The Underwriter Mortgage Letter of Explanation is a critical document in the South African mortgage lending process, required when certain aspects of a mortgage application need additional clarification or context. This document is typically requested by underwriters when they identify elements in the application that require further explanation, such as employment gaps, unusual deposits, credit history events, or source of funds. The letter must comply with South African banking regulations, including the National Credit Act and FICA requirements, and serves as a formal record in the mortgage application process. It's particularly important in cases where standard application documentation doesn't fully address all aspects of the applicant's financial or personal situation that are relevant to the lending decision.
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1. Letter Header: Include date, recipient details (underwriter/bank name), reference number, and property address
2. Subject Line: Clear indication that this is a Letter of Explanation for mortgage application with reference numbers
3. Applicant Information: Full name, contact details, and application reference number of the mortgage applicant
4. Purpose Statement: Clear statement of the letter's purpose and which specific aspects of the application are being addressed
5. Main Explanation: Detailed explanation of the situation or circumstances that require clarification
6. Supporting Facts: Specific dates, amounts, and relevant details that support the explanation
7. Declaration: Statement confirming the truthfulness of the information provided
8. Closing: Professional closing with signature and contact information
1. Employment History Explanation: Include when explaining employment gaps or recent job changes
2. Credit Event Clarification: Include when explaining past credit issues or unusual credit report items
3. Source of Funds Explanation: Include when clarifying the source of down payment or large deposits
4. Multiple Income Sources: Include when explaining various sources of income
5. Property Usage Statement: Include when clarifying intended use of the property
6. Previous Address History: Include when explaining frequent address changes or address discrepancies
7. Business Ownership Details: Include when explaining business ownership or self-employment income
1. Supporting Documentation List: List of all attached supporting documents referenced in the letter
2. Bank Statement Summary: Summary of relevant bank statement entries if explaining financial transactions
3. Income Verification Documents: List of attached income verification documents if explaining income sources
4. Timeline of Events: Chronological timeline of events if explaining a complex situation or series of events
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