The Underwriter Mortgage Letter of Explanation is a crucial document in New Zealand's mortgage lending process, designed to address specific aspects of a mortgage application that require additional clarification or context. This document becomes necessary when certain elements of a mortgage application fall outside standard lending criteria or require further explanation, such as unusual income patterns, credit history events, or significant financial transactions. It helps ensure compliance with New Zealand's responsible lending practices under the Credit Contracts and Consumer Finance Act 2003 and related regulations. The letter provides underwriters with the detailed information they need to make informed lending decisions while maintaining regulatory compliance and risk management standards. It serves as a formal communication channel between the applicant and the underwriting team, often supplemented with supporting documentation to validate the explanations provided.
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1. Letter Header and Date: Including sender's details, recipient's details, and date
2. Subject Line: Clear identification of the purpose - 'Mortgage Application Explanation Letter - [Application Reference Number]'
3. Introduction: Brief introduction identifying the applicant and mortgage application reference
4. Purpose Statement: Clear statement of what aspects of the mortgage application require explanation
5. Main Explanation: Detailed explanation of the situation or circumstances requiring clarification
6. Financial Impact Statement: How the explained situation affects the borrower's ability to repay the mortgage
7. Supporting Evidence Reference: Reference to any attached documentation that supports the explanation
8. Closing Statement: Affirmation of commitment to mortgage obligations and willingness to provide additional information
9. Signature Block: Applicant's signature, printed name, and date
1. Credit History Explanation: Used when explaining past credit issues, late payments, or negative credit events
2. Employment Gap Explanation: Used when explaining periods of unemployment or job changes
3. Large Deposit Explanation: Used when explaining unusual or large deposits in bank statements
4. Address History Clarification: Used when explaining frequent address changes or unusual living arrangements
5. Business Income Variation: Used when explaining fluctuations in self-employed or business income
6. Gift Fund Documentation: Used when explaining source and terms of gifted deposits or funds
7. Debt Consolidation Plan: Used when explaining how existing debts will be managed alongside the mortgage
1. Bank Statements: Relevant bank statements supporting the explanation
2. Income Documentation: Pay slips, tax returns, or other income verification documents
3. Credit Report: Copy of credit report with relevant sections highlighted
4. Supporting Letters: Letters from employers, accountants, or other relevant parties
5. Financial Calculations: Detailed calculations supporting financial explanations
6. Legal Documents: Any legal documents relevant to the explanation (court orders, settlements, etc.)
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