A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, where the reliability of contracting parties cannot be.
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A letter of credit is a letter from a bank guaranteeing a seller will receive payment from the buyer in the correct amount and on time. The reason.
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The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied .
Letters of credit (LC) provide financial guarantees that reduce risk and enable financial transactions between often distant parties. A seller might otherwise be.
Re: Mortgage (FHA and/or VA Loan Application) Dear Sir or Madam: This letter provides explanations for each derogatory item on my credit report obtained in connection to my mortgage application.