Do you have clients applying for a mortgage who are worried about some hard-to-explain aspects of their application? Counsel them to attach a “comfort letter.”
This piece, “Mortgage Comfort Letters: No Need to Panic,” explains that comfort letters are “statement(s) clarifying your financials so [lenders] can get you to the closing table with minimized risk.” There are a few key instances where a comfort letter might help:
1. Employment lapses.
2. Large bank deposits.
3. New job status.
Check out the rest of the details here:
http://blog.rismedia.com/2018/comfort-letter-mortgage/
