A letter of explanation should tell the lender why an event happened and describe steps you’ve taken to solve or recover from the issue, if applicable. Not every borrower needs to write a letter ...

A letter of explanation should tell the lender why an event happened and describe steps you’ve taken to solve or recover from the issue, if applicable. Not every borrower needs to write a letter ...

Promptly providing a letter of explanation to your lender can help expedite the loan process and move you one step closer to closing. If you don’t, your loan closing could be delayed or even denied.

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.