A servicer receives a valid written request for the identity and contact details of the mortgage loan's owner. It supplies the information on the 11th day after receipt, counting neither Saturdays, Sundays nor legal public holidays. No exception applies. Was its response timely?
Correct Answer
C) Late: the owner identity is answered within 10 business days
C. A response on the eleventh counted day misses the ten-day deadline. Requests identifying the owner or assignee use the shorter response period. The general extension is unavailable for this category. Scope and exceptions: The question assumes a valid covered request and no exception. A complete qualifying response within five days can satisfy the alternative-compliance provision; that does not make five days the ordinary final-response limit. Source: Section 1024.36(c), (d)(2), (e) — https://www.consumerfinance.gov/rules-policy/regulations/1024/36/
Why This Is the Correct Answer
C. A response on the eleventh counted day misses the ten-day deadline. Requests identifying the owner or assignee use the shorter response period. The general extension is unavailable for this category. Scope and exceptions: The question assumes a valid covered request and no exception. A complete qualifying response within five days can satisfy the alternative-compliance provision; that does not make five days the ordinary final-response limit.
Why the Other Options Are Wrong
Option A: On time: the servicer had 30 business days to supply the name
Thirty days is the general period for other information requests.
Option B: On time, as no deadline applies to a request for information
The regulation imposes a response deadline.
Option D: Late: the servicer had 5 business days to identify the owner
Five days ordinarily governs acknowledgment, not this final response deadline.
Exam Tip
Separate acknowledgment from substantive response, and identify the request category.
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