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 West Virginia Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal document that homeowners in West Virginia can send to their mortgage services to request information and address concerns related to their mortgage loans. This request is protected under RESP, a federal law designed to protect consumers in real estate transactions. A West Virginia BWR can be used to address various issues such as mortgage servicing errors, improper fees or charges, escrow account problems, and mistakes in loan documentation. By submitting a BWR, homeowners can seek clarification, request documentation, or resolve any disputes with their mortgage services. It is important to include relevant keywords when crafting a West Virginia BWR to ensure clarity and specificity. Some keywords that can be included are: 1. West Virginia BWR: This specifies the jurisdiction and indicates that the request is being made under West Virginia's specific laws and regulations. 2. RESP: This highlights the legal basis for the request and emphasizes the protections provided under this federal law. 3. Section 6: Refers to the specific section of RESP that outlines the provisions related to Qualified Written Requests and the duties of mortgage services in providing responses. 4. Real Estate Settlement Procedures Act: Provides additional context and clarity on the governing law for mortgage transactions and the duties of all parties involved. Different types of West Virginia Was under Section 6 of RESP may not necessarily exist. However, the content and nature of the requests may vary depending on the homeowner's specific concerns or requests. Some common examples include: 1. Error resolution BWR: This type of BWR is used when homeowners identify errors or discrepancies in their mortgage statements, payment records, or other related documents. 2. Escrow account BWR: Homeowners may use this type of BWR to query or dispute issues related to their escrow account, including payment calculations, taxes, insurance premiums, or any other charges associated with the account. 3. Loan modification BWR: When homeowners seek loan modification options, they can submit a BWR to their mortgage service, requesting information about available programs, eligibility criteria, and the necessary steps to initiate the modification process. 4. Documentation or information request BWR: In case homeowners require specific documentation or information, such as the original loan documents, assignment records, or proof of ownership, they can submit a BWR seeking these materials. Regardless of the specific type of West Virginia BWR, it is essential to provide clear and concise details about the issue or concern, include relevant supporting documentation, and request a prompt response within the legally mandated timeline specified by RESP.
