The Federal Trade Commission (FTC) enforces an address discrepancy rule which puts the burden on mortgage loan originators, brokers, lenders and banks to report your correct address to the various credit agencies. In the letter, the homeowner should state that youre currently living in their home rent-free and indicate how long youve been doing so. The name affidavit may include maiden name, married name, other names used, and all variations of the names that appear in other documents. window.addEventListener('click-table-loaded', function(){ This letter will explain the address variation that you have seen in my credit report: I am really sorry to cause you this kind of inconvenience. Whenever you find out that you have left a discrepancy in the financial document you submitted to the bank, you can write an explanation letter explaining the whole thing. & Estates, Corporate - It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. Apple and the Apple logo are trademarks of Apple Inc. registered in the U.S. and other countries. 1001 james St, Apt 3, New York, NY This is a previous address. if (window.ClickTable) { Federal regulations require that lenders prove they have verified your ability to repay the loans they make. A rejected letter of explanation could mean its time to start over with a new lender or switch to a more flexible loan program (such as an FHA loan). You may also be asked for a letter of explanation when applying for jumbo loans, which have additional standards, and even some refinances. Click the arrow with the inscription Next to move on from one field to another. Because of this, the lender may require explanations to confirm the losses arent likely to continue. Negative items on your credit report can set off red flags for underwriters who might assume you have difficulty paying your bills. Double-check the form for misprints as well as other errors. Forms 10/10, Features Set 10/10, Ease of Use 10/10, Customer Service 10/10. Consider referencing these examples for guidance when writing your own letter: Formal example Here's an example of a formal explanation letter: Katie Patrick 12345 Brean Way Cincinnati, Ohio 42091 (010) 987-6543 katiepatrick@email.com June 3, 2021 Myles Moss 54322 Hillside Dr. Cleveland, Ohio 42190 (101) 345-789 mylesmoss@email.com How do you write a letter of address discrepancy? We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use. FTC: Comments should refer to ''The. USLegal has been awarded the TopTenREVIEWS Gold Award 9 years in a row as the most comprehensive and helpful online legal forms services on the market today. A cosigned student loan, car loan or mortgage will require an explanation and possibly proof that you dont make the payments. C (2) A teacher, trainee, or intern at a U.S. educational institution or a participant LLC, Internet I have received a show-cause notification on 18 th June 20XX, according to which I am asked to explain the variation of address at two different places. If the underwriter doesnt recognize the source of a large deposit into your bank account, theyll ask you to explain why its there and where it originated.

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