Current through Register Vol. 24-18, September 15, 2024
(1) You must make a
reasonable attempt to comply with a borrower's request for information about
the residential mortgage loan account, including a request for information
about loss mitigation, and to respond to any dispute initiated by the borrower
about the loan account. A reasonable attempt includes, but is not limited to:
(a) Maintaining written or electronic records
of each written request for information involving the borrower's account until
the residential mortgage loan is paid in full, sold, or otherwise
satisfied;
(b) Providing a written
statement to the borrower within thirty business days of receipt of a written
request from the borrower, or by following the response timelines for any loss
mitigation program. The borrower's request must include the name and account
number, if any, of the borrower, a statement that the account is or may be in
error, and sufficient detail regarding the information sought by the borrower
to permit the servicer to comply.
(2) You must provide at a minimum the
following information:
(a) Whether the account
is current or, if the account is not current, an explanation of the default and
the date the account went into default;
(b) The current balance due on the
residential mortgage loan, including the principal due, the amount of funds, if
any, held in a suspense account, the amount of the escrow balance known to the
servicer, if any, and whether there are any escrow deficiencies or shortages
known to the servicer;
(c) The
identity, address, and other relevant information about the current holder,
owner, or assignee of the residential mortgage loan; and
(d) The telephone number and mailing address
of an individual servicer representative with the information and authority to
answer questions and resolve disputes.
(3) You must promptly correct any errors and
refund any fees assessed to the borrower resulting from an error you
made.
(4) If the content of your
response meets the requirements under RESPA for a response to a qualified
written request, you will be deemed in compliance with the content requirements
of this subsection. You must still comply with subsection (3) of this
section.
(5) In addition to the
statement described in subsection (1)(b) of this section, a borrower may
request more detailed information from a servicer, and the servicer must
provide the information within fifteen business days of receipt of a written
request from the borrower. The request must include the name and account
number, if any, of the borrower, a statement that the account is or may be in
error, and provide sufficient detail to the servicer regarding information
sought by the borrower. If requested by the borrower, this statement must also
include:
(a) A copy of the original note, or
if unavailable, an affidavit of lost note, with all endorsements; and
(b) A statement that identifies and itemizes
all fees and charges assessed under the loan servicing transaction and provides
a full payment history identifying in a clear and conspicuous manner all of the
debits, credits, application of and disbursement of all payments received from
or for the benefit of the borrower, and other activity on the residential
mortgage loan including escrow account activity and suspense account activity,
if any.
(c) The period of the
account history shall cover at a minimum the two-year period prior to the date
of the receipt of the request for information. If the servicer has not serviced
the residential mortgage loan for the entire two-year time period, the servicer
must provide the information going back to the date on which the servicer began
servicing the home loan and identify the previous servicer, if known. If the
servicer claims that any delinquent or outstanding sums are owed on the home
loan prior to the two-year period or the period during which the servicer has
serviced the residential mortgage loan, the servicer must provide an account
history beginning with the month that the servicer claims any outstanding sums
are owed on the residential mortgage loan up to the date of the request for the
information.
(d) If the borrower
requests this statement, you must provide it free of charge; but the borrower
is only entitled to one free statement annually. If the borrower requests more
than one statement annually, you may charge thirty dollars for the second and
subsequent statements.
