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Ask and You Shall Receive

On January 10, 2014, new mortgage servicing rules went into effect under Regulation X and Regulation Z, the implementing regulations of the Real Estate Settlement Procedures Act ("RESPA") and the Truth in Lending Act ("TILA") respectively. These new rules provide for a more effective and less tedious means for a consumer to seek information about their mortgage loans. Specifically, these regulations allow for a consumer to contact their loan servicer to inquire about specific information about their loan or to assert an error, which they believe has resulted. Upon receipt of these requests, servicers must acknowledge receipt of the inquiry in writing with five business days and provide a response within thirty business days. So, next time you have a concern about a recent mortgage statement you received or merely have a question relating to the servicing of your loan, don't sit back and ponder – send your loan servicer a written letter. It's your right to know. Many servicers designate specific addresses to contact them on the back of your mortgage statements. If you cannot locate that address, conduct a simple search for their website online. For more information about the new regulations, visit