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 Wisconsin Qualified Written Request under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal document sent by a borrower to their loan service in order to request information or resolve issues related to their mortgage loan. This request falls under Section 6 of RESP, which outlines the requirements for loan services to respond to borrowers' inquiries and provide accurate information. The purpose of a Wisconsin Qualified Written Request (BWR) is to facilitate communication between borrowers and loan services, ensuring transparency and clarity in the mortgage loan process. By submitting a BWR, borrowers can seek redress for any errors, disputes, or potential violations that may have occurred during the course of their loan servicing. There are various types of Wisconsin Was that borrowers can submit, addressing different concerns and issues, such as: 1. Loan Account Information: This type of BWR requests detailed information about the borrower's loan account, including the current loan balance, payment history, interest rates, escrow account activity, and any fees or charges applied to the account. 2. Escrow Account Analysis: Borrowers may utilize this type of BWR to request an analysis of their escrow account, seeking an explanation for any discrepancies, changes in tax or insurance payments, or other issues related to the handling of their escrow funds. 3. Servicing Errors or Disputes: If a borrower believes that their loan service has made errors or mistakes in their account handling, such as applying payments incorrectly, mismanaging an escrow account, or charging unnecessary fees, they can submit a BWR to request clarification and resolution of the issues. 4. Request for Documents: This type of BWR is used to request specific documents related to the mortgage loan, such as the loan agreement, promissory note, mortgage deed, or any other relevant documents. Borrowers may need these documents for various purposes, including refinancing, modification, or examination for potential loan violations. 5. Loan Modification or Loss Mitigation: In situations where a borrower is experiencing financial hardship and seeks assistance through loan modification or loss mitigation options, they can submit a BWR to formally request these options from their loan service. This type of BWR typically includes financial information, hardship explanation, and supporting documentation. It is important to note that the Wisconsin BWR process provides borrowers with certain rights and protections. Loan services are required to acknowledge receipt of a BWR within five business days and must provide a substantive response within 30 business days, ensuring compliance with RESP guidelines. Submitting a Wisconsin Qualified Written Request under Section 6 of RESP can be a powerful tool for borrowers to obtain information, address concerns, and seek resolution regarding their mortgage loan. By utilizing this formal request, borrowers can empower themselves to navigate the complex world of loan servicing and protect their rights as homeowners.
