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.
Kansas Qualified Written Request under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a formal request made by a borrower to their mortgage service, seeking information or resolving issues related to their mortgage loan. This legal provision is put in place to protect borrowers' rights and ensure transparency in the mortgage servicing process. A Kansas Qualified Written Request (BWR) typically involves a written correspondence addressed to the mortgage service, which outlines specific concerns or requests for information related to the loan. This request should include the borrower's name, loan account number, and a detailed description of the issues or questions they need to address. The purpose of the Kansas BWR is to provide borrowers with a mechanism to obtain information about their mortgage loan, correct any errors, or resolve disputes with their service. It enables borrowers to request specific details about their loan, such as payment history, escrow accounts, interest rates, and the application of any fees or charges. Additionally, the Kansas BWR also empowers borrowers to request documents and evidence related to the loan or any potential violations of RESP or other applicable laws. If the service fails to respond within a specified timeframe or provides an inadequate response, borrowers may have legal remedies available to them. Different types of Kansas Qualified Written Requests under Section 6 of RESP can include: 1. Information Request: Borrowers may request specific details about their loan, including account statements, payment history, interest rate adjustments, or loan modification options. 2. Error Dispute: Borrowers can challenge and request corrections to any factual or accounting errors on their mortgage loan account. This includes disputes regarding incorrect charges, late fees, or mishandling of escrow accounts. 3. Escrow Analysis: Borrowers may request an explanation and breakdown of how their escrow account funds are being managed, including inquiries about changes in property taxes, insurance premiums, or excessive escrow surplus. 4. Loan Modification Review: Borrowers who are seeking loan modification options can submit a BWR to request information about available programs, eligibility criteria, and the required documentation for consideration. 5. Violation Complaint: Borrowers can raise concerns about potential violations of RESP or other consumer protection laws by their mortgage service. This may include issues related to unfair or deceptive practices, improper fee assessments, or inadequate disclosure of loan terms. It is important for borrowers to maintain copies of there Was and any responses received from the service. This documentation can be crucial in case further action or legal proceedings are necessary to address any unresolved concerns or disputes. The Kansas BWR process serves as a means for borrowers to assert their rights and seek transparency and accountability from their mortgage service under RESP.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
