A servicer receives a borrower's written request for payoff information on Monday. The borrower needs the information for a refinance closing scheduled for the following Friday. When must the servicer provide an accurate payoff statement?
Correct Answer
B) Within 7 business days of the request
Under RESPA Section 6, servicers must respond to borrower requests for payoff information within 7 business days. The timing of the borrower's closing does not accelerate this requirement, though servicers may choose to respond faster as a business practice.
Why This Is the Correct Answer
Under RESPA Section 6, servicers must respond to borrower requests for payoff information within 7 business days. The timing of the borrower's closing does not accelerate this requirement, though servicers may choose to respond faster as a business practice.
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