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.
Hawaii Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) serves as a tool for homeowners in Hawaii to seek information and clarification from their loan services. This request is specifically designed to address any discrepancies or issues related to mortgage loan servicing. By issuing a BWR, borrowers can ensure that their loan service complies with RESP guidelines and provides accurate and timely information. A Hawaii BWR under Section 6 of RESP can be used in various situations, such as if the homeowner believes there are errors in their loan account, if they want to request specific loan documents or transaction history, or if they require clarification on any fees or charges related to their mortgage loan. This request can also be used to address concerns regarding escrow accounts, insurance premiums, or any other servicing-related matters. Submitting a Hawaii BWR under Section 6 requires specific details to initiate the process effectively. Homeowners must include their name, loan number, and contact information, as well as a clear explanation of the issue or inquiry they wish to address. The request should mention the specific RESP section (Section 6) under which the BWR is being submitted. Under RESP, loan services are required to acknowledge receipt of the Hawaii BWR within a specific timeframe, usually within five business days, and initiate investigations into the borrower's concerns. The service must then provide a timely response within 30 business days, providing a resolution or explanation for the issue raised in the BWR. It is important to note that there are no different types of Hawaii BWR under Section 6 of RESP as the act does not classify them into specific categories. However, the content and details provided within the BWR may vary depending on the borrower's unique circumstances and the specific issue they want to address. In conclusion, a Hawaii Qualified Written Request under Section 6 of RESP offers homeowners the opportunity to seek transparency and resolution from their loan services. By adhering to the requirements outlined in RESP, borrowers can ensure that their concerns are addressed accurately and promptly.
