RESPA: Qualified Written Request or Complaint Letter to Lenders

Home

RESPA: Qualified Written Request or Complaint Letter to Lenders

7/13/2008, 8:06 am

Homebuyer complaints about the slow responses of mortgage companies to borrowers’ requests for information about problems with their mortgage loan appear daily in the media. This morning’s New York Times has “The Silence of the Lenders” which offers a suggestion by Mr. Moe Bedard, president of Loan Safe Solutions, which may make your pen mightier than a telephone or email.

Mr. Bedard describes the use of a “qualified written request under Section 6 of Respa”. RESPA is the “Real Estate Settlement Procedures Act”, a Federal law which protects borrowers from unlawful activity by lenders.

The U.S. Department of Housing and Urban Development offer a sample qualified written request letter that shows what information must be included in your qualified written request for information. The sample letter is here:

HUD RESPA Sample Written Complaint to Lender Letter

The benefit for borrowers? Under Section 6 of RESPA lenders and loan services are required to acknowledge your request within 20 business days and must try to resolve the issue within 60 business days.

It’s important to remember that your qualified written request for information must not be included with your payment. It should be sent, instead, to your lender’s customer service address. You should also continue to make your required mortgage and escrow payments.

To learn more about RESPA, visit http://www.hud.gov/offices/hsg/sfh/res/respareg.cfm

Share This Post ...