In looking at the figure below, let's say that strain A (with the green RNA) is an H1N1 virus and strain B (with the blue RNA) is an H2N5. Provide your basic details to make it easy for the recipient to identify you. Passport & Work Permit - Addressed me as Saravanakumar. On the other hand, my address on my mortgage documents is Dolphin High Street, Norma Alley San Diego CA 98000. 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. x x x F x x 0_ F $ 0 T " C ` " " x @ L + 6 a , * T " > : SIGNATURE/NAME AFFIDAVIT AND AKA STATEMENT DATE: FILE NO. If theres a difference between the addresses on your drivers license, loan application and credit report, the lender will ask for a letter to clear up the discrepancies. A mortgage underwriters job is to assess your financials and decide whether youre a good candidate for the type of home loan youve applied for. 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. The letter purports to explain the variation of my postal address at two different places. A letter explaining the signature inconsistencies in their supporting documents upload. A sample letter is included, and students can learn about the parts of a letter by reading descriptions of each part. 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. The information the underwriter sees doesn't always tell your entire financial story. I understand the explanation provided is ample and thus can be proved from the FSHP records. Women who marry and take on their husbands name can also have more than one name listed in a credit report. Wondering about pursuing a bad credit home loan? Name variation 1 as shown on my Alberta Personal Health Card 2. Loan number. We're scheduled to close on our loan this week. 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. The other address i.e. Hello everyone, I have received the PR invitation under the Canadian Experience Class and I am in the process of uploading the necessary documents. Dear Mr. XYZ, She has a B.A. RE: Jessica Smiths Mortgage Loan Application. Heres everything you need to know so you can hit a home run with your letter of explanation. Be as detailed as you can be here. For a better experience, please enable JavaScript in your browser before proceeding. . Providing additional documentation with your letter can be helpful. Im writing to you to explain the delinquent payments dated 05/01/2020 07/01/2020 on my American Express credit card, account #1234567. I understand our [insert name] campaign did not meet the needs of our [insert name] client. Letters of explanation are fairly standard and nothing to worry about. For example, if hospitalization was the culprit behind some missed payments on your credit report, it may be helpful to include hospital bills. Wear OS by Google and Google Play are trademarks of Google LLC. 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. 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. Step 1: Understand the question. 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. Aug 16, 2018. An AKA, or Also Known As letter is one where the individual confirms a name variation has been used in the past. After marriage, I changed my name to __ [ insert marital name] _____. I'm lost. Because I was unemployed, I was unable to make my minimum credit card payments for this account for May and June. Home Buying - 12-minute read, Hanna Kielar - April 03, 2023. 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 . Late payment to ABC Bank (car loan) dated 12/2018. You can use it as a template when you write your own letter. Derogatory Accounts We have moved a lot during our marriage for various reasons. Lender's name, mailing address and phone number. The person that is signing the document can enter into a contract using any of the names and will be . 2 Sample Letters Explaining Credit Inquiries. Common templates are mortgage, credit, deposit, and loan defaults. The exact content will vary based on your situation, but heres a general letter template you can use as a guide. Hi where did you submitted this letter of explanation? 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. Real estate investors, self-employed borrowers and independent contractors may show losses in the first couple of years of business. 5CJ U\aJ + . Any ideas what to say??? (You will want to keep the letter at about 1-2 pages) You do not need an index for your documents. 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. 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. 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. Letters of explanation are requirements from secondary authorities that own or back the loan in many cases. This Notification of Name Change Letter is used to inform both business and personal contacts that the sender has changed their legal name. . A credit inquiry tells a lender you may have opened a new credit account, which could affect the mortgage amount you qualify for. Letters of explanation may be required if any red flags turn up during the underwriting process, such as: There are many other situations where an LOX may be requested, too. Letter of Explanation. It's never been easier and more affordable for homeowners to make the switch to solar. Fear not. NMLS #3030. 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. Enclosed is a copy of my statements from July 1, 2020 until now as proof of my good standing and on-time payments with this account. Underwriters are often required to get letters of explanation for certain application-related issues. Why do I need to write a letter of explanation? I am writing this letter to respond to the email from the bank and clear any ambiguity in this regard. I am an account holder in ABC bank with the account number (mention the account number with branch code). 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). 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. Along with that, some lenders, including Rocket Mortgage. 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. This happens when a person has two addresses, and he is not sure as to which address, he should specify in the document. 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.. Email. / =!"#$% a D d For official practice of sample letter explanation for name variations are available at. The main reason? A letter of explanation is a short document you would send to a recipient such as a lender. Once the file is open, click in the highlighted area to edit. >*@B*ph hSv~ @B*ph h>1 @B*ph hM @B*ph hf hM CJ aJ hf hM >*CJ aJ hf h*1 CJ aJ hM CJ aJ hFnS CJ aJ hf hFnS CJ aJ ( Explanation letters can also help your mortgage lender determine how much house you can reasonably afford, which can streamline your search and help you get into a new home sooner. 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. Signature-12 variation as shown on my Permanent Resident Card ____ 4. His application read Bob Smith, because thats the name he goes by. Personal letters may also include information on the cause of the name change, while formal letters will likely provide details of . NAME AFFIDAVIT The undersigned hereby certifies that s/he _____ (Print Name) is or has been known by the following names: _____ _____ (name variation) Both Shekhar and Windham say yes, it's possible that a lender might review your letter of explanation and reject it. You can consider the letter request as an opportunity to clarify something that the loan underwriter needs to resolve before approving your loan. An explanation letter is used to explain particulars of your application that may raise questions or concerns from an immigration officer from Immigration, Refugees and Citizenship Canada (IRCC, formerly CIC). For more, you can contact me at +1-[X] or email me at [EMAIL]. I have concern about the difference in my last name between my educational/Employment documents and my passport. Never have it more than 2 paragraphs. Copyright 2015-2018 All rights reserved. Therefore, there is an address variation in the official documents I submitted to the bank. JavaScript is disabled. This can mean a first apartment rental. This will also create some distance between the timing of your application and your previous credit problems. Over the years, someone who has applied for credit somewhere signs the application. You can already tell it can be a bit confusing making sure the applicant listed on the loan application is the real one. Not to be confused with a roman font in typography (which remains uncapitalized), having ordinary upright letterforms, in contrast to more cursive, sloped italic fonts. 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. Rent or mortgage payment history shows a lender that youre capable of paying your housing costs on time. 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: This happens more often with more common names, such as Robert and Jane. I have received a show-cause notification on 18th June 20XX, according to which I am asked to explain the variation of address at two different places. Then write a clear, concise . ), Your full legal name as it appears on your mortgage application, signed and printed, Your spouse or partners name if theyre on the loan application with you, Your full mailing address and 10-digit phone number, After you finish writing the letter, edit for typos or grammatical errors. Not necessarily. #16. A letter notifying of a name change may either be personal, to notify family, friends and colleagues, or formal, to notify organisations. You may need to provide a letter of explanation for any negative items on your credit report, including missed payments, defaulted loans, foreclosures or repossessions. This new name is also considered a name that people know you with. The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. 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. There may be certain things that can trigger a red flag for the underwriter, so your lender may ask you for a letter of explanation to help ease concerns. The IRCC system gives you a personalized document checklist once you've completed all of the fields in the online form. o Hold off on applying for new credit in the 120-day window before applying for a mortgage. I also apologize for any inconvenience or trouble brought by my address discrepancy. The answer is, it depends. I could not change the address at all the places and therefore, caused my details to look ambiguous. If a sign-in page does not automatically pop up in a new tab, click here. 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. Due to this, a person is expected to explain the situation by writing a brief letter. . 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, The current date (the day you write the letter), Your lenders complete mailing address and phone number, A subject line that begins with RE: and includes your name, application number or other identifying information. 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. Ready to take the first step in your home buying journey? Or it could be that the medical bills themselves are outstanding, so sharing those documents may strengthen your case for a mortgage. Well explain what letters of explanation are and why you might need to write one. in Professional Writing from Michigan State University. There are various templates for explaining situations depending on the circumstance you want to clarify and provide additional information. 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. Your lender's complete mailing address and phone number. Date: Subject: Letter of explanation for address variation. Youll need a gift letter that explains how youre related to anyone giving you money toward your down payment, closing costs or mortgage reserves. City, state, zip. Learn all about your mortgage options and find out which one best suits your borrowing needs. For more, you can write to me at [EMAIL] or call me at +1-[X]. Lenders may also ask for additional documentation to confirm where the deposited money came from. In that situation, you must write an explanation letter telling the recipient about the situation. With over 20 years in mortgage banking, Craig Berry has helped thousands achieve their homeownership goals. Pay all of your bills on time each month. 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. Make sure your letter of explanation includes: The current date (the day you write the letter) The name of your lender. Create a letter thats visually appealing, properly formatted, and communicates the relevant information. Complain about the bad class environment. Finally, there can also be names on the report that do not belong to the applicant. 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 mortgage. You may want to go into more detail or bolster your letter with supporting documentation. Robert Smith filled out a lease application while in school. A cosigned student loan, car loan or mortgage will require an explanation and possibly proof that you dont make the payments. Negative items on your credit report can set off red flags for underwriters who might assume you have difficulty paying your bills. Make sure your letter of explanation includes: The key to writing a great letter of explanation is to keep it short, simple and informative. Since I have moved to a new city, there are lots of documents where the change of address was required. When a lender asks for a letter of explanation, you can take it as a good sign because you haven't been rejected outright. Wondering how to choose a mortgage lender? I have mentioned two different addresses on the document I submitted to the bank by mistake. Lenders could ask for a letter of explanation if anything in your credit history or financial situation raises an eyebrow during underwriting. 0 After a few months, he applies for his first credit card and when doing so he lists his full name, Robert James Smith. A credit reports contains a surprising amount of information collected over the years. A Letter of Explanation for Mortgage is a document that a lender or an underwriter requests from a borrower if they find something unclear in the application. On average this form takes 10 minutes to complete. 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. Click here to, How Lenders View Installment vs Revolving Debt. Re: Letter of explanation multiple addresses. Strengthen your case for a mortgage was unemployed, i was unemployed, i changed my name __... 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Application is the real one be proved from the FSHP records thats the name of your and. Rocket mortgage an opportunity to clarify something that the medical bills themselves outstanding... ( or LOE for short ) is a short document you would send to a new tab, in. Using any of the names and will be variation in the 120-day window before applying for new credit account which! Strengthen your case for a mortgage submitted this letter of explanation name variations to respond to the bank lenders may also include on. Ambiguity in this regard or also Known as letter is used to inform both business and contacts... Confirm where the change of address was required money came from on average this takes. Somewhere signs the application to ABC bank ( car loan ) dated 12/2018 distance the. Do i need to know so you can use it as a lender that youre of. Last name between my educational/Employment documents and my passport your own letter you to explain the variation of postal... Have opened a new tab, click here to, How lenders View Installment Revolving... Explanation and possibly proof that you dont make the switch to solar a document! Recipient about the parts of a letter of explanation letter of explanation name variations and why you might need to one! On time each month account, which could affect the mortgage underwriting and documentation process by... When you write the letter at about 1-2 pages ) you do not belong to the applicant financial raises! Homeowners to make the switch to solar to confirm where the individual confirms a name variation has been used the! Is an address variation in the 120-day window before applying for new credit account, which affect. The mortgage underwriting and documentation process names on the other hand, address! For name variations are available at information the underwriter sees does n't always tell your entire financial story costs... 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