A borrower sends a written request for the name and address of the owner of her loan. It arrives 4 June. For a valid written owner-identification request, what is the ordinary response deadline?
Correct Answer
B) Answer within 10 business days: that request has its own short clock
B. The ordinary substantive response period is 10 business days. Classify the request before choosing a deadline: the borrower asks who owns the loan. Owner-identification requests have a shorter response period than other information requests. Count from receipt, excluding Saturdays, Sundays and legal public holidays. Scope and exceptions: The stem assumes a valid request. A calendar due date cannot be computed from “June 4” without a year and holiday calendar; acknowledgment is also subject to applicable exceptions. Source: 12 CFR 1024.36(c), (d)(2)(i), (e) — https://www.consumerfinance.gov/rules-policy/regulations/1024/36/
Why This Is the Correct Answer
B. The ordinary substantive response period is 10 business days. Classify the request before choosing a deadline: the borrower asks who owns the loan. Owner-identification requests have a shorter response period than other information requests. Count from receipt, excluding Saturdays, Sundays and legal public holidays. Scope and exceptions: The stem assumes a valid request. A calendar due date cannot be computed from “June 4” without a year and holiday calendar; acknowledgment is also subject to applicable exceptions.
Why the Other Options Are Wrong
Option A: Answer within 30 business days, as with any other information request
30 business days is the ordinary period for other information requests, not this category.
Option C: No answer is owed, since ownership is not information the borrower needs
Owner or assignee identification is expressly covered by the rule.
Option D: Answer within 5 business days, the acknowledgement period for errors
Five business days concerns acknowledgment; it is not the ordinary substantive-response deadline asked here.
Exam Tip
Separate acknowledgment from the substantive answer: identify the request category first.
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