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.
Washington Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a powerful tool that allows consumers in Washington state to seek information or clarification regarding their mortgage loans from their loan service. A BWR is a written request sent by the borrower to the loan service, explicitly stating the identified errors, seeking answers, or requesting information related to the loan. Under Section 6 of RESP, the borrower has the right to send a Washington BWR to address various concerns and obtain essential information from the loan service. Here are some types of Washington BWR that can be submitted: 1. General Loan Information: A borrower can file a Washington BWR to request basic details about their mortgage loan, including the loan balance, interest rate, payment history, loan type, and any additional fees or charges. 2. Escrow Account: If there are questions or concerns related to the escrow account, a borrower can submit a Washington BWR to inquire about the escrow reserves, analysis statements, or any other relevant information. 3. Loan Modification or Workout Options: If a borrower is facing financial hardship and wants to explore loan modification or other workout options, a Washington BWR can be sent to the loan service to obtain information regarding eligibility criteria, required documents, or available programs. 4. Loan Servicing Errors: A borrower can submit a Washington BWR if they believe there are errors in the loan servicing, such as misapplied payments, incorrect interest rate adjustments, unauthorized fees, or inaccurate account statements. The request seeks clarification or resolution of these errors. 5. Foreclosure Process: In case of pending foreclosure or concerns regarding the foreclosure process, a Washington BWR can be used to request information about the foreclosure timeline, foreclosure fees, potential options to avoid foreclosure, or to challenge any irregularities in the process. 6. Qualified Written Request under Dual Tracking Protections: If a borrower is seeking protection under the dual tracking provisions, which prevent foreclosure while a loan modification application is under review, a Washington BWR can be submitted to ensure compliance and to gather necessary details to exercise their rights. It is essential for borrowers to understand that submitting a Washington BWR under Section 6 of RESP can trigger specific obligations on the loan service to investigate and respond within a specified timeframe. This empowers the borrower to protect their rights and resolve any concerns they may have regarding their mortgage loan.Washington Qualified Written Request (BWR) under Section 6 of the Real Estate Settlement Procedures Act (RESP) is a powerful tool that allows consumers in Washington state to seek information or clarification regarding their mortgage loans from their loan service. A BWR is a written request sent by the borrower to the loan service, explicitly stating the identified errors, seeking answers, or requesting information related to the loan. Under Section 6 of RESP, the borrower has the right to send a Washington BWR to address various concerns and obtain essential information from the loan service. Here are some types of Washington BWR that can be submitted: 1. General Loan Information: A borrower can file a Washington BWR to request basic details about their mortgage loan, including the loan balance, interest rate, payment history, loan type, and any additional fees or charges. 2. Escrow Account: If there are questions or concerns related to the escrow account, a borrower can submit a Washington BWR to inquire about the escrow reserves, analysis statements, or any other relevant information. 3. Loan Modification or Workout Options: If a borrower is facing financial hardship and wants to explore loan modification or other workout options, a Washington BWR can be sent to the loan service to obtain information regarding eligibility criteria, required documents, or available programs. 4. Loan Servicing Errors: A borrower can submit a Washington BWR if they believe there are errors in the loan servicing, such as misapplied payments, incorrect interest rate adjustments, unauthorized fees, or inaccurate account statements. The request seeks clarification or resolution of these errors. 5. Foreclosure Process: In case of pending foreclosure or concerns regarding the foreclosure process, a Washington BWR can be used to request information about the foreclosure timeline, foreclosure fees, potential options to avoid foreclosure, or to challenge any irregularities in the process. 6. Qualified Written Request under Dual Tracking Protections: If a borrower is seeking protection under the dual tracking provisions, which prevent foreclosure while a loan modification application is under review, a Washington BWR can be submitted to ensure compliance and to gather necessary details to exercise their rights. It is essential for borrowers to understand that submitting a Washington BWR under Section 6 of RESP can trigger specific obligations on the loan service to investigate and respond within a specified timeframe. This empowers the borrower to protect their rights and resolve any concerns they may have regarding their mortgage loan.
