Signed. Please enter a minimum of three characters. 5CJ \aJ #j h` hD. Letters of explanation are requirements from secondary authorities that own or back the loan in many cases. But paying off a collection account tells lenders you ultimately honor your financial commitments, even if you've struggled to do it on time. Before you can start writing the letter, be sure you understand what the loan officer is asking you to explain. D 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. 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. By submitting your contact information you agree to ourTerms of Useand ourPrivacy Policy, which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! Likewise, someone named Jane who is moving to Italy might consider changing her name to Giovanna, or Zhanna, if she's moving to Ukraine. When a problem is found in a document, it often causes a pause in an underwriting. Print. Decide if the situation requires a letter of explanation. Jane Smith marries John Doe and takes on the husbands last name. By filling in these and other gaps in your financial situation, you can increase your chances of getting approved for a mortgage and start hunting for your new home sooner. When it comes to determining the value of the home, another structure on the property cannot be the primary reason for that value. A large gap may be a red flag to a lender that your income could be unstable, when in reality you may have taken time off due to a personal illness or that of a close relative. 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. While there's no guarantee that you won't still need to provide a letter, you can give your loan officer a better sense of your ability to repay if you're upfront about past credit mistakes or financial challenges. I started living in San Francisco permanently and bought the house in 2019. This new name is also considered a name that people know you with. In general, institutes that find the error often contact the customer and asks him to write a letter of explanation. o I moved out of my home at (input address) and into an apartment while house shopping. The letter will identify the right Bob. Let's break down a sample letter of explanation, with the primary components highlighted in bold. You may also be asked for a letter of explanation when applying for jumbo loans, which have additional standards, and even some refinances. I am writing this letter to respond to the email from the bank and clear any ambiguity in this regard. If you were able to continue meeting your financial obligations during this time, include that information, too. My B.Tech Degree and all DMCs doesn't have my surname, ( only First Name ) 2. Negative items on your credit report can set off red flags for underwriters who might assume you have difficulty paying your bills. The variation of address is genuine, and both the addresses are valid. Many of these guidelines dictate that the lender must get a mortgage letter of explanation for certain items on borrowers reports. 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. Each company is a separate legal entity operated and managed through its own management and governance structure as required by its state of incorporation and applicable legal and regulatory requirements. . My MBA certificate has my full name with surname (First Name+ Surname) My Passport and all other documents have my full name only. C Date. Be as detailed as you can be here. 1. Also, try using a wildcard (e.g. Shashank Shekhar, CEO and founder of Arcus Lending in San Jose, California, says your letter should include all of the relevant information the lender asks for, presented in a way that gives a clear picture of your situation. The number of name-change petitions in financially strapped New Mexico courts has skyrocketed since the new law went into effect. Best Mortgage Lenders. Pay all of your bills on time each month. Here's what to expect before, during and after you purchase a home. Use the following checklist as your explanation letter format: There are a few guidelines that apply to writing a consumer explanation letter, regardless of the situation. n Wondering how to choose a mortgage lender? A letter of explanation is your chance to answer any questions a lender might have about your loan application. Create a letter thats visually appealing, properly formatted, and communicates the relevant information. The variation of address is genuine, and both the addresses are valid. Kimberly Rotter, Bob Musinski and Coryanne HicksApril 17, 2023. You can directly state the letter from the main thing you wanted to communicate. And this hadn't brought any confusion when applied for my work permit for Canada so far. Specifically, lenders check for derogatory marks on your credit report, such as late payments, delinquencies, charge-offs, bankruptcies, foreclosures and judgments. Sale (). Here are the steps you can take to write a clear letter of explanation to a colleague, client or manager: 1. Informal template. After a few months, he applies for his first credit card and when doing so he lists his full name, Robert James Smith. If the situation involves a sensitive topic, then you may consider discussing it in person . 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. Heres a sample letter of explanation. Perhaps the name Bob Jones appears on Bob Smiths report. If you pay child support or alimony, the lender may request copies of your divorce paperwork if the withdrawals come out of your bank statements but dont appear on your credit report. Applying for new credit cards or loans could give a lender the impression that you're strapped for cash. A letter of explanation is a short document you would send to a recipient such as a lender. Read our article to find out what questions you should ask when it comes to choosing the right lender for your needs. I am still working at the same company today and, since July 1, 2020, I have not been late on, nor missed, any payment on this credit card account. Over the years, someone who has applied for credit somewhere signs the application. I received a letter from OPUS California in which the authorities asked me to show the cause behind address variation on my National Identity Card and my documents submitted for the . Avoid overdrafting your bank account within that same time frame. Overdrafts don't show up on your credit report unless the overdraft is sent to collections, but you don't want lenders to assume you struggle with managing your bank accounts. A letter explaining the signature inconsistencies in their supporting documents upload. Degree Certificate - Addressed me as Saravana kumar. That would be the first name entry in the credit report. We had a couple of short term housing situations back when we weren't making very much money and once when we were going to try to buy a house . 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. Power 2010-2020 (tied in 2017), and 2022 Mortgage Origination Satisfaction Studies of customers satisfaction with their mortgage origination process. I was asked to write a letter of explanation to the bank for the mentioned address variation. Hello everyone, I have received the PR invitation under the Canadian Experience Class and I am in the process of uploading the necessary documents. The Phoenicians named this letter gimel, meaning "camel," and used it to indicate the sound roughly equivalent to our present-day 'g.' 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). 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. An LOX can necessary when there is inconsistent, incomplete, or unclear information on a loan application. Explanation to the Pointed Address Discrepancy in Provided Documents. The underwriter may be looking for this last item before signing off on your final approval. After marriage, I changed my name to __ [ insert marital name] _____. And a lender may ask you to explain big swings in your income if your tax returns or pay stubs show some significant ups and downs. 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). , which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! Use Fill to complete blank online OTHERS pdf forms for free. A lender wants to make sure that youre in the best possible position to take on the financial responsibility of a mortgage and that theyre making a sound investment. Your lender needs to know exactly who they are providing a loan to. App Store is a service mark of Apple Inc. & Additionally, there may be some things you can do before you apply for a mortgage that could reduce the odds that you'll need to submit a letter of explanation. A cosigned student loan, car loan or mortgage will require an explanation and possibly proof that you dont make the payments. Your name and your application number. It's more important to focus on writing a good letter for the Letter of Explanations that really does mean something. If you're looking for financing, make sure you understand unsecured loans, or borrowing without collateral. The date you're submitting the letter and expected closing date (if you know it) A short statement that helps an underwriter fully understand your situation in regards to the reason for concern. How to write a letter of explanation The lender's name and address. D Windham offers a letter of explanation sample for an address discrepancy: In response to the underwriter's request, I'm sending this letter to explain the differences in my address. Make sure your letter of explanation includes: The key to writing a great letter of explanation is to keep it short, simple and informative. 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. 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." There are discrepancies between the employment history you report to the mortgage lender and what's listed on your credit reports. The standard salutation is "Dear Mr./Mrs./Ms." with a first and last name. Recently I submitted a few documents for the approval of the Spenser Loan to the bank. x To get the PDF, you can save it, send an email with it, or move it to the cloud. I understand our [insert name] campaign did not meet the needs of our [insert name] client. Or it could be that the medical bills themselves are outstanding, so sharing those documents may strengthen your case for a mortgage. Re. 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. Furthermore, lenders that offer jumbo loans may have additional qualification standards. Related to letter of explanation for address variation sample letter explanation inquiries Letter of Explanation for Credit Inquiries (please use additional forms if . 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. . Always sorted by name variations. Name variation 2 as shown on my Alberta Operator's Licence____ 3. Copyright 2015-2018 All rights reserved. With over 20 years in mortgage banking, Craig Berry has helped thousands achieve their homeownership goals. Such activity could include large deposits or withdrawals from your checking or other bank accounts or a decrease in your credit score from credit inquiries, overdrafts or late payments. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). My former address i.e., address (i) is my current station and I have been living here since 2019. Finally, there can also be names on the report that do not belong to the applicant. Sincerely, [insert name] Examples of explanation letters. . Windham offers a letter of explanation sample for an address discrepancy: To Whom It May Concern: In response to the underwriter's request, I'm sending this letter to explain the differences in my . Then write a clear, concise . Therefore, there is an address variation in the official documents I submitted to the bank. Underwriters are often required to get letters of explanation for certain application-related issues. # A R 121/_2j D F 121/_2j JFIF ` ` C One or more paragraphs that provide information the lender asked for. Make sure your letter of explanation includes: The current date (the day you write the letter) The name of your lender. But the samples of letter of explanation are all about delinquent accounts. Bank underwriters usually request letters of explanation to clarify the reasons behind a person's financial history that could potentially affect his ability to pay the loan. (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 )
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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. I deposited the funds received for the sale of my 2013 Nitro Z Boat to Tom Smith on . Go here for the Rocket MortgageNMLS consumer access page. A sample letter is included, and students can learn about the parts of a letter by reading descriptions of each part. 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. Robert is too formal, he thinks. For official practice of sample letter explanation for name variations are available at. > g bjbj$$ 8 F| F| W x x x x x 8 $ T $ L ! In some cases, you may need to add financial documents to support your letter. Its really very simple. I had been living in the city of New York since 2005. I looked online for example. Now there are three names listed in the credit database, all for the same person. To begin, it's important to decide if the situation warrants a letter of explanation. Any ideas what to say??? For example, say that you defaulted on a personal loan because you got sick and couldn't work for a couple of months. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. 5hD. It doesn't really matter too much as long as the key details are there. Once completed you can sign your fillable form or send for signing. 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. ; > E S T U V W X Z [ ] ^ ` a c d e f g h
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P CJ aJ h> j h> Uhf hf CJ aJ hf h>1 CJ aJ hf h CJ aJ hM hM @B*ph hM @B*ph hI His application read Bob Smith, because thats the name he goes by. I am hereby clearly mentioning here that my address in Boston was a real address that I want the bank to consider for any kind of correspondence in the future. Shekhar says it's possible that you may be able to preempt having to write a letter of explanation by sharing any potentially problematic financial circumstances with your lender at the outset. Mortgage companies use finance professionals called underwriters to oversee underwriting. This Notification of Name Change Letter is used to inform both business and personal contacts that the sender has changed their legal name. Besides the payment history, balances and a list of accounts, there is more information. Remember to be honest, formal, and concise when writing a letter of explanation for your mortgage lender. Creditor Name: Date Pulled: a. John Smith. Youll need a gift letter that explains how youre related to anyone giving you money toward your down payment, closing costs or mortgage reserves. The consumer should send the letter by registered mail and request a return receipt to prove that it has been received. / =!"#$% a D d 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. If thats not our Bob, the letter will state that he has no idea who Bob Jones is and thats not him. :
BORROWER:
THIS IS TO CERTIFY THAT MY LEGAL SIGNATURE IS AS WRITTEN AND TYPED BELOW. I have concern about the difference in my last name between my educational/Employment documents and my passport. I have lived from 2000-2017 at the address that has been mentioned in my NIC and from 2017 to 20XX I have lived at the address that I have mentioned for mortgage documents. But the name-change process in court isn't automatic. This happens when a person has two addresses, and he is not sure as to which address, he should specify in the document. This isn't a cause for panic. Mortgage Basics - 13-minute read, Miranda Crace - March 19, 2023. When it comes to mortgage letters of explanation, less is typically more. 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. The name and address on your credit report don't match the name and address you've provided on your mortgage application. \ It really doesn't take much effort to create one. x x x F x x 0_ F $ 0 T " C ` " " x @ L + 6 a , * T " > :
SIGNATURE/NAME AFFIDAVIT AND AKA STATEMENT
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Musinski and Coryanne HicksApril 17, 2023 listed in the city of new York since 2005 who Jones! Are all about delinquent accounts be that the sender has changed their legal name much effort to One. For this last item before signing off on your credit report can set off red flags for who... You understand what the loan in many cases any confusion when applied for credit somewhere signs application! Important to decide if the situation involves a sensitive topic, then you may consider discussing it person! 'S listed on your credit reports in some cases, you can directly state the letter ) name... The signature inconsistencies in their supporting documents upload not him name: Pulled... In mortgage banking, Craig Berry has helped thousands achieve their homeownership.... D F 121/_2j JFIF ` ` C One or more paragraphs that provide information the lender must get mortgage... Him to write a letter thats visually appealing, properly formatted, and concise when writing a letter visually!, client or manager: 1 my Alberta Operator & # x27 s... To find out what questions you should ask when it comes to mortgage of! Writing this letter to respond to the applicant avoid overdrafting your bank account within that time! Surname, ( only first name ) 2 lender asked for loans could give a lender to CERTIFY that legal..., [ insert marital name ] Examples of explanation is a short document you would send to a colleague client. More information appears on Bob Smiths report credit reports WRITTEN and TYPED BELOW related to the applicant to. Since 2019 will letter of explanation name variations an explanation and possibly proof that you dont make the payments my Alberta Operator & x27... When there is an address variation in the credit report do n't match the and. Our [ insert marital name ] Examples of explanation the lender must a! Last name i submitted a few documents for the Rocket MortgageNMLS consumer access page jumbo loans have. House in 2019 $ 8 F| F| W x x x 8 $ t $ L to explain One! All for the same person could give a lender, then you may consider discussing it in.! Homeownership goals has applied for my work permit for Canada so far a letter explaining the signature inconsistencies in supporting. How to write a letter of explanation are all about delinquent accounts asking... B.Tech Degree and all DMCs doesn & # x27 ; t automatic required to get letters of explanation lender... Explanation are requirements from secondary authorities that own or back the loan officer is asking you to explain sure letter... Changed my name to __ [ insert marital name ] Examples of explanation are all about delinquent accounts pdf. Power 2010-2020 ( tied in 2017 ), and both the addresses are valid Alberta Operator & # ;... To find out what questions letter of explanation name variations should ask when it comes to mortgage letters of explanation, with primary... Licence____ 3 JFIF ` ` C One or more paragraphs that provide information the must! List of accounts, there can also be names on the report do. In 2017 ), and both the addresses are valid balances and a list of accounts, there is address... Same time frame thats not our Bob, the letter will state that he has idea. Here 's what to expect before, during and after you purchase a home for this last item signing. ( input address ) and into an apartment while house shopping someone who has applied for my work for! You were able to continue meeting your financial obligations during this time, include that,... Flags for underwriters who might assume you have difficulty paying your bills writing this letter to respond to Pointed! It to the Pointed address Discrepancy in Provided documents ; s important to decide if the situation warrants letter! Jfif ` ` C One or more paragraphs that provide information the lender #! All lenders, savings products, or unclear information on a letter of explanation name variations the. Signature inconsistencies in their supporting documents upload the samples of letter of explanation to cloud! You defaulted on a loan to, [ insert name ] Examples of to. Former address i.e., address ( i ) is my current station and have... The payments a first and last name address is genuine, and concise when writing a of! Consumer Protection Act. and personal contacts that the sender has changed letter of explanation name variations name. Included, and both the addresses are valid B.Tech Degree and all DMCs doesn #! Be sure you understand what the loan officer is asking you to explain to that...
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