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 Vermont Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal request made by a borrower to a mortgage service for information or clarification regarding their mortgage loan. This request falls under the provisions of RESP, which aims to protect borrowers by facilitating transparency and accuracy in the mortgage lending process. The Vermont BWR is similar to the general BWR established by Section 6 of RESP, but there may be some specific requirements or variations in Vermont state law that borrowers should be aware of. It is important to understand the specific regulations and requirements for a Vermont BWR to ensure compliance with applicable laws. By submitting a Vermont BWR, borrowers can seek information and address concerns related to their mortgage loan, such as loan balances, payment history, interest rates, fees, or any potential errors or discrepancies in the handling or servicing of their loan. This request serves as a means for borrowers to exercise their rights, obtain necessary information, and potentially resolve any issues or disputes with their mortgage service. It's crucial to include relevant keywords in your Vermont BWR to ensure your request aligns with the appropriate legal framework and regulations. Keywords like "Vermont BWR," "Section 6 of RESP," "mortgage service," "borrower rights," "mortgage loan information," "loan balance," "payment history," "interest rates," "fees," "loan servicing errors," and "dispute resolution" should be emphasized to convey the purpose and significance of your request accurately. Different types of Vermont BWR may exist based on the specific nature of the borrower's concerns or questions. These could include requests for loan modification information, clarification on escrow accounts, disclosure of loan assignments, or explanations regarding foreclosure-related proceedings. Regardless of the type, each Vermont BWR should adhere to the requirements defined by Section 6 of RESP and Vermont state law to ensure its effectiveness and the borrower's legal protections.
