letter of explanation for deposits

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LOE - Letter of Explanation Lender wants me to explain my recent 6k deposit (loan, real. – I am in the process of getting a loan. Lender asks me to explain a deposit of 6k last month. It’s from various gift money (birthdays, graduations) given by various relatives from Korea in the amount of 10-100 dollars over the last 10 years.

Mortgage Q&A series: "What is a letter of explanation?" If you’re currently going through the joyful process of obtaining a home loan, you may have been asked to furnish a "letter of explanation" or LOE to provide a little more color to what the underwriter might feel is a complicated matter.

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What is a Letter of Explanation? A letter of explanation (LOX) is a brief document sent to lenders to clarify things like an insufficient-funds charge on your checking account, to note changes in income, provide a summary of your rental history, or just about anything that could be called into question during the mortgage approval process.

You’re working on your mortgage application to secure a loan for your dream home. Then your loan officer tells you to write a letter of explanation about a few missed credit card payments from several years ago and your brief period of unemployment when your company downsized.

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Deposits – Community Alliance of Tenants – If a landlord does not return deposit or you want to dispute charges, send a letter stating that you have a right to receive your deposit back or receive a written accounting of what the deposit was used forYou may ask for receipts for repairs and original receiptsYou may be able recover twice the amount illegally withheld in small claims court under ORS 90.300 (14)

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But Chivas says borrowers might be asked to provide evidence and explanation of deposits as small as $100. Do’s and Don’ts. An explanatory letter is unlikely to be adequate documentation, according to Jim Simms, a loan officer at Century Mortgage in Louisville, Ky.

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