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.
The Idaho Qualified Written Request (BWR) is a legal procedure established under Section 6 of the Real Estate Settlement Procedures Act (RESP) that allows consumers to request information and dispute errors related to their mortgage loans. It provides homeowners in Idaho with a powerful tool to address concerns and rectify any issues they may encounter during the mortgage loan process. The Idaho BWR is designed to protect homeowners from potential abuses or negligence by mortgage services, lenders, or loan originators. By filing a written request for information, borrowers can obtain relevant documentation and seek clarification on any aspect of their mortgage loan, such as account history, payment allocation, escrow analysis, or loan modification options. The BWR can also be used to dispute errors or discrepancies in loan servicing, including wrongful foreclosures or illegal fees. Key elements of an Idaho BWR include: 1. Written Request: Homeowners need to submit a written BWR to their loan services, clearly identifying themselves and their mortgage account. The request should be sent via certified mail, return receipt requested, to ensure proof of delivery. 2. Description of Requested Information: The Idaho BWR should specify the particular information or documents being sought. This may include loan documents, account statements, transaction history, payment records, or any other relevant information related to the mortgage loan. 3. Detailed Explanation: The BWR should also provide a clear and concise explanation of the reasons behind the request. This could involve questions about fees, charges, potential errors, or concerns about loan servicing practices. 4. Timeframe for Response: Upon receipt of the BWR, the loan service is generally required to acknowledge the request within 5 business days and provide a substantive response within 30 business days. In certain cases, an additional 15-day extension may be granted, provided the borrower is notified in writing. Different types of Idaho Was under Section 6 of RESP may vary based on the specific concerns or issues being raised by the homeowner. Common types may include: 1. Information Request BWR: When borrowers seek documentation or information related to their mortgage loan, such as loan terms, escrow analysis, or payment history. 2. Dispute Resolution BWR: When homeowners dispute errors, discrepancies, or wrongful actions by the loan service, such as inaccurate billing, improper foreclosure proceedings, or unfair fees. 3. Loan Modification BWR: When borrowers are seeking information or clarification regarding loan modification options, eligibility requirements, or the status of submitted modification requests. The Idaho BWR plays a crucial role in ensuring transparency, accountability, and fairness in the mortgage loan process. It empowers homeowners to access information, resolve disputes, and protect their rights under RESP. By utilizing the BWR, individuals can effectively navigate the complexities of the mortgage industry and secure a more equitable lending experience.
