A borrower submits a qualified written request (QWR) asking why their loan was transferred to a new servicer without proper notice. The current servicer, who was not the transferring servicer, must:
Correct Answer
B) Respond within 30 business days with available information
Under RESPA Section 6, the current servicer must respond to QWRs within 30 business days (or 60 days if corrective action is needed) regardless of whether they were involved in the original transaction. They must provide whatever information they have available and cannot simply decline to respond.
Why This Is the Correct Answer
Under RESPA Section 6, the current servicer must respond to QWRs within 30 business days (or 60 days if corrective action is needed) regardless of whether they were involved in the original transaction. They must provide whatever information they have available and cannot simply decline to respond.
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A lender receives a mortgage application where the applicant lists 'homemaker' as their occupation but provides no income information. The spouse works and will be a co-borrower. The lender requests income documentation from the homemaker applicant. This request:
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