letter of explanation name variations

A subject line that begins with "RE:" and includes your name, application number or . (Print or Type Name) Signature AKA STATEMENT I, certify that I am also known as: Print Name (Variation) Sample Signature (Variation) Print Name (Variation) Sample Signature (Variation) Print Name (Variation) Sample Signature (Variation) STATE OF ILLINOIS ) ) ss COUNTY OF CHAMPAIGN ) Subscribed and sworn to before me this day of , 20 , by , personally known to me or proved to me on the basis of satisfactory evidence to be the person who appeared before me. Im writing to you to explain the delinquent payments dated 05/01/2020 07/01/2020 on my American Express credit card, account #1234567. First, let's go over what exactly underwriting is. Jane Smith marries John Doe and takes on the husbands last name. 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. When a problem is found in a document, it often causes a pause in an underwriting. Here's what you should know. You may need to provide a letter of explanation for any negative items on your credit report, including missed payments, defaulted loans, You Have Income Or Loss From A Farm Property, When it comes to determining the value of the home, another structure on the property cannot be the primary reason for that value. Both addresses are valid. 1. Home Loan Calculator Each time the individual applies for credit, the address at the time of application is included in the credit file. Not necessarily. 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. City, state, zip. @B*ph hM >*@B*ph hSv~ >*@B*ph ] _ ` b c d e f g gdf $a$gd.x 6 &P 1h:pD. NMLS #3030. The underwriter may be looking for this last item before signing off on your final approval. Many first-time home buyers think being asked to provide a letter of explanation means their mortgage application may be doomed. Letters of explanation are a common part of the mortgage application 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. If the situation involves a sensitive topic, then you may consider discussing it in person . For example, say that you defaulted on a personal loan because you got sick and couldn't work for a couple of months. By using this letter, a person can update all of their contacts at once to make a seamless transition in areas such as work, medical providers . Your lender might also ask for an explanation if you hold a joint account with someone else but are applying for a mortgage in your name only. Copyright All rights reserved | Privacy Policy | Terms & Conditions | Disclaimer | Contact Us. The following are examples of reasons you may be required to provide a letter of explanation. An Affidavit of One and the Same Person is a written document that establishes that two different names found on different documents refer to one person, the Affiant.. John Smith. More complex or for name of sample . Provide your contact details or ask the recipient to contact you for further inquiries. C I am living in a joint family and therefore my family decided to buy another house in San Diego to expand our space of sharing. { Besides the payment history, balances and a list of accounts, there is more information. 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. 6 Notary Public - . For example, if you had a bankruptcy, you may need bankruptcy paperwork along with your LOE. I started living in San Francisco permanently and bought the house in 2019. After you finish writing the letter, edit for typos or grammatical errors. Make sure they also sign and date the letter. This happens when a person has two addresses, and he is not sure as to which address, he should specify in the document. A Name Affidavit may be used to swear or affirm that the signer is Also Known As ( AKA) another name. When it comes to determining the value of the home, another structure on the property cannot be the primary reason for that value. The information the underwriter sees doesn't always tell your entire financial story. On the other hand, my address on my mortgage documents is Dolphin High Street, Norma Alley San Diego CA 98000. After that, I shifted to San Francisco due to my work and thus I had two different addresses of my official documents. , which includes using arbitration to resolve claims related to the Telephone Consumer Protection Act.! You can already tell it can be a bit confusing making sure the applicant listed on the loan application is the real one. Provide any evidence that supports why you defaulted on the credit facility, including receipts, letters, insurance policies and contracts (only send copies so you can hold onto the originals). Make sure your letter of explanation includes: The key to writing a great letter of explanation is to keep it short, simple and informative. (ii) is now being used as a vacation station or second home. 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 example, you may need to write a letter of explanation if you have unusual or sudden activity in your credit report or banking statements. When applying for a mortgage, be prepared to explain credit hiccups. This letter is a brief explanation letter that is written when someone needs to explain anything pertaining to the error or variation in the financial or any kind of document. Collection accounts can still remain on your credit report for up to seven years, even when they're paid off. Even if the variation was intentional and not a mistake, you should apologize for not having it communicated earlier. Underwriters are often required to get letters of explanation for certain application-related issues. Now there are three names listed in the credit database, all for the same person. 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. Letters of explanation are requirements from secondary authorities that own or back the loan in many cases. Underwriters scrutinize how stable your income is, and big increases or decreases in your income could result in a letter of explanation request. The person that is signing the document can enter into a contract using any of the names and will be . Additionally, there may be some things you can do before you apply for a mortgage that could reduce the odds that you'll need to submit a letter of explanation. Lenders may also ask for additional documentation to confirm where the deposited money came from. Because of this, the lender may require explanations to confirm the losses arent likely to continue. This will also create some distance between the timing of your application and your previous credit problems. This will work for many, but not all abbreviations (e.g. It is a common practice to make sure all of the gathered information is reliable, to clear out any questions related to either your bank statement or credit report. An AKA letter stands for 'Also Know As' and is a document required to verify that you are who you say you are. . Never have it more than 2 paragraphs. Home Buying - 7-minute read, Andrew Dehan - March 01, 2023. / 0 4 7 8 9 : ; = D H I J K L O W Z \ ] _ a b e g h Date the letter is being written. The need to resolve mismatched documents has forced many New Mexico residents to file name-change petitions in court. Below is a sample name change notification letter. Next, double-check with your lender on exactly what is being requested. Hello everyone, I have received the PR invitation under the Canadian Experience Class and I am in the process of uploading the necessary documents. 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, self-employed or seasonal work and more. In the letter, the homeowner should state that youre currently living in their home rent-free and indicate how long youve been doing so. If you have the name of a child or parent on your bank statements, lenders may ask you to explain who they are, and even ask them to provide a letter confirming you have access to all the funds in the account. Here are the steps you can take to write a clear letter of explanation to a colleague, client or manager: 1. Specifically, lenders check for derogatory marks on your credit report, such as late payments, delinquencies, charge-offs, bankruptcies, foreclosures and judgments. You may want to go into more detail or bolster your letter with supporting documentation. Date: Subject: Letter of explanation for address variation. On average this form takes 10 minutes to complete. If you need to write one, be sure to ask your loan officer what exactly the underwriter wants to see, and whether you need to provide any supporting documentation along with the letter. I moved out of my home at (input address) and into an apartment while house shopping. The consumer should send the letter by registered mail and request a return receipt to prove that it has been received. Large deposits or withdrawals in your bank account, An address discrepancy on your credit report, Late payments on credit cards or other debts. "Dear (the name of . The standard salutation is "Dear Mr./Mrs./Ms." with a first and last name. Username or Along with that, some lenders, including Rocket Mortgage. Federal regulations require that lenders prove they have verified your ability to repay the loans they make. Applying for new credit cards or loans could give a lender the impression that you're strapped for cash. 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. Transferring large sums of money (more than 50% of your normal monthly income) between bank accounts, or depositing gift money from a relative for a down payment, could require an LOE. Heres how it works. D The name affidavit may include maiden name, married name, other names used, and all variations of the names that appear in other documents. The letter doesn't fully clarify the issue your lender is asking about. If you have experienced any of the examples above, you may want to prepare a letter of explanation now to ensure a smooth process. - Lizzie as an abbreviation for Elizabeth). Print. Your Letter of Explanation should contain, in the following order: Today's date (the date you are writing the letter) The name of the company you are writing to (your lender) Their complete street address and/or mailing address on two lines, with city, state or province, and ZIP or postal code on the second line. 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.. Remember to be honest, formal, and concise when writing a letter of explanation for your mortgage lender. $.' uncheck to remove section name variation applicant name source explanation 001. case,david,test tu 002. david c case xp 003. david c testcase xp/tu/ef 004. david c testcasecase ef 005. david curran testcase ef An AKA, or Also Known As letter is one where the individual confirms a name variation has been used in the past. - If you were able to continue meeting your financial obligations during this time, include that information, too. 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 . $ It must also include the address of the farm thats tied to the income or loss since the underwriter cannot get this information from your tax documents. When your lender requests a mortgage letter of explanation, remember this first: don't panic. His advice has appeared in the New York Times, Parade Magazine, Washington Post and Kiplinger's as well as in newspapers and magazines throughout the country. Well explain what letters of explanation are and why you might need to write one. Letters of explanation are a common part of the mortgage application process. . The consumer explanation letter prints at the end of your credit report and has five different sections: derogatory accounts, public records, addresses, inquiries, and name variations. Comparing mortgage rates can save you thousands of dollars in interest over time. . This is formal that does not need you to give any irrelevant information. Avoid including irrelevant information or answers to questions the underwriter didnt ask. This can mean a first apartment rental. This can range from a gap in your employment, to a gift you received from your family, to a collection action in your credit report. 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: Here are three strategies Windham recommends: If you have unpaid collection accounts on your credit, you may question whether it's worthwhile to pay them off before applying for a home loan. 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. Still later, another home. Please enter a minimum of three characters. Name Change Notification Letter Sample. Please let me know if there are other questions. If a lender still isn't willing to give you a home loan after you resubmit your letter of explanation, you might want to consider applying with another lender. Those could include vacation homes, investment properties or previous residences. Print Name (Variation) Sample Signature (Variation) Print Name (Variation) Sample Signature (Variation) STATE OF ILLINOIS )) ss. When this happens, they want to know that why it happened. 1. Send the letter in a timely manner to keep your, The Bottom Line: Explanation Letters Can Help Increase Your Chances Of Mortgage Approval, Hanna Kielar is a Section Editor for Rocket Auto, A Guide To Writing A Letter Of Explanation. LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203, Telephone Number 866-501-2397. My former address i.e., address (i) is my current station and I have been living here since 2019. Your lender might ask you for a letter of explanation during the underwriting process. 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. n Some people add a middle name after marriage to add in-laws' last name to their full name. Informal template. Body should explain the issue and include specific details, such as names, dollar amounts, dates, account numbers and other clarification as requested. Here are some examples of what completed letters of explanation may look like to help guide you when writing your own letter: Formal example. (Click the image to open a PDF version.). Here's an example of a formal work letter of explanation: Harry Jones 315 Yonge Street Toronto, Ontario M5A L6P (555) 555-5555 harryjones@e-mail . You should also be prepared to write a letter to account for any inconsistencies in your work history, such as extended periods of unemployment or a total work history of less than two years. If that happens, draft a new letter of explanation. Since I have moved to a new city, there are lots of documents where the change of address was required. 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. The person should enclose proof of the change of name. An explanation letter template is a predesigned LOE that you fill with details that best explain your situation. 5CJ \aJ #j h` hD. At this stage, the report has two names listed, Robert Smith and Bob Smith. Derogatory Accounts One or more paragraphs that provide information the lender asked for. For example, "I am writing to explain the late payment reported in Jan. 2014 for credit card account 123456," or "Below is an explanation for each of the name variations that appear on my credit report." Lenders need to know exactly who they're providing a loan for and during the course of receiving a loan application and reviewing a credit report, there can be more than one name listed on the report. Wondering about pursuing a bad credit home loan? For example, if hospitalization was the culprit behind some missed payments on your credit report, it may be helpful to include hospital bills. I deposited the funds received for the sale of my 2013 Nitro Z Boat to Tom Smith on . Introductory paragraph: Open the letter of explanation with a paragraph that briefly restates the underwriter's question (s). C In case you have anything to ask, you can contact me. The address on my NIC is P-090 Lupus Residencia, Levies Street, San Diego, California. Either way, details of the person's old name and new name should be included. An explanation letter is just a short letter that comprises of the following information: (1) the date you write the letter, (2) the lender's name, address, and contact information, (3) your name and loan number, (4) a paragraph explaining your current situation, (5) a conclusion that indicates you . When a lender asks for a letter of explanation, theres no need to panic more than likely the lender just needs your help to clear up, in writing, something about your credit, earnings or assets. 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. Be as detailed as you can be here. Then introduce the specific account or incident. The name and address on your credit report don't match the name and address you've provided on your mortgage application. By writing this letter, I intend to justify, explain, and validate the address variation. Your lender needs to know exactly who they are providing a loan to. I am David Nelson and I hold a savings account in your bank i.e., Linux Hill Bank, San Francisco with account number 3241110021041. Date. # A R 121/_2j D F 121/_2j JFIF ` ` C The number of name-change petitions in financially strapped New Mexico courts has skyrocketed since the new law went into effect. Get approved to see what you qualify for. You can consider the letter request as an opportunity to clarify something that the loan underwriter needs to resolve before approving your loan. Sometimes, what we call a discrepancy or error is not an error or problem but an intentional variation. It takes different name variations into account when searching. Use account numbers, dates or words similar to that in the underwriter's request for explanation. Commonly referred to as an LOE or LOX, letters of explanation are often requested by lenders to gain more specific information on a mortgage borrower and their situation. Forgot Lenders could ask for a letter of explanation if anything in your credit history or financial situation raises an eyebrow during underwriting. Sale (). Letter Regarding Parking Issues - Sample Letter of Complaint About the Parking Issues in Reserved Parking; Request Letter to Block a Particular Phone Number - Sample Letter Requesting for Phone Number Block on Your Mobile Phone; Mobile Phone Battery Complaint Letter - Sample Letter Complaining About Faulty Mobile Phone Battery Remember that an explanation letter is ultimately a tool that helps demonstrate youre a qualified buyer. If that happens, the list of names and addresses on your report can enable you to take rapid action to prevent ongoing credit fraud. Then write a clear, concise letter thats free of emotional language, negativity, or excessive detail. 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. If you have an income or loss from a farm property listed on Schedule F of your income tax returns, you must produce a letter of explanation that states the farm is not on the property youre buying. 1. When a lender asks for a letter of explanation, you can take it as a good sign because you haven't been rejected outright. #Fever I am sorry in advance to ask for todays leave as I woke up with #1 Re. This happens more often with more common names, such as Robert and Jane. Real estate investors, self-employed borrowers and independent contractors may show losses in the first couple of years of business. People change their legal name for a number of reasons including marriage, divorce, adoption, or transition. I received an email from the bank yesterday in which authorities had pointed out some address discrepancy at my end at the time of submission of the documents. Its really very simple. B C E F H I J l m n p s t z { |qq hf hM CJ aJ hIp >*CJ aJ hf hM >*CJ aJ hf h*1 CJ aJ hFnS CJ aJ hf hf >*CJ aJ h)u CJ aJ hf h)u >*CJ aJ hSv~ >*CJ aJ hf >*CJ aJ hM CJ aJ hM hf hM hf 5hf CJ aJ hf hf CJ aJ ( When you apply for a home loan, your lender will do a deep dive into your financial history. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). Be as detailed as possible and include dates, dollar amounts, account numbers, etc. Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage. Rocket Mortgage lets you get to house hunting sooner. The letter will identify the right Bob. Password. I understand the explanation provided is ample and thus can be proved from the FSHP records. 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. Your employer should use the same format detailed below if the lender requests an LOE directly from them. On that account, I kept both of my titles on both properties and provided the most recent for the mortgage documents. What is being requested to resolve before approving your loan negativity, or excessive detail n't clarify... American Express credit card, account numbers, etc of documents where the change of name didnt ask can tell. Create some distance between the timing of your application and your previous credit problems of explanation means their mortgage process... For address variation Dehan - March 01, 2023 applying for new credit cards or loans give. Writing to you to give any irrelevant information or answers to questions underwriter... Loan Calculator Each time the individual applies for credit, the address the... Variations into account when searching steps you can already tell it can be proved from FSHP. Causes a pause in an underwriting read, Andrew Dehan - March 01,.... As ( AKA ) another name your letter of explanation name variations should use the same person lenders, including mortgage. Strapped for cash for this last item before signing off on your mortgage lender individual applies credit... You 're strapped for cash, say that you fill with details that explain! Includes using arbitration to resolve claims related to the Telephone Consumer Protection Act!. Terms & Conditions | Disclaimer | contact Us former address i.e., address ( I ) is current. May need bankruptcy paperwork along with that, some lenders, including Rocket mortgage address ) into. During underwriting interest over time hunting sooner for address variation and request a receipt. Write a clear, concise letter thats free of emotional language, negativity, or transition account... You defaulted on a personal loan because you got sick and could n't for. Emotional language, negativity, or transition when applying for a couple of.! Big increases or decreases in your credit report for up to seven,... An opportunity to clarify something that the signer is also Known as ( AKA ) name... Is the real one tell it can be proved from the FSHP records credit database, all for same. Rocket Companies, Inc. ( NYSE: RKT ) could result in a letter of explanation for certain application-related.! Thus I had two different addresses of my home at ( input address ) and into apartment! Show losses in the letter by registered mail and request a return to! Marriage, divorce, adoption, or transition salutation is & quot ; RE: quot. Advance to ask, you can already tell it can be a bit making! It has been received loan Calculator Each time the individual applies for credit the! Username or along with your LOE when writing a letter of explanation are and why you might need write... Express credit card, account numbers, dates or words similar to that in the letter adoption! Years of business writing this letter, I kept both of my official documents part! Be honest, formal, and validate the address on your mortgage application process underwriters often! Underwriter sees does n't always tell your entire financial story s request for explanation are three names listed Robert. Case you have anything to ask, you can already tell it be... Mortgage lets you get to house hunting sooner and why you might need to resolve claims to. Station and I have moved to letter of explanation name variations colleague, client or manager 1. Open a PDF version. ) a subsidiary of Rocket Companies, Inc. ( NYSE: )! Receipt to prove that it has been received be included subsidiary of Rocket Companies, (. To ask for todays leave as I woke up with # 1.! For additional documentation to confirm the losses arent likely to continue your home loan process online Rocket! Being used as a vacation station or second home in-laws & # x27 ; last name request. A mortgage letter of explanation request with & quot ; with a first and last name Mr./Mrs./Ms. & quot Dear. Your employer should use the same person, address ( I ) is now being used as a vacation or. Repay the loans they make variation was intentional and not a mistake, you can take to write a,! ( input address ) and into an apartment while house shopping letter of explanation name variations second home have verified your ability repay! A problem is found in a letter of explanation are a common part of the person that is signing document... May show losses in the first couple of months in their home rent-free and indicate how long youve doing! Accounts one or more paragraphs that provide information the underwriter sees does n't always tell your entire financial.! Name for a couple of years of business does n't always tell your entire financial story, address! Take to write a clear, concise letter thats free of emotional language, negativity, or excessive...., 2023 for explanation write one the underwriter & # x27 ; last name to their name... The impression that you defaulted on a personal loan because you got sick and could n't work for mortgage! Services provided by Rocket mortgage, client or manager: 1 first-time home buyers think being to! Documents is Dolphin High Street, Norma Alley San Diego, California letter with documentation. Came from have provided, you may be required to provide a letter of during! Including Rocket mortgage a PDF version. ) should enclose proof of the names and will be | Privacy |! Leave as I woke up with # 1 RE am sorry in advance to ask, you should for! Two names listed in the first couple of months report do n't the... Is included in the letter request as an opportunity to clarify something that the signer is also as. Need bankruptcy paperwork along with your lender needs to resolve claims related to the Telephone Consumer Protection Act. mail. Collection accounts can still remain on your credit report for up to seven years, when! Can consider the letter does n't always tell your entire financial story or excessive detail already tell it can a... At this stage, the address on my NIC is P-090 Lupus Residencia, Levies Street, Diego! The name and new name should be included of explanation, remember first... Information or answers to questions the underwriter may be doomed use the same person read! Be proved from the FSHP records, you can take to write a clear, concise letter free... Open a PDF version. ) what letters of explanation are requirements from secondary authorities that own back! As an opportunity to clarify something that the loan application is included in the credit.. Variations into account when searching strapped for cash be required to provide a letter of are. High Street, San Diego, California arent likely to continue meeting your financial obligations during this time include... Increases or decreases in your income could result in a letter of explanation are a part. Can be proved from the FSHP records listed, Robert Smith and Bob Smith this will also some! Am sorry in advance to ask, you should apologize for not having communicated..., concise letter thats free of emotional language, negativity, or excessive detail underwriter needs to exactly. Mortgage documents is Dolphin High Street, Norma Alley San Diego CA 98000 properties and provided the recent. ; last name to their full name number or my American Express credit,! Strapped for cash to explain the delinquent payments dated 05/01/2020 07/01/2020 on my NIC is P-090 Lupus Residencia, Street. When writing a letter of explanation are a common part of the application... Variations into account when searching lenders, including Rocket mortgage lets you get to hunting. Youre currently living in San Francisco permanently and bought the house in.. Justify, explain, and validate the address on my American Express credit,... Anything in your credit history or financial situation raises an eyebrow during underwriting making sure applicant... Or more paragraphs that provide information the lender may require explanations to confirm where the change of address was.. And address you 've provided on your mortgage application process remember to be honest, formal, and the. ( I ) is now being used as a vacation station or second home my mortgage documents is Dolphin Street. A sensitive topic, then you may be looking for this last item before off... Of reasons you may want to know that why it happened to give any irrelevant information is & quot and. Different addresses of my home at ( input address ) and into an apartment while house shopping you need. Or affirm that the signer is also Known as ( AKA ) another name on my is! Part of the change of name Residencia, Levies Street, Norma Alley Diego... You get to house hunting sooner ; s request for explanation here since.! Or affirm that the loan in many cases the loans they make accounts, there is information... Address was required Smith and Bob Smith I shifted to San Francisco permanently and bought the in... Is a predesigned LOE that you fill with details that best explain your.! Required to get letters of explanation means their mortgage application process always tell your entire financial story on the last. Diego, California work for many, but not all abbreviations ( e.g when this,. American Express credit card, account # 1234567 name for a number of reasons including marriage, divorce adoption. To file name-change petitions in court the delinquent payments dated 05/01/2020 07/01/2020 on my mortgage documents: & ;! Could include vacation homes, investment properties or previous residences thousands of dollars in interest over time should enclose of..., including Rocket mortgage lets you get to house hunting sooner you had a bankruptcy, you contact! New city, there is more information couple of months and Bob..

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