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A mortgage lender might ask you to write a letter of explanation to better understand your finances when deciding whether to approve you for a loan. While your lender’s underwriting department ...
If your credit report has any negative history, a lender may require a letter of explanation for a mortgage application. Needing a letter of explanation isn't a cause for panic, but it's something ...
A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders. As a result, mortgage brokers can help you compare options from various lending ...
Explanation of Denial: The letter will clearly state that the mortgage application has been denied and explain the specific reasons for the denial. Common reasons can include credit issues ...
A correspondent lender originates, and unlike a mortgage broker, underwrites, and funds mortgage loan using their own funds. [1] The initial loan is usually made in the name of the correspondent lender, and then after closing, the loan is either sold to a larger primary lender or on the secondary mortgage market.
A real estate mortgage investment conduit (REMIC) is "an entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors" under U.S. Federal income tax law and is "treated like a partnership for Federal income tax purposes with its income passed through to its interest holders".
Before you can get a mortgage, you will need a mortgage preapproval letter. This is a document from a mortgage lender showing a proposed loan amount for a given borrower. While a preapproval ...
When you make an offer on a home, including a preapproval letter from a mortgage lender shows the seller you’re a legitimate buyer with financing. In fact, some sellers demand prospective buyers ...