Let’s declare September 18th to be National Qualified Written Request Day and encourage every homeowner to send a QWR to their mortgage servicers; in honor of the Bear Sterns collapse that lead to the mortgage debacle. Copies to the White House and Congress would also be a nice touch.
The Real Estate Settlement Procedures Act (“RESPA”)
“Section 6 of RESPA provides borrowers with consumer protections relating to the servicing of their loans. If a borrower sends a “qualified written request” to his loan servicer concerning the servicing of the loan, the servicer must provide a written acknowledgment within 20 business days of receipt of the request. Not later than 60 business days after receiving the request, the servicer must make any appropriate corrections to the borrower’s account, and must provide a written clarification regarding any dispute. During this 60-day period, the servicer may not provide information to a consumer reporting agency concerning any overdue payment related to such period or qualified written request.
