The Underwriter Mortgage Letter Of Explanation is a critical document in the Canadian mortgage lending process, typically required when certain aspects of a mortgage application need additional clarification or explanation. This document is commonly requested by underwriters when they identify elements in the application that require more detail, such as unusual banking transactions, employment changes, credit inquiries, or source of down payment funds. The letter must comply with Canadian federal banking regulations, including the Bank Act and provincial mortgage lending requirements, and may be subject to review by regulatory authorities. It forms part of the official mortgage application file and can significantly impact the approval decision. The document should be clear, detailed, and accompanied by relevant supporting documentation to address the underwriter's specific concerns.
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1. Letter Header and Date: Includes the date, recipient's name and title (underwriter), lending institution, and mortgage application reference number
2. Applicant Information: Full legal name, current address, and contact information of the mortgage applicant(s)
3. Subject Line: Clear reference to the mortgage application and specific item(s) requiring explanation
4. Introduction: Brief statement acknowledging the request for explanation and identifying the specific items being addressed
5. Detailed Explanation: Clear, factual explanation of each item requiring clarification, with specific dates, amounts, and circumstances
6. Supporting Information: Reference to any attached documentation that supports the explanation
7. Declaration of Truth: Statement confirming that all information provided is true and accurate
8. Signature Block: Signature of applicant(s), printed name(s), and date of signing
1. Late Payment Explanation: Used when explaining past late payments on credit reports, including circumstances and resolution
2. Source of Funds Explanation: Used when clarifying the source of down payment or other funds
3. Employment Gap Explanation: Used when explaining gaps in employment history
4. Credit Inquiry Explanation: Used when explaining recent credit inquiries on credit report
5. Address History Explanation: Used when clarifying multiple addresses or gaps in address history
6. Business Income Explanation: Used when explaining complex business income or self-employment situations
7. Gift Letter Section: Used when part of the down payment or funds are gifted from family members
1. Supporting Bank Statements: Copies of relevant bank statements supporting the explanation
2. Payment Records: Documentation showing payment history or resolution of past issues
3. Employment Documentation: Supporting documents related to employment or business ownership
4. Gift Documentation: If applicable, documentation proving source and transfer of gifted funds
5. Credit Report Documentation: Relevant sections of credit report being explained
Relevant legal definitions
Applicant
Co-Applicant
Lending Institution
Mortgage Application
Credit Report
Credit Score
Down Payment
Source of Funds
Employment Income
Self-Employment Income
Gift Funds
Debt Service Ratio
Property Value
Purchase Price
Closing Costs
Credit Inquiry
Late Payment
NSF Payment
Bank Statement
Pay Stub
Notice of Assessment
T4 Statement
Address History
Employment History
Asset Verification
Supporting Documentation
Mortgage Insurance
CMHC Insurance
Property Tax
Home Insurance
Co-Applicant
Lending Institution
Mortgage Application
Credit Report
Credit Score
Down Payment
Source of Funds
Employment Income
Self-Employment Income
Gift Funds
Debt Service Ratio
Property Value
Purchase Price
Closing Costs
Credit Inquiry
Late Payment
NSF Payment
Bank Statement
Pay Stub
Notice of Assessment
T4 Statement
Address History
Employment History
Asset Verification
Supporting Documentation
Mortgage Insurance
CMHC Insurance
Property Tax
Home Insurance
Clauses
Identity Verification
Declaration of Truth
Financial Disclosure
Income Verification
Source of Funds
Credit History
Employment History
Residence History
Down Payment
Asset Declaration
Gift Confirmation
Business Income
Property Details
Privacy Consent
Supporting Documentation
Debt Obligations
Accuracy Statement
Authorization
Declaration of Truth
Financial Disclosure
Income Verification
Source of Funds
Credit History
Employment History
Residence History
Down Payment
Asset Declaration
Gift Confirmation
Business Income
Property Details
Privacy Consent
Supporting Documentation
Debt Obligations
Accuracy Statement
Authorization
Relevant Industries
Financial Services
Banking
Real Estate
Mortgage Lending
Consumer Finance
Residential Property
Commercial Property
Relevant Teams
Underwriting
Mortgage Operations
Credit Risk
Lending Operations
Compliance
Document Processing
Quality Assurance
Risk Assessment
Customer Service
Mortgage Administration
Relevant Roles
Mortgage Underwriter
Mortgage Specialist
Loan Officer
Credit Analyst
Mortgage Broker
Banking Officer
Lending Manager
Risk Assessment Officer
Compliance Officer
Financial Services Representative
Property Finance Manager
Senior Underwriter
Mortgage Operations Manager
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