A servicer must acknowledge a written request from a borrower within how many days?

A servicer must acknowledge a written request from a borrower within how many days?

• A. 10 days
• B. 5 days
• C. 15 days
• D. 30 days

Answer: (B)

Under the Real Estate Settlement Procedures Act (RESPA), a mortgage servicer is required to acknowledge a written request from a borrower within five business days. This requirement ensures that borrowers are promptly informed that their request is being processed, which is essential for maintaining communication and transparency in the servicing of their loan. This quick acknowledgment helps borrowers feel secure that their concerns or inquiries are being taken seriously and will be addressed in a timely manner. Factors such as the nature of the request (like inquiries about loan terms, payment procedures, or account statements) can impact the urgency of responses, but the five-day acknowledgment timeline is a standardized measure to uphold borrower rights and facilitate effective servicing practices.

Under the Real Estate Settlement Procedures Act (RESPA), a mortgage servicer is required to acknowledge a written request from a borrower within five business days. This requirement ensures that borrowers are promptly informed that their request is being processed, which is essential for maintaining communication and transparency in the servicing of their loan. This quick acknowledgment helps borrowers feel secure that their concerns or inquiries are being taken seriously and will be addressed in a timely manner. Factors such as the nature of the request (like inquiries about loan terms, payment procedures, or account statements) can impact the urgency of responses, but the five-day acknowledgment timeline is a standardized measure to uphold borrower rights and facilitate effective servicing practices.