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 Pennsylvania Qualified Written Request (BWR) is a legal tool provided under Section 6 of the Real Estate Settlement Procedures Act (RESP). This provision is aimed at protecting homeowners and consumers from potential abuses and mishandling in the mortgage servicing process. By issuing a BWR, individuals can seek information, clarification, or resolution of any issues related to their mortgage loan service. Under the Pennsylvania RESP laws, there are no specific types of Was mentioned apart from those under the federal legislation. However, Was canned generally be categorized into the following specific types: 1. Informational BWR: This type of BWR is used to request information or clarification from the mortgage loan service regarding any aspect of the mortgage loan, such as account details, payment history, fees, escrow statements, or any other relevant documents. 2. Dispute BWR: A dispute BWR is sent when there is a disagreement or dispute related to the mortgage loan. It can be used to question any inaccuracies, errors, or discrepancies in the servicing, billing, or reporting of the loan account. The goal is to resolve the dispute and ensure compliance with the law. 3. Error Resolution BWR: This BWR is sent to report an error on the mortgage loan account and request corrective actions. It could involve issues like misapplication of payments, calculation errors, unauthorized fees, or any other type of mistake made by the loan service. 4. Loan Modification BWR: If a homeowner is seeking a loan modification, they can use this BWR to officially request a loan modification package from the loan service. This BWR type is specifically used for the purpose of exploring options and potentially obtaining a more affordable repayment plan. 5. Escrow Account Analysis BWR: A homeowner may utilize this BWR to request a detailed analysis of their escrow account. It aims to ensure compliance with RESP's guidelines concerning the handling and disbursement of funds in the escrow account and confirm the accuracy of charges applied. When submitting a Pennsylvania BWR under Section 6 of RESP, it is essential to include specific information that identifies the account holder, the mortgage loan being referenced, and the purpose of the request. The BWR should be sent in writing, preferably via certified mail with a return receipt requested, to document the communication and establish proof of delivery. By utilizing the Pennsylvania BWR protections provided by RESP, homeowners can secure their rights and ensure fair treatment from mortgage loan services. It empowers individuals to seek the necessary information, address disputes, correct errors, explore loan modification options, and maintain a transparent and accountable relationship with their lenders.
