I am disputing the servicing methods of Ocwen FSB for placing forced placed insurance for 60K when the loan balace is 9K, paying old city taxes out of my escrow account and increasing my payment by $400 per month to cover their mistakes. I have just received a letter stating that they have 60 days not 30 to get back to me under Real Estate Settlement Procedures Act (RESPA). Has anyone ever heard of this.
Yep, it's administered and enforced through HUD. FCRA and RESPA provisions don't conflict however. Sassy Here's the RESPA link for your mortgage company: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm And their sample letter for getting a required accounting, you could combine that with the requirements of the FCRA for reporting using one of the letters in the link above for OC's as a template: Attention Customer Service: Subject: [Your loan number] [Names on loan documents] [Property and/or mailing address] This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA). I am writing because: Describe the issue or the question you have and/or what action you believe the lender should take. Attach copies of any related written materials. Describe any conversations with customer service regarding the issue and to whom you spoke. Describe any previous steps you have taken or attempts to resolve the issue. List a day time telephone number in case a customer service representative wishes to contact you. I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days. Sincerely, [Your name] REMEMBER: This letter SHOULD NOT be included with your mortgage payment, but should be sent separately to the customer service address. You SHOULD continue to make the required mortgage and escrow payment until the request is resolved. AND: Duty of Loan Servicer to Respond to Complaints. If you have questions or problems with the servicing of your loan, the servicer is required to respond to you. Write to your servicer and call it a "qualified written request under Section 6 of RESPA." It should be a separate letter and not mailed with your payment. The mortgage servicer must respond to you within 60 business days of receipt. (See Sample Written Complaint to Lender.) Loan Transferred to New Servicer. Your loan servicer is required to notify you in writing at least 15 days before the servicing of your loan is transferred to a new servicer. The notice must include the following information: The effective date of the transfer, the date your current servicer will stop accepting payments and the date the new servicer will begin accepting them. The name, address, and toll-free or collect call telephone number for the new servicer. Information that tells whether you can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, you must take to maintain coverage. A statement that the transfer of servicing does not affect any term or condition of your mortgage documents other than the terms directly related to the servicing of the loan. Treatment of Payments During Transfer Period. During the 60-day period beginning on the effective date of the transfer, the payment may not be treated as late if you mistakenly send it to the old mortgage servicer instead of the new one. Escrow Account. RESPA does not require that you maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc. Nor does RESPA have any jurisdiction over the decision of the lender or servicer to require or terminate an escrow account. RESPA does, however, provide you with the following protections with regard to the escrow account: If your lender or mortgage servicer requires you to maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc., RESPA requires that the servicer pay such items by the dates due to avoid a penalty or late charge. RESPA sets limits on the maximum amount of money the servicer may require you to maintain and pay in the escrow account. (More information about escrow accounts, including how to calculate the maximum amount RESPA allows the lender to require in the escrow account.) PMI (Private Mortgage Insurance). RESPA has no jurisdiction over the lender's decision to require PMI. Nor does it have any jurisdiction over the lender's decision to cancel PMI. (The PMI Act provides information regarding cancellation of PMI.)
