Letter of Explanation (LOE): previous address / address mismatch

DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (support@blend.com) for more information on what features are enabled for your use.

The purpose of the address discrepancy letter is to obtain clarifications on any unknown addresses that shows up on the credit report. The goal is to make sure that there is no ownership in any other property beyond what's self-reported by the borrower in Blend.

When the lender pulls credit OR when credit is automatically pulled at borrower submission

  Note: This is a deployment configuration, Blend will match all borrower provided addresses against all credit report addresses. If there is an address that shows up on the credit report but not reported by the borrower, Blend will request a Letter of Explanation (LOE) for that additional address as a follow up.  And as with all Blend follow-ups, a lender can chose to remove it from the Follow-Ups screen if it does not apply to their borrower.

Follow-Up workflow

1. The borrower will see any or all addresses listed as Previous Address.

2. Borrower will be asked:

• If they own the property
• If they’ve ever lived at the address
• If yes, what is the move in/move out date

3. A summary of the explanation will be automatically created as a second follow-up document for the borrower to view and sign (if a lender is requiring signature through the use of a configuration).

4. Once the document is signed (if applicable), the borrower and lender will see a Blend generated Address Explanation Letter in the documents tab.