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 Virgin Islands Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a specific legal document that allows individuals in the Virgin Islands to request information or seek resolution regarding mortgage servicing or loan-related issues. This request is designed to ensure that lenders and loan services comply with the regulations established by RESP and provide accurate and timely responses. A BWR is a formal written request sent to the loan service and must comply with the specific requirements outlined in RESP. It enables borrowers to seek clarification or resolution for issues such as errors in loan servicing, escrow accounts, insurance premiums, or account transfers. Section 6 of RESP grants borrowers the right to request information and recourse from their loan service, holding them accountable for providing accurate documentation and resolving any disputes or issues promptly. Some key elements and requirements of a Virgin Islands BWR under Section 6 of RESP include: 1. Proper Format: The BWR must be a written request sent to the designated loan service, following the prescribed RESP template or format. 2. Identification and Contact Information: The request should clearly identify the borrower, providing their name, address, and loan account number for accurate identification. 3. Specific Request Details: The BWR should include a detailed description of the issue or dispute, providing specific facts, dates, and supporting documents, if available. Clear identification of the problem helps the loan service understand the borrower's concern accurately. 4. Information Sought: Borrowers can request specific information related to their loan, such as loan payment history, account statements, and transaction details. This helps ensure transparency and accuracy in loan servicing. 5. Resolution or Action Sought: The BWR should clearly state the desired resolution or action that the borrower seeks from the loan service. This could include correction of errors, clarification of charges, or any other suitable remedies. It's important to note that while there may not be different types of the Virgin Islands Was under Section 6 of RESP, the specific content and details of each BWR will vary depending on the borrower's unique circumstances and concerns.
