Consumer Advice, Mortgage Business

New Consumer Rules – Dealing With The Mortgage Servicer

Do you remember when you applied for a mortgage loan?

Then after the closing you got a notice to make your mortgage payments to another company?

Well, this company is called a “mortgage servicer,” meaning that they have been assigned to collect your monthly payments and, if you have an escrow account, pay your taxes and insurance.

I wanted you to know that the Consumer Finance Protection Bureau has some new rules when it comes to calling or writing for information about your account.

Prior to this, there were no “rules” and servicers could take their sweet time (even if they answered at all) to answer your questions and make corrections to your account.

Here’s what they must do now — regardless if you write a letter or contact them by phone or email:

They must “acknowledge” your request (email or letter) within 5 days of receiving it.
Within 30 days, they must:
Provide you with a “written” answer to your inquiry
If they cannot answer within 30 days, they must still send you something in writing that the response will be delayed.
If you want to know the identity of the investor and their address (owner of the loan), the servicer must provide that to you within 10 days.
If the servicer needs more information from you, they must ask you in writing (email) for additional time to answer with 15 days of your request.
They cannot charge you a fee for responding to information requests.
If your mortgage servicing company does not follow the above rules and dates, here’s the contact information to complain to the Consumer Finance Protection Bureau.

855-411-2372 – Consumer Finance Protection Bureau Hot Line
ConsumerFinance.gov/complaint

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