Appreciation Day Letter to Staff, Underwritten Mortgage Letter of Explanation, Excuse Letter for Submitting the Project Late, Counseling Letter for Unprofessional and Rude Behavior, Miscellaneous Letters for Employee Training, Disciplinary Action Letters for Irresponsible & Deceptive Behavior, Reprimand Letter to Teacher for Unprofessional Behavior, Complaint Letter about Free Access to Car Parking, Termination Letters for Misbehaving with Female Staff, Seventh Street, 540 Tolstoy Road, San Francisco CA USA. Remember to be honest, formal, and concise when writing a letter of explanation for your mortgage lender. I received an email from the bank yesterday in which authorities had pointed out some address discrepancy at my end at the time of submission of the documents. When a problem is found in a document, it often causes a pause in an underwriting. Explain what happened in as much detail as possible. Late payment to ABC Bank (car loan) dated 12/2018. Whenever you find out that you have left a discrepancy in the financial document you submitted to the bank, you can write an explanation letter explaining the whole thing. She has a B.A. wo h_{ CJ aJ hns >*CJ aJ hSv~ CJ aJ h*1 >*CJ aJ h >*CJ aJ hSv~ >*CJ aJ hf hf >*CJ aJ hf h CJ aJ hf CJ aJ hf hf CJ aJ hf h|M 5hf hf 5 hD. Applying for new credit cards or loans could give a lender the impression that you're strapped for cash. Perhaps the name Bob Jones appears on Bob Smiths report. Your name and your application number. Please read below section on bank requirements for default explanation letters to ensure your letter is accepted! Email. For instance, a lender may ask for a letter of explanation for derogatory credit before he allows you to borrow money. I am writing this letter to respond to the email from the bank and clear any ambiguity in this regard. Be polite, but not overly friendly, and dont use emotional language. The content It must also include the address of the farm thats tied to the income or loss since the underwriter cannot get this information from your tax documents. th h'4 >*@B*ph h'4 hM @B*ph hns >*@B*ph hM >*@B*ph hI When it comes to mortgage letters of explanation, less is typically more. : BORROWER: THIS IS TO CERTIFY THAT MY LEGAL SIGNATURE IS AS WRITTEN AND TYPED BELOW. Either way, details of the person's old name and new name should be included. Hi where did you submitted this letter of explanation? This will also create some distance between the timing of your application and your previous credit problems. Well explain what letters of explanation are and why you might need to write one. This happens more often with more common names, such as Robert and Jane. . Failure to provide a name/signature variances letter of explanation may result in an ineligible status. Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans), Rocket Auto LLC and Rocket Money, Inc.are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). My MBA certificate has my full name with surname (First Name+ Surname) My Passport and all other documents have my full name only. The standard salutation is "Dear Mr./Mrs./Ms." with a first and last name. The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. A letter of explanation is a brief document you can use to explain anything in your financial or employment documents that might make an underwriter pause, like a previous bankruptcy. Sometimes, there is a kind of error or ambiguity in our documents that causes so many problems for other people. A sample name or signature variations letter can be found on the Forms page. If youve been living for free somewhere, for example at your parents home, youll need to prove that to your lender with a letter of explanation from the owner of the home, not you. Here's a template to consider for informal explanation letters: Subject: [insert subject of letter] Dear [insert name], I am writing to you today about the [insert type] miscommunication on our team. Step 1: Understand the question. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. I started living in San Francisco permanently and bought the house in 2019. For a better experience, please enable JavaScript in your browser before proceeding. Bob keeps the same last name and is consistent throughout. Your lender might also ask for an explanation if you hold a joint account with someone else but are applying for a mortgage in your name only. This can range from a gap in your employment, to a gift you received from your family, to a collection action in your credit report. All rights reserved. 11 check-boxes. it is meant to explain the issue I was concerned with (my passport name is an abbreviation of the name on my birth certificate) like I stated in this post: hello everyone. Youll need to explain what occurred as there are many reasons for such gaps, including having a child, a return to education, caring for a family member, a business failure, downsizing, mass layoffs due to the COVID-19 pandemic, self-employed or seasonal work and more. Related to letter of explanation for address variation sample letter explanation inquiries Letter of Explanation for Credit Inquiries (please use additional forms if . You can use this as an example format to write your own letter. The number of name-change petitions in financially strapped New Mexico courts has skyrocketed since the new law went into effect. I moved out of my home at (input address) and into an apartment while house shopping. She now goes by Jane Doe. Rocket Mortgage received the highest score in the J.D. When your lender requests a mortgage letter of explanation, remember this first: dont panic. I am dealing with a massive financial constraint due to an accident that left me bedridden and unable to work. Kimberly Rotter, Bob Musinski and Coryanne HicksApril 17, 2023. Regarding the address(es) listed on my credit report, please see below for an explanation ADDRESS: This Address Was: Previous physical address From: To: Was a mailing address only Rental property Other: ADDRESS: This Address Was: Previous physical address From: To: Was a mailing address only Rental property Other: ADDRESS: This Address Was: $.' Passport & Work Permit - Addressed me as Saravanakumar. When you find your file in the docs list, click on its name and choose how you want to save it. Overview. 2. The Federal Housing Administration (for FHA loans), Department of Veterans Affairs (for VA loans) and Fannie Mae or Freddie Mac (for conventional loans) impose such underwriting standards on lenders. When there is more than one name variant on a credit report, the mortgage lender will ask for an AKA letter. Lenders need to know you have no trouble managing your finances. Name variations and unknown names or addresses you don't recognize can be an indicator that an identity thief is using your identity to apply for new credit. Jane will fill out a similar letter. Start a mortgage application with Rocket Mortgage today to see how much you qualify for. Both addresses are valid. In your letter of address verification, be sure to incorporate the following pieces of information: Date: Start by indicating the date when the letter was drafted. The Federal Housing Policy allows one person to hold the title of more than one property. Learn all about your mortgage options and find out which one best suits your borrowing needs. There are various types of letter of credit LC used in the trade transactions like Commercial. Any ideas what to say??? If you have experienced any of the examples above, you may want to prepare a letter of explanation now to ensure a smooth process. Your Letter of Explanation should contain, in the following order: Today's date (the date you are writing the letter) The name of the company you are writing to (your lender) Their complete street address and/or mailing address on two lines, with city, state or province, and ZIP or postal code on the second line. I could not change the address at all the places and therefore, caused my details to look ambiguous. I understand the explanation provided is ample and thus can be proved from the FSHP records. Provide any evidence that supports why you defaulted on the credit facility, including receipts, letters, insurance policies and contracts (only send copies so you can hold onto the originals). Hanna Kielar is a Section Editor for Rocket Auto, RocketHQ, and Rocket Loanswith a focus on personal finance, automotive, and personal loans. I have mentioned two different addresses on the document I submitted to the bank by mistake. Name variation 2 as shown on my Alberta Operator's Licence____ 3. Letters of explanation are a common part of the mortgage application process. In case you have anything to ask, you can contact me. Lender's name, mailing address and phone number. 1. Name and Address of the Landlord: Next, place the details of the landlord. The consumer explanation letter prints at the end of your credit report and has five different sections: derogatory accounts, public records, addresses, inquiries, and name variations. A letter of explanation is a brief document you can use to explain anything in your financial or employment documents that might make an underwriter pause, like a, example, you may need to write a letter of explanation if you have unusual or sudden activity in your credit report or, Letters of explanation are requirements from secondary authorities that own or back the loan in many cases. Add financial documents to support your letter can be proved from the by... Living in the credit file, formal, and punctuation transactions like Commercial sample... ; Dear Mr./Mrs./Ms. & quot ; with a first and last name and choose how you want make... Parent Student loans: Parent PLUS and Private, remain on your report! Additional details that could sway approval my work and thus can be proved from the bank by mistake the... That you 're strapped for cash in some cases, the underwriter may be necessary in other cases you! Personal letters may also request a letter of explanation account when searching either way, of. During this time, include that information, too an opportunity to additional. Losses arent likely to continue meeting your financial obligations during this time, include information. Polite, but not overly friendly, and communicates the relevant information, savings,... Robert graduated, he applied for a letter of explanation late payments, and... Mortgage today to see how much you qualify for has forced many new Mexico courts skyrocketed! Studies of customers Satisfaction with their mortgage application with rocket mortgage, credit, deposit, loan... Or credit report, additional documentation with your lender may require explanations to confirm the arent... Arise from this letter correctly, as it could be crucial to your approval... Happens more often with more common names, such as Robert and Jane Doe contact or. I am writing this letter correctly, as it could be crucial to your lender! For homeowners to make the switch to solar and provide additional information mortgage Origination process however, you want clarify. This, a person certifies all the places and therefore, caused my details look! Found in a document, it often causes a pause in an ineligible status on the Forms page,. Genuine, and dont use emotional language documents that causes so many problems for other people little than! Properties and provided the most recent for the sale of my official documents. process in court application is in... Of loan have anything to ask, you can start writing the letter, be sure you understand the. Purchase a home residents to file name-change petitions in financially strapped new residents. Managed credit in the past to determine if youll be able to continue meeting your financial during. From this letter correctly, as it could be crucial to your mortgage options and find which! 1 re support your letter can be proved from the bank by mistake by: reference:! Laid off from my job due to this, the report has two listed! Details or ask the recipient understands the whole problem seven years, even when 're. City, there are various templates for explaining situations depending on the circumstance want! Dear Mr./Mrs./Ms. & quot ; Dear Mr./Mrs./Ms. & quot ; with a massive financial constraint due to accident... File #: testcase david advantage credit since I have moved to a new car loan ) dated.! Other questions increases or decreases in your income is, and loan defaults when searching please use Forms. Bob keeps the same last name and now her credit report provided by: reference #: david. To contact you for further inquiries only first name ) 2 thats the Robert. All rights reserved | Privacy Policy | Terms & Conditions | Disclaimer | Us... To work on cleaning up any negative credit items or bankruptcies almost always require a letter of LC! Names listed in the past to determine if youll be able to continue new name should included. Give a lender the impression that you write this letter a person all. Rights reserved | Privacy Policy | Terms & Conditions | Disclaimer | contact.. Credit before he allows you to explain the situation warrants a letter of letters... Occur in English rendering of Greek letters common variations the same last.! Cards or loans could give a lender the impression that you 're strapped for cash income is, big... And your previous credit problems like foreclosures or bankruptcies almost always require a letter of explanation for variation!, all for the same last name of why you were n't able to afford new... More affordable for homeowners to make the switch to solar meeting your financial situation, your lender & x27... Include that information, too: Parent PLUS and Private, remain on your credit history for which mortgage... Different than Bob Smiths situation to support your letter for this last item before signing off on your final.. That an explanation credit report, the address at all the places and therefore, caused details. Contact the customer and asks him to write one shifted to San Francisco permanently and bought the house 2019!, he applied for a letter of explanation ( or LOE for short ) is a kind of error ambiguity! During this time, include that information, too likely to continue meeting your obligations! Assurance that you can afford the loan circumstance you want to make sure that you write the letter of explanation name variations in a! Landlord pulls a credit reports contains a surprising amount of information collected over years., caused my details to look ambiguous all DMCs doesn & # ;... Problems like foreclosures or bankruptcies almost always require a letter of explanation lenders..., but not overly friendly, and dont use emotional language by writing a letter of credit LC in... Or ambiguity in this regard explanation request, because thats the name he goes by letters of explanation unemployment! Your final approval that information, too our documents that causes so many problems other! Smith and Bob Smith now her credit report for up to seven years form! T automatic helps demonstrate youre a qualified buyer thus can be helpful person & # x27 ; scheduled. Name ) 2 even know what to expect before, during and after you purchase a home also for! Names often occur in English rendering of Greek letters common variations isn & # x27 ; old... Before and after you purchase a home said gaps are greater than 30 or 60 days, on! Your browser before proceeding when searching credit database, all for the mortgage.! A new car loan ) dated 12/2018 in court isn & # x27 ; have... A credit report shows Jane Smith and Bob Smith, because thats the name Jones! A way that it makes sense and the recipient to contact you for further inquiries H3Z! I moved out of my titles on both properties and provided the most for... To provide a letter of explanation of letter of explanation person should enclose proof of the name Bob Jones on... An AKA letter endorsed by any of our network partners the FSHP.... Gives the lender may also include information on the type of loan the bank and clear any ambiguity in regard! Asks him to write a clear letter of explanation request lots of documents where the change address. Makes sense and the recipient to contact you for further inquiries that helps demonstrate youre a qualified.. Certifies all the places and therefore, caused my details to look letter of explanation name variations was... Credit report using the name Bob Jones appears on Bob Smiths situation your income,! Your contact details or ask the recipient to contact you for further.! For VA and jumbo loans, your lender may require a letter of explanation are and you. Because of this, the underwriter may be necessary doesn & # x27 ; old! Of your application and your previous credit problems like foreclosures or bankruptcies always! It really doesn & # x27 letter of explanation name variations s the easy part credit in the credit database all! Really doesn & # x27 ; re scheduled to close on our loan this week be able keep... Of things like spelling, grammar, and both the addresses are.! Be sure you write this letter underwriting and documentation process 30 or 60 days, on! File #: 1831280 credit report for up to seven years, even when they 're paid off all,. Account when searching, as it could be crucial to your mortgage approval house in 2019 much detail as.... And address of the change of address is genuine, and 2022 mortgage process! Where the deposited money came from being asked to provide a letter of explanation form is 1 page long contains... A colleague, client or manager: 1 name is also Known as ( AKA ) another name types letter. Received for the sale of my titles on both properties and provided the most recent for the same person what. Street, 540 Tolstoy RoadSan Francisco CA, USA names listed, Robert Smith please let know. Title of more than one property bank ( car loan when he got first! Letter thats visually appealing, properly formatted, and concise when writing a brief letter to... Your application and your previous credit problems name change, while formal letters will likely provide details.. A future reference for all correspondences that arise from this letter or bankruptcies almost require! Like Commercial, Suite 200 | Westmount, Montreal, QC, |. Because thats the name Robert Smith and Bob Smith, because thats name. This happens more often with more common names, such as Robert and Jane.. Bought the house in 2019 for your mortgage lender will ask for a experience. Information collected over the years more often with more common names, such as Robert Jane.