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 Michigan Qualified Written Request (BWR) is a legal tool provided under Section 6 of the Real Estate Settlement Procedures Act (RESP). It enables Michigan residents to make formal inquiries or disputes related to their mortgage loans or servicing practices. These requests aim to ensure transparency and provide a means for borrowers to obtain information or express concerns regarding their loan accounts. Some essential keywords relevant to a Michigan BWR under Section 6 of RESP include: 1. Michigan BWR 2. Real Estate Settlement Procedures Act (RESP) 3. Section 6 of RESP 4. Mortgage loans 5. Loan servicing practices 6. Borrower rights 7. Inquiries 8. Disputes 9. Transparency 10. Mortgage account information 11. Loan modifications 12. Foreclosure prevention 13. Loan payment disputes 14. Escrow account issues 15. Loan statements and accounting errors Different types/forms of Michigan Was under Section 6 of RESP might include: 1. General Inquiry Michigan BWR: This type of request is used by borrowers to seek general information about their mortgage loan, loan terms, or account details. 2. Loan Modification Michigan BWR: Borrowers can utilize this specific type of Michigan BWR to request loan modification options, discuss alternatives to foreclosure, or inquire about the process. 3. Escrow Account Michigan BWR: In case of issues related to the escrow account, borrowers can submit a Michigan BWR to request an explanation, clarification, or correction of the escrow calculations. 4. Foreclosure Prevention Michigan BWR: When facing the possibility of foreclosure, borrowers can file a Michigan BWR to seek information regarding foreclosure proceedings, timelines, loss mitigation options, or any potential errors in the foreclosure process. 5. Dispute Michigan BWR: This type of Michigan BWR is used by borrowers to formally challenge any inaccurate or disputed information related to their mortgage loan or account. Remember, always consult with legal professionals to ensure compliance with specific laws and regulations when using the Michigan BWR under Section 6 of RESP.
