Posted by mjv on 8/1/08 10:05am
Msg #258116

anybody know what is a letter of explanation

Closed a loan, and countrywide needs a letter of explanation stating your reviewed the loan payment notice with the borrower. Any ideas??

Reply by Derrick/MT on 8/1/08 10:36am
Msg #258126

Is it for the borrower to sign or you? Either way have them produce the document. Where not in the business to create loan docs.

Reply by Lee/AR on 8/1/08 11:14am
Msg #258135

Derrick's right. Show me the doc.

How can you have a doc completed unless you've got it?

Reply by sue_pa on 8/1/08 10:37am
Msg #258127

if you have the new merged BOA/Countrywide package, it's in there. I forget what else but several other new docs also. It's not in the packages that are just C-wide.

Reply by mjv on 8/1/08 10:41am
Msg #258130

I don't have the package, they are requesting this now. They didn't send it to me. So, I was wondering if anybody knows what the wording is. Thanks

Reply by Glenn Strickler on 8/1/08 11:36am
Msg #258139

Have them fax one to you to fill out ....... Don't try to guess what the wording is ... The only way you can figure out if you should fill it out and return it is to read it first ....

Reply by sue_pa on 8/1/08 1:35pm
Msg #258165

it's nothing for you to write up - it's a document in the package. Recheck your e-mail'd docs and then decide if you'll sign it...

Reply by MistarellaFL on 8/1/08 10:45am
Msg #258131

LOE

I haven't seen a CW refi in soooo long, so I have never seen what is in their new packages.
But, normally a LOE is a statement to be signed by the brw, explaining the reasons why...
they've had alot of hits to the credit reporting agencies
they missed a particular payment
or any other statement from the brw's explaining a credit issue.

Reply by PAW on 8/1/08 12:37pm
Msg #258152

LOE's come in all shapes and sizes

Title companies and lenders will ask for LOE's from the borrower for borrower conditions and explanations, from the appraiser for explanations about statements on the appraisal, from tax collector (offices), from closers, ... and the list goes on.

Typically, from our perspective, we only see LOE's that the borrower needs to sign. However, for those who have worked in title, especially with a wide variety of properties, probably have seen LOE's for many, many different reasons and to be completed by many different parties.