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.
Arizona Qualified Written Request Section 6 of the Real Estate Settlement Procedures Act (RESP) enables Arizona homeowners to submit a formal written inquiry to their mortgage services, seeking clarification on various aspects of their loans. A Qualified Written Request (BWR) allows borrowers to obtain specific information, resolve potential errors, and ensure compliance with RESP guidelines. Here are the different types of Arizona Qualified Written Requests under Section 6 of RESP: 1. Loan Account Information: Homeowners can request detailed information concerning their loan accounts, including the current balance, interest rate, escrow account details, payment history, and any fees or charges applied. By acquiring this information, borrowers can verify the accuracy of their loan records and potential errors. 2. Escrow Account Discrepancies: If a homeowner identifies inconsistencies or discrepancies related to their escrow account, they can submit a Qualified Written Request to address the issue. This may involve requesting a breakdown of escrow payments, insurance premiums, and property tax disbursements. 3. Loan Modification and Loss Mitigation: Qualified Written Requests can be utilized to request information about loan modification programs and loss mitigation options available to homeowners facing financial difficulties. Borrowers can seek details about eligibility criteria, required documentation, and the overall process of applying for these programs. 4. Foreclosure Prevention: In situations where homeowners are at risk of foreclosure, they can file a Qualified Written Request to gather information about potential foreclosure alternatives, such as loan forbearance, repayment plans, or short sales. This enables borrowers to explore all available options to retain homeownership. 5. Loan Dispute Resolution: If a borrower identifies errors or discrepancies in their loan statements, interest rates, or fees, they can initiate a Qualified Written Request to address these disputes. This request can prompt the mortgage service to conduct an investigation and provide a timely resolution. Submitting a Qualified Written Request in Arizona requires adherence to specific guidelines. This includes writing the request in a clear and concise manner, including borrower contact information, loan details, and a detailed description of the requested information or dispute. The mortgage service is obligated to provide an acknowledgement of receipt within a specific timeframe and must subsequently resolve the inquiry within a designated period. By utilizing a Qualified Written Request under Section 6 of RESP in Arizona, homeowners can ensure transparency, obtain necessary information related to their loan accounts, and resolve any potential errors or disputes, ultimately protecting their rights as borrowers.
