If you believe that your mortgage servicing company has made a mistake, you can send that company a letter called a qualified written request. In addition to this, you can use it to inquire about your account and get more information or specifics about it.
What exactly is meant by the term "qualified written request"?
A qualified written request, also known as a QWR, is an official letter that a mortgage borrower sends to their mortgage servicer, which is the company that accepts and processes their monthly mortgage payments. There is no rule that says the company with which you applied for your mortgage loan must also serve as your mortgage servicer. After the closing, mortgage loans are frequently resold to new buyers. The business that is currently receiving your payments is known as your servicer. You are able to make inquiries or submit error reports through the use of QWRs. The Real Estate Settlement Procedures Act, a law that protects mortgage applicants and borrowers, makes provision for qualified residential ratings (QWRs). Using a QWR, you are able to report up to ten different possible errors. These are the following:- Refusing to accept a legitimate form of payment
- A failure to properly apply a payment would be considered.
- Failure to credit payment on or before the date it was received.
- Defaulting on payments of property taxes, insurance, or other escrow costs on your behalf Imposing a fee that is disproportionately high to the service provided
- a failure to provide a payoff amount that is accurate
- failure to provide accurate information regarding loss mitigation and options to avoid foreclosure.
- Inability to transfer information to a new loan servicer in a timely manner or in an accurate manner.
- Violating foreclosure processes
- Incorrectly issuing orders for the foreclosure process.
How does one go about making a Qualified Written Request?
It is necessary for you to locate the correct address for your mortgage servicer in order to send a QWR. Because servicers are permitted under the law to establish specific addresses for the receipt of these requests, it is possible that the location to which you send your payment will not be the same. You will also need to ensure that the following details are included:- Your given name
- A loan identifier (the loan number, for example)
- Specifics with regard to the information that you have requested
An Illustration of a Request in Writing That Is Qualified
Since there is no predetermined format for a QWR, the one you use will be determined by the nature of the error or the information that you seek to obtain. For instance, if you believe that the servicer improperly applied for your payment and, as a result, it is now charging you late fees or initiating a foreclosure, then your QWR might look something like this: Mortgage Servicer, please report to 123 First Street, City, State, and Zip Code. Regarding Anyone It May Concern: In accordance with Section 2605 of the Real Estate Settlement and Procedures Act, I would like some more information about loan 1234567. (e). I believe that recent payments to this account have not been properly applied or in a timely manner and that subsequent late fees and foreclosure notices have been sent in error. In addition, I believe that this account has been incorrectly charged for foreclosure. In light of this, I would like to find out the following information: The payment history includes every date, amount, and payment that has been made on loan up until this point. A breakdown, item by item, of all of the allegedly applicable late fees and penalties substantiation or an explanation of any amounts that are rumored to be past due or delinquent. Kindly acknowledge that you have received this request. I eagerly anticipate hearing from you within the next month with your response. Sincerely, Name and Address with the Loan NumberHow to Make a Request in Writing That Is Considered Qualified
There is no fee that must be paid in order for a mortgage borrower to be able to write and submit a qualified written request on their own, and they are free to do so. You will only be required to write the letter, provide specifics regarding the information and errors that you are requesting, and include identifying information such as your name, address, and loan number. Make sure that you look up the correct address for your servicer before you send your QWR to them. There may be a specific address that all QWRs need to be sent to, so it is important that you do this.Key Takeaways
- Written requests that meet certain criteria can be submitted to mortgage servicers in order to make a request for information or to report an error.
- Borrowers are exempt from having to pay a fee or hire someone else in order to have these documents submitted.
- It is required of service providers that they respond to QWRs in a timely manner.
- It is common practice for service providers to assign unique addresses to QWRs; therefore, before you send one, you should verify these details with your provider.
