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 Wyoming Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal letter written to a mortgage service or lender requesting specific information related to a mortgage loan. This type of request aims to obtain information, resolve issues, or address concerns about loan servicing practices or errors committed by the mortgage service or lender. The Wyoming BWR is submitted under the provisions outlined in Section 6 of RESP, which requires the service or lender to acknowledge receipt of the request within a specific timeframe and to provide a substantive response within another set timeframe. Failure to respond appropriately to a BWR may subject the service or lender to penalties, including statutory damages and attorney's fees. There are no distinct types of Wyoming Was under Section 6 of RESP. However, the content of a BWR may vary depending on the specific information or issues the borrower wants to address. Some common topics that may be included in a Wyoming BWR are: 1. Loan Information: Requesting detailed information about the mortgage loan, including the loan balance, interest rate, payment history, escrow account information, and any fees or charges. 2. Payment History: Seeking clarification on payment application, late fees, or other fees imposed by the service, and requesting an explanation if any discrepancies or errors are noticed. 3. Escrow Account: Seeking information regarding the handling of escrow funds, including an analysis of escrow payments and account balances, and inquiring about any changes in the escrow amount or procedures. 4. Foreclosure-related Information: Requesting documentation and timelines related to foreclosure proceedings, clarification on the process, and any relevant fees charged. 5. Loan Modification or Loss Mitigation: Inquiring about available options for loan modification or loss mitigation programs, requesting relevant forms, and requesting a point of contact to discuss these options further. 6. Error Resolution: Asserting any errors, discrepancies, or violations noticed in loan servicing and requesting rectification, mitigation, or the provision of necessary documentation to address these concerns. It is essential to cite the relevant sections of RESP (Section 6) and clearly outline the borrower's concerns, questions, and information requests in a Wyoming BWR. Including the loan account number, borrower's contact information, and a deadline for response is also recommended.
