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 North Carolina Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal letter sent by a borrower to a mortgage loan service or lender, requesting specific information or seeking resolution of a potential error or issue related to their loan. A BWR serves as a powerful tool for homeowners to protect their rights and ensure compliance with RESP regulations. When writing a North Carolina BWR under Section 6 of RESP, it is vital to include relevant keywords and address the specific types of requests or issues. Here is a detailed description covering the various aspects of a North Carolina BWR under Section 6. 1. Introduction: Start the BWR by providing your contact information, loan account number, and the date. Mention that the letter is a North Carolina BWR under Section 6 of RESP. 2. Statement of purpose: Clearly state the purpose of the BWR, which could include one or more of the following keywords: — Loan informatioreviewie— - Error resolution — Account clarificatio— - Escrow analysis — Loan servicing transfer 3. Error or issue description: Provide a concise yet detailed explanation of the specific error or issue you believe has occurred concerning your loan. Mention important keywords like: — Misapplied payment— - Unexplained fees or charges — Inaccurate interest rate adjustment— - Escrow account discrepancies — Failure to provide required disclosures 4. Requested information and documents: Clearly articulate the specific information and documents you are seeking from the loan service or lender. Keywords to include might be: — Payment history statement— - Account statements — Loan documents and disclosure— - Escrow account analysis — Proof of insurance coverage 5. Resolution or correction sought: Clearly state the desired resolution or correction for the identified error or issue. Use keywords such as: — Correction of account balance— - Removal of incorrect fees or charges — Adjustment of interest rate— - Update of escrow account calculations 6. Compliance with time frames: Remind the loan service or lender of their obligations under RESP to respond within certain time frames. Mention the following keywords: — 20 business days to acknowledge receipt — 60 business days to conduct an investigation — 30 business days to provide a written response 7. Contact information: Include your complete contact information, including address, phone number, and email address. Also, mention your preferred method of communication (mail, email, phone). It is important to remember that this description outlines the general format and content required for a North Carolina BWR under Section 6 of RESP. However, depending on the specifics of your situation, you may need to tailor the letter to address other relevant keywords or include additional details. It is always advisable to consult with a legal professional or housing counselor for specific guidance.
