Mortgage Servicing and Loan Modifications: 6.4.5.3 RESPA Provision Requires Servicers to Provide Information About Loan Accounts and to Correct Errors
The Real Estate Settlement Procedures Act (RESPA) mandates that loan servicers respond to borrowers who have disputes about their accounts, make corrections to their accounts when appropriate, and respond to requests for information regarding the account.72 These written communications are referred to in the statute as “qualified written requests.” Under RESPA, borrowers in default can challenge the amount of the claimed default and require the servicer to provide information or correct an error within certain timelines.