Quote:
Originally Posted by chrisl
I did have to write a letter of explanation. It seemed like no one had a clue about horse racing or betting on horses.
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Yeah...
Honestly, it's not terribly surprising. Had nothing to do with you personally just draws the underwriters curiosity and they want something in the file for if/when the lender goes to sell it.
Most of my underwriters wouldn't ask for it. Our favorite is a letter of explanation for increasing income. Freddie requires it if pay has increased by 10% from the previous calendar year. However, most of the time that is bonuses/commissions/etc.
Whenever possible I qualify people on their base salary/hourly wage so it's irrelevant... I'm not using the extra income.
Doesn't stop them from making me asking the dumb question back to my borrower and annoying the fuck out of me/them.