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 ...

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Key takeaways. A letter of explanation for a mortgage is a document that addresses red flags that might derail a mortgage approval, such as a period of unemployment or an unpaid credit balance.

In a letter of explanation for your mortgage application, you may need to account for any late payments, collection accounts, judgments or bankruptcies on your credit history.

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.

Sample Letter of Explanation If your lender asks for a letter of explanation, you’ll want to state what the issue is and, if needed, describe how it was resolved. You won’t need to write a ...