After my loan went to the underwriter it was passed to quality control and they state my answers on the credit explanation are too vague. Supposed to

Asked by cjohnson, Downers Grove, IL Tue Aug 27, 2013

close in two days...can I still be denied? Or is this a formality. Losing sleep over it!

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Evelyn Santi…, Agent, Oswego, IL
Tue Aug 27, 2013
Put together a more detailed letter of explanation and send to your mortgage person first thing in the morning. They are the best source to assist you since they should be able to speak with the assigned underwriter and get clarification from he/she.

Anything is possible but without all the specific details your details question is too vague to give a more definite answer. Do you have a high FICO score? Strong work history? Debt to income? Strong down payment or were you a boderline case just barely meeting minimum guidelines? Conventional or FhA with seller concessions, etc.

Call your loan person get to the bottom of underwritings concerns. Good luck!
0 votes
Thank you for your answers.... did write a much more detailed letter. Would of done this weeks ago, had no clue it was too vague. Why do they need explanations of past dings if all other variables are ok? ThIs is FHA score 652, income good, debt to income ratio good, 5% down, house appraised for 13k more than I am buying it for. Wrote and sent the letter last night. Wrote an email this morning asking my loan officer what is the status and have heard nothing. Sit and sweat game!
Flag Wed Aug 28, 2013
, ,
Mon Oct 13, 2014
The explanation has to be yours but a good loan officer will assist so that it is worded the correct way to pass underwriting approval for a full explanation.

For mortgage help, call (855) 893-1177 or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states and you can apply online at We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 893-1177.

Brad Neumann
Branch Manager
Crosscountry Mortgage Inc.
Phone: (855) 893-1177
NMLS# 948036
0 votes
, ,
Thu Sep 12, 2013
It is not uncommon for Lenders to request Letter(s) of Explanation, LOE, with your loan application. These LOEs are asking you to provide more info to either (1) credit inquiries, (2) derogatory credit such as late payments or etc, and (3) large deposits in your account(s).

It is best to make sure you and your chosen Mortgage Pro are clear with each other documenting this so it is clear to UW, underwriting. Like you, UW prefer accurate, complete applications without surprises!

Good luck.
0 votes
, ,
Wed Aug 28, 2013
Depending on what the explanation is for, there could be additional documentation required and unfortunately yes, your loan can be denied but this is extremely rare. Call your loan officer and go over it with him or her and they should be able to help what the underwriter needs clarification on.
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