1. A written inquiry not on your payment coupon,
2. sent to the address specified by the servicer for QWR's,
3. with enough information to identify your loan (e.g. loan number, name , address),
4. which seeks information about the application of the scheduled monthly payments.
This form of request will allow the servicer to pull up your account information and answer your question. The essential subject of the QWR is "servicing of the loan" which courts have consistently interpreted to mean inquiries about your monthly payment, This includes escrow payments, late fees, mortgage insurance, NSF fees, prepayments, and requests for an explanation of how payments are calculated.
Notwithstanding internet misinformation, a servicer is not obligated to provide every document in its files or to answer questions about its business practices, contracts securitizations, compliance efforts, etc. A brief, borrower-generated letter inquiring about servicing will always get attention.
How Must a Servicer Respond?
When a servicer receives a genuine QWR, it has 20 business days in which to acknowledge the borrower's inquiry. Within 60 business days the servicer must investigate the borrower's inquiry and:
1. Make the requested correction to the account if warranted and notify the borrower, or
2. Determine that no correction is appropriate and notify the borrower, or
3. Provide the borrower with the explanation and information requested or an explanation as to why that is unavailable.
All communications to borrower should include a telephone number and contact person or department that can provide additional assistance.
This Guide is necessarily brief and is intended to inform borrowers about the QWR process. Servicers are generally open to constructive dialogue with borrowers and have many options to assist borrowers in economic difficulty - the QWR is a very limited tool and is not the best way to resolve inability to pay issues. A QWR does not stop any foreclosure action.
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