12 USC 2605(e) creates a duty of a loan servicer to respond to the inquiries of borrowers regarding loans covered by RESPA. If the borrower believes there is an error in the mortgage account, he or she can make a "qualified written request" to the loan servicer. The request must be in writing, identify the borrower by name and account, and include a statement of reasons why the borrower believes the account is in error. The request should include the words "qualified written request". It cannot be written on the payment coupon, but must be on a separate piece of paper. The Department of Housing and Urban Development provides a sample letter.
The servicer must acknowledge receipt of the request within 20 days. The servicer then has 60 days (from the request) to take action on the request. The servicer has to either provide a written notification that the error has been corrected, or provide a written explanation as to why the servicer believes the account is correct. Either way, the servicer has to provide the name and telephone number of a person with whom the borrower can discuss the matter.
A Mississippi Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal written request made by a borrower to their mortgage service seeking information or resolution regarding issues associated with their mortgage loan. This provision of RESP specifically grants borrowers the right to request information, clarify account discrepancies, or dispute errors related to their loan servicing. A Mississippi BWR must be submitted in writing and addressed to the mortgage service, which is the company responsible for collecting payments, managing the loan account, and handling customer service for the borrower. The request should contain specific details and be as comprehensive as possible, ensuring all necessary information is included. Key elements to include in a Mississippi BWR are: 1. Borrower's Information: The request should include the borrower's full name, loan number, and property address, enabling the mortgage service to identify and locate the loan account effectively. 2. Disputed Items: Clearly identify and explain the aspects of the loan or account that are in dispute, detailing the nature of the issue or error encountered. This may include discrepancies in loan payments, escrow accounts, insurance, or any other aspects related to loan servicing. 3. Supporting Information: Enclose any supporting documents, records, or evidence that substantiate the borrower's claims or concerns. This could consist of account statements, payment receipts, correspondence, or any other relevant paperwork. 4. Requested Actions: Specify the actions the borrower would like the mortgage service to take to address the issues or provide desired information. This may include a request for account investigation, corrections, clarifications, or any other necessary actions to resolve the dispute or inquiry. Upon receipt of a Mississippi BWR, the mortgage service is mandated by RESP to acknowledge the request within five business days. They must promptly investigate and provide a written response within a specified timeline, generally within 30 business days, detailing the actions taken or planned to rectify the borrower's concerns, provide information, or explain any discrepancies or errors identified. Different types of Mississippi Was may include requests to correct payment posting errors, missing or inaccurate information on account statements, clarification on escrow calculations or changes, resolution of insurance-related disputes, or any other loan servicing issues that require attention. It is important to note that a Mississippi BWR invokes the rights and protections provided by RESP, safeguarding borrowers against unfair or discriminatory loan servicing practices and ensuring transparency in mortgage transactions. Understanding and utilizing this provision can empower borrowers to seek resolution and clarification on their mortgage loan concerns.
