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 New Jersey Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) refers to a legal document designed to protect homeowners in New Jersey from unfair practices in the mortgage servicing industry. This request allows New Jersey residents to seek detailed information from their mortgage services regarding their loan and related financial transactions. Under RESP, the BWR process is established to ensure transparency and accountability in the mortgage industry. It empowers homeowners to request specific information related to their mortgage loan, including loan terms, payment history, escrow account details, and any fees or charges imposed by the mortgage service. The New Jersey BWR under Section 6 of RESP is a powerful tool for homeowners who suspect wrongful or questionable practices by their mortgage services. It allows them to gather essential information about their mortgage and evaluate its compliance with RESP regulations and other relevant laws. Key elements in a New Jersey BWR under Section 6 of RESP include: 1. Contact Information: The letter should clearly state the homeowner's name, contact information, loan number, and property address. 2. Requested Information: Specify the details of the information being requested, such as a copy of the mortgage note, loan payment history, loan modifications, and any other relevant documents. 3. Description of Complaint: Include a clear and concise description of the concerns or issues prompting the request. This could involve potential violations of RESP, such as improper charging of fees, failure to provide necessary loan documentation, or mishandling of escrow accounts. 4. Supporting Documentation: Attach copies of any supporting documents that may help clarify or reinforce the request. This can include billing statements, communication records, and other relevant correspondences. 5. Deadline for Response: Specify a reasonable timeframe, typically 20 business days, for the mortgage service to provide the requested information or acknowledge receipt of the BWR. State the consequences of non-compliance, such as legal action or filing a complaint with regulatory authorities. In New Jersey, there are no specific subcategories or different types of Was under Section 6 of RESP. However, the content and approach of the BWR may vary depending on the specific circumstances of the homeowner's concerns. It's important to note that seeking legal advice or guidance from housing counselors or attorneys familiar with RESP and the New Jersey mortgage laws can be valuable when preparing a New Jersey BWR. They can provide expertise and ensure that the BWR contains all the necessary elements to effectively address the issues with the mortgage service.
