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.
The Oklahoma Qualified Written Request (BWR) is a legal process under Section 6 of the Real Estate Settlement Procedures Act (RESP). A BWR is a formal notice sent to a mortgage service, lender, or loan originator requesting certain information or actions related to a mortgage loan. This process aims to protect and assist borrowers by ensuring transparency, accuracy, and fairness when it comes to mortgage servicing. In Oklahoma, there are no specific types of Was under Section 6 of RESP, as the state generally follows the federal guidelines outlined in the act. However, there may be variations in the specific details or requirements depending on the circumstances and purpose of the request. The purpose of an Oklahoma BWR under Section 6 of RESP is to address concerns or disputes regarding mortgage loan servicing, escrow accounts, loan modification requests, or any other issues related to the loan. When filing an Oklahoma BWR, it is crucial to include relevant keywords and information to ensure its effectiveness. Here are some important elements to consider when drafting a detailed description of an Oklahoma BWR under Section 6 of RESP: 1. Contact and Loan Information: Clearly identify yourself as the borrower and provide your contact information, including your full name, address, and loan account number. Mention the exact mortgage loan you are referring to, along with any applicable loan identification numbers. 2. Reason for the Request: Clearly state the purpose of your BWR. Whether you are seeking information, expressing a concern, or requesting an action, be specific and provide all relevant details related to the request. Describe any specific issues or discrepancies you have noticed, such as incorrect payment allocation, unauthorized fees, improper escrow account handling, or lack of response to previous inquiries. 3. Documents and Information: Specify the documents or information you are requesting from the mortgage service or lender. This could include loan statements, payment history, transaction records, escrow account statements, or any other relevant documents that will help in addressing your concerns or disputes. Be clear about the timeframe within which you expect a response. 4. Dispute Resolution: If applicable, state that you are initiating a dispute resolution process under Section 6 of RESP and outline the reasons for the dispute. Provide any supporting evidence or documentation that supports your claim. 5. Legal Rights and Compliance: Mention your understanding of the legal protections provided under Section 6 of RESP, emphasizing that any violation of these rights may result in legal action. Seek assurances that the mortgage service or lender will respond promptly and provide reasonable assistance to resolve the issues raised in the BWR. Remember to keep a copy of the BWR and any supporting documentation for your records. It is advisable to send the BWR via certified mail with a return receipt to ensure proof of delivery and maintain a timeline of correspondence.
