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 Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) allows Indiana residents facing issues with mortgage servicing to assert their rights by requesting information, seeking clarification, or disputing inaccurate information related to their loan. By submitting a BWR, borrowers can ensure that their concerns are addressed and possibly resolve any issues or discrepancies that may arise during the mortgage servicing process. Here are a few key points related to Indiana Qualified Written Requests under Section 6 of RESP: 1. Purpose: The primary objective of an Indiana BWR is to empower borrowers by fostering transparency, accountability, and fairness throughout the loan servicing process. By exercising their rights under RESP, borrowers can maintain control over their mortgage and address any problems that may arise promptly. 2. Content: An Indiana BWR should be in writing and contain specific details outlining the borrower's concerns, inquiries, or disputes. It should also provide relevant information, such as the loan account number, property address, and a clear description of issues encountered. Including supporting documentation, if applicable, can strengthen the request. 3. Submission Process: Borrowers should send the BWR to the loan service's designated address for receiving such requests. It is advisable to keep copies of all correspondence, including certified mail receipts or any other proof of delivery, to ensure proper documentation in case of disputes or legal actions. 4. Response Timeline: Upon receiving an Indiana BWR, the loan service has 30 days to acknowledge the request in writing. Within 60 days, the service must adequately investigate the matter, provide a written response, and take necessary actions to address the borrower's concerns, if valid. In certain circumstances, additional time may be granted to complete the investigation, but appropriate explanations must be provided. Different types of Qualified Written Requests under Section 6 of RESP may vary based on the specific nature of the borrower's concerns or requests. However, the framework and general guidelines for submitting a BWR remain consistent. Borrowers may submit Was to request information on outstanding balances, payment history, escrow accounts, loan modification options, or to challenge erroneous fees, among other issues. It is worth noting that while an Indiana BWR can be a crucial step in resolving disputes, borrowers should also familiarize themselves with other applicable laws, regulations, and loan agreements related to their mortgage. Seeking legal advice or consulting a HUD-approved housing counselor can aid in navigating the BWR process more effectively and increasing the chances of a satisfactory resolution to any mortgage servicing issues.
