When a borrower submits a qualified written request (QWR) regarding their loan servicing, the servicer must respond within how many business days?
Correct Answer
D) 60 business days
Under RESPA Section 6, servicers must respond to qualified written requests within 60 business days of receipt, either correcting the account or providing a written explanation.
Why This Is the Correct Answer
Under RESPA Section 6, servicers must respond to qualified written requests within 60 business days of receipt, either correcting the account or providing a written explanation.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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