What is a letter of explanation?

Answer

A Letter of Explanation (LOX or LOE) is required many times while obtaining a mortgage loan. When using bank statements one should be prepared to write a LOE for any unusually large deposits or other abnormalities with a particular statement like insufficient funds notices, etc. Rarely a Letter of Explanation is necessary if there isn't a certain paper trail leading to some specific documented information.
Q&A Related to "What is a letter of explanation?"
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1 Additional Answer
A Letter of Explanation, or LOE, is a document often required to obtain a mortgage loan. In it, you explain elements of your credit history which the bank or financial institution providing the mortgage would like clarification of, such as late payments, unusually high occurrences of credit reports, and past due or outstanding accounts.
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To the best of my knowledge, a sample letter of explanation to mortgage company is available online. However, this should only be a template. In writing your explanation ...
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