A borrower-facing employee is unsure what to do when a borrower sends a written request for information to the servicer-designated address. What is the correct response?
Correct Answer
A) Acknowledge receipt within five business days
Lines 33-41; 12 CFR 1024.36(c). Regulation X has a specific five-day acknowledgment duty for qualifying information requests. Therefore, the correct response is "Acknowledge receipt within five business days".
Why This Is the Correct Answer
Lines 33-41; 12 CFR 1024.36(c). Regulation X has a specific five-day acknowledgment duty for qualifying information requests. Therefore, the correct response is "Acknowledge receipt within five business days".
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