QWR — 12 U.S.C. 2605(e) -Nice outline

14 Jul    Home Buyer News

Providing Information to credit reporting agencies plaintiffs further allege that Chase violated RESPA by furnishing adverse information to 3 credit reporting agencies. Plaintiffs do not allege that any report was made during the 60-day post- 4 QWR statutory prohibition on furnishing such information. 12 U.S.C. 2605(e)(3).

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Except as provided under subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not less than 15 days before the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).

12 U.S.C. 2605(e)(1)(B). A mortgage servicer must confirm receipt of a QWR and, within thirty days, investigate whether any errors exist and respond with its findings.

12 C.F.R. 1024.36 outlines requests for information, under which a servicer must provider certain requested information pursuant to a QWR. Pursuant to 12 U.S.C. 2605(e), "Duty of loan servicer to respond to borrower inquiries," any loan servicer of a federally related mortgage loan who receives a qualified written response from a borrower.

In addition, the QWR must include or otherwise enable the servicer to identify the name and account of the borrower. Id. Upon receipt of a QWR, a servicer must provide a written response acknowledging receipt of the QWR within twenty days. 12 U.S.C. 2605(e)(1)(A).

Within 60 days of receipt of a QWR, the 5 servicer must either make appropriate corrections to the borrower’s account or, after investigation, provide a written explanation including a statement of reasons the servicer believes the account is correct or any other information requested by the borrower. See 12 U.S.C. 2605(e)(2).

A QWR is defined in RESPA, 12 U.S.C. 2605(e)(1)(B), as: a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer that (i) includes, or otherwise enables the servicer to identify, the name and account of the borrower; and (ii) includes a statement of the

Section 6(e) of RESPA, 12 U.S.C. 2605(e), imposes requirements on a loan servicer whenever it receives a "qualified written request" (QWR) from the borrower (or the borrower’s agent). A QWR must be in writing on something other than a payment coupon or other payment medium supplied by the servicer.

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