How many business days does a servicer have to respond to a "qualified written request" regarding a borrower's account?

How many business days does a servicer have to respond to a "qualified written request" regarding a borrower's account?

• A. 15 business days
• B. 30 business days
• C. 45 business days
• D. 60 business days

Answer: (B)

A servicer is required to respond to a "qualified written request" (QWR) regarding a borrower's account within 30 business days. This requirement is established by the Real Estate Settlement Procedures Act (RESPA), which aims to protect consumers by regulating mortgage servicing practices. A QWR is a written communication from a borrower that requests information related to the servicing of their loan, and the timely response is crucial in addressing borrower concerns and maintaining transparency in the loan servicing process. While other timeframes exist in different contexts, the 30-business-day period is specifically tied to the requirements for responding to QWRs, emphasizing the importance of prompt communication between servicers and borrowers to foster trust and effective resolution of issues.

A servicer is required to respond to a "qualified written request" (QWR) regarding a borrower's account within 30 business days. This requirement is established by the Real Estate Settlement Procedures Act (RESPA), which aims to protect consumers by regulating mortgage servicing practices. A QWR is a written communication from a borrower that requests information related to the servicing of their loan, and the timely response is crucial in addressing borrower concerns and maintaining transparency in the loan servicing process.

While other timeframes exist in different contexts, the 30-business-day period is specifically tied to the requirements for responding to QWRs, emphasizing the importance of prompt communication between servicers and borrowers to foster trust and effective resolution of issues.