By Brandon Cornett | © 2019, all liberties reserved | Duplication prohibited

Reader question: “We were expected to create a page of explanation for the mortgage lender’s underwriter, regarding a bank overdraft charge. These people were struggling to offer a template or sample for a home loan page of description, however they did state to help keep it easy. How come mortgage brokers require letters of description, and do you’ve got a test template we are able to used to get going? ”

The page of description (or LOE for brief) is really a typical the main home loan underwriting and documentation procedure. Some borrowers panic whenever an underwriter wants this kind of page, because they think the loan is likely to be rejected. But that’s not at all times true.

In reality, a request an LOE is generally the best thing, so he can clear the loan for funding because it means the underwriter is trying to document his way around a certain issue. Read more →