General Information on the RESPA Qualified Written Request:
QUALIFIED WRITTEN REQUEST
A qualified written request is a WRITTEN request that every homeowner can send to their loan servicers to protest billing and accounting issues and to request other relevant information. The rights arises under Section 6 of the Real Estate Settlement and Procedures Act (“RESPA” as they call it).
RESPA: What we do in just about every case is to send in a Qualified Written Request (“QWR”) to the loan servicer and we have them address our legitimate billing and servicing disputes.
INFORMATION WE MAY DEMAND IN OUR QUALIFIED WRITTEN REQUEST:
- life of loan accounting for all payments, including loan payments and escrow payments (a lot of disputes arise here as borrowers often have no idea when or how interest rates on their loan will adjust and they want proof of when the loan actually adjusted, what loan index figure was used in calculating the rate change, and they want to ensure the adjusting of the loan otherwise corresponds with the promissory note they signed). This should not be too much to ask out of these sophisticated financial organizations.
- We may also ask for a copy of your loan documents, such as a copy of the promissory note, deed of trust, adjustable rate riders, truth in lending statements, good faith estimates, loan program disclosures, and other loan documents.
- We might also seek other information depending upon the nature of your case.
WHAT IS THE GOAL OF THE QUALIFIED WRITTEN REQUEST:
- Clarify your billing and accounting issues involving your loan payments
- Put the loan servicer on notice of your legal rights and let them know they have some work they are legally required to perform (sometimes defense can be a good offense)
- Make them potential defendants if they fail to comply with our lawful demands and we are forced to file for an injunction to stop the foreclosure (of course, there must be valid good faith grounds for filing the lawsuit and you may not want to file on RESPA grounds alone – discuss this with your foreclosure defense lawyer).
WHAT MUST THE LOAN SERVICER OR LENDER TO DO COMPLY WITH A QUALIFIED WRITTEN REQUEST?:
- The lender or loan servicer must “acknowledge” your qualified written request (QWR) within 20 days.
- They must respond to your inquiry in 60 days (for example, clarify the issues you put in dispute and provide your requested accounting).
- They must NOT report NEGATIVE CREDIT during the period of the investigation.
HOW OFTEN WITH THE LENDERS OR LOAN SERVICERS RESPOND TO A QUALIFIED WRITTEN REQUEST AND WHAT TPYES OF RESPONSES CAN YOU EXPECT TO A QWR?
What I have seen is what I would call “general” compliance in the area of responding to QWR’s. In a good number of cases you will get a 20 day acknowledgment letter. In most cases, you will get a lackluster response to your QWR, and in my case, they complain that I ask for too much documentation. I usually point out that I have not seen a case that documents limits to what you can demand out of your loan servicer. Finally, from time to time we do have loan servicers that report negative credit information to the major credit bureaus (Trans Union, Equifax, and Experian) during the QWR process which we also reserve the right to sue for in the event litigation is required to vindicate the predatory loan
This page will provide general legal information about the topic of QUALIFIED WRITTEN REQUEST UNDER SECTION 6 OF RESPA and how it may relate to foreclosure defense. All information contained on this website is general in nature, and should not be construed as legal advice or a substitute for legal advice. Although we have tried to be as accurate as possible, the following information may be inaccurate, missing some information, or outdated – as law can frequently change or become modified. If you have questions about your case, please contact a foreclosure defense or bankruptcy lawyer in your area. Please note, comments posted to this blog and emails sent to us are NOT confidential and do not create an attorney-client relationship.