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 Nebraska Qualified Written Request (BWR) is a tool provided under Section 6 of the Real Estate Settlement Procedures Act (RESP) that allows homeowners in Nebraska to seek information and resolution regarding their mortgage loan. A BWR is a written request that must be sent to the loan service, which is typically the company responsible for collecting mortgage payments. A Nebraska BWR should include specific details about the borrower and the loan, such as loan number, property address, and the borrower's contact information. It also needs to outline the specific information or dispute that the borrower is seeking clarification or resolution for. Under Nebraska BWR provisions, there are no different types of BWR requests specifically delineated. However, the BWR under Section 6 of RESP generally allows borrowers to request information related to their loan, such as a loan history, payment details, escrow account information, or an itemized list of charges and fees imposed by the loan service. Some relevant keywords to include in a Nebraska BWR under Section 6 of RESP description could be: — Nebraska Qualified WritteRequestes— - Section 6 of Real Estate Settlement Procedures Act (RESP) — Mortgage loainformationio— - Loan servicer — Borrower's contact informatio— - Property address — Loan number - Loahistoryor— - Payment details — Escrow account informatio— - Charges and fees Overall, a Nebraska BWR serves as an avenue for borrowers to obtain transparency and address any concerns or disputes regarding their mortgage loan, ensuring compliance with RESP regulations.
