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 South Dakota Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal written letter sent by a mortgage borrower to their loan service or lender. This request seeks specific information and documentation regarding the servicing of the borrower's loan. The BWR is an essential tool for borrowers to address issues such as errors, disputes, or other problems related to their mortgage loan. When drafting a South Dakota BWR under Section 6 of RESP, it is important to include the following relevant keywords and information: 1. Purpose of the BWR: Clearly state the purpose of the letter, which is to request information and documentation about the servicing of the mortgage loan. 2. Borrower's information: Include the borrower's name, address, phone number, and loan account number. This will help the loan service or lender identify the specific loan in question. 3. Description of the problem or request: Clearly outline the issues or concerns the borrower has regarding their loan. This may include billing errors, payment discrepancies, escrow account problems, improper charges or fees, or any other related issues. 4. Specific information requested: Provide a detailed list of the specific information and documentation the borrower is seeking. This can include loan origination documents, the loan history, payment records, correspondence related to the loan, and any other relevant documents. 5. Timeframe for response: Specify a reasonable timeframe for the loan service or lender to respond to the BWR. Typically, RESP requires a response within 20 business days. However, state-specific rules may vary. 6. Compliance with South Dakota laws: Ensure that the BWR complies with any specific South Dakota regulations or guidelines governing mortgage loans and RESP. It's important to note that while RESP and its BWR provisions are federal laws, there may not be specific South Dakota variations or additional types of Was. However, borrowers should always consult with legal professionals or consumer protection agencies to ensure compliance with any specific state requirements or variations. Overall, a South Dakota Qualified Written Request under Section 6 of RESP serves to empower borrowers in their interactions with loan services or lenders. By making specific requests for information and documentation, borrowers can address concerns and seek resolution for any issues regarding their mortgage loan.
