Sign Delaware Banking Letter Of Intent Later

Industry sign banking delaware letter of intent later

[Music] hi my name is Alex credits with agustin show comm you've heard the word ello ex from a loan officer let's not award it section of radiation or l OE l OE l o ex they mean letter of explanation or letter you know they both mean a lot of explanation but the yellow e stands for a letter explanation l o X is our abbreviation so if you hear someone say give me an L o X so if you watch this video you're never going to say what what does that mean but a lot of our borrowers ask us that because we are so used to talking in that language that we forget that our hours don't know what that means so L o X means a lot of explanation so what's a letter of explanation so underwriters are gonna ask for a lot of explanation on many different things for example if you share a bank statement with your spouse and she's not going on the loan they have to write a letter allowing you to have full access to the funds in the joint bank account it has to address the bank account name a number and you have to say the words full access so that would be a low X on joint bank account using the funds if they find something a large deposit then want you to source it so sourcing that means showing a copy of the check and writing an L X on what that check was for and the underwriter will determine if the money's good if you had late payments on two credit cards and they think it's a bad sign for the loan but you still get approval to vote they're gonna want to put a lot of explanation there what happened with that credit card and if you say something wrong then the underwriter may denote the file no good so it's very careful you gonna be very careful right here all X's you never want to say that I hated this so-and-so Bank they were evil so I said a few to them I'm not gonna pay them if you say that on an L X you're not going to get a loan so you have to come up with your of the grease and don't don't be derogatory towards banks you know so you know it was Christmas time and I thought my wife paid the bill sorry but that's not gonna happen oh my son was sick to the hospital for the last three months guy got behind and I we were really stressed out ello exes are something that goes along lines like that so your letter of explanation has to be you know something sad or excusable and has to make sense to the underwriter and sometimes if it's elaborate and it's a really crucial part of the loan they may ask for supporting documents to support your although acts so be careful on what you're right again don't be derogatory towards the banks sometimes they find addresses in your background checks they want to know what those addresses mean to you sometimes they don't always show up in your credit report they find some edges they think you own it may be of a similar name as someone else maybe it's your dad that your junior and senior so you write a letter of explanation on that so LX is in general are not crucial to the underwriting system but they have to go in the file and a lot of my customers panic when they have to write these letters don't panic it's paper-pushing we're just paper pushing for the underwriter these letters always are addressed to whom it may concern they always have to be dated and signed so remember that sign date to may concern not to elaborate on basic Alexes when it comes to a really derogatory credit really bad stories like a maybe why you went bankrupt you want to be a lot more elaborate but when it comes to simple explanations keep it short and sweet don't be don't panic you don't throw write a novel and that's the that's the skinny on Ehlo X's and Aloise and letters of explanation so if you got any questions go to Gus intercom we read a lot of blogs in this if you want to call me I'll help you with out with this anytime at six three zero nine one five seven five five zero thank you [Music]