Loan Estimate Letter of Explanation
[YOUR NAME]
[YOUR POSITION]
[YOUR COMPANY NAME]
[DATE]
[RECIPIENT'S NAME]
[RECIPIENT'S POSITION]
[RECIPIENT'S COMPANY NAME]
[RECIPIENT'S ADDRESS]
Dear [RECIPIENT'S NAME],
I am writing to provide a detailed explanation regarding the discrepancies observed between the initial loan estimate provided on [INITIAL ESTIMATE DATE] and the final terms as outlined in our most recent correspondence.
Detailed below are the key factors that contributed to the adjustments made:
The interest rate was adjusted from [INITIAL INTEREST RATE] to [REVISED INTEREST RATE] due to changes in the market conditions that occurred between the initial estimate and the finalization of loan terms.
The total loan amount was updated from [INITIAL LOAN AMOUNT] to [REVISED LOAN AMOUNT], reflecting additional assessments of the property value and borrower’s creditworthiness.
Additional fees such as [SPECIFIC FEE] were introduced based on newly implemented regulations requiring enhanced due diligence on properties located in [LOCATION OF PROPERTY].
We understand that changes to loan estimates can cause confusion, and it is our priority to ensure that you have a clear and comprehensive understanding of the reasons behind these modifications. Attached are the relevant documents and evidence that support the adjustments made. We encourage you to review them and contact us should you have any questions or need further clarification.
Thank you for your attention to this matter. We value your trust and strive to provide transparent and accurate financial services to assist you in your home buying journey.
Best regards,
[YOUR NAME]
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