What To Do if You Have Questions about Your Loan

Servicing information and errors

If you have a question any time during the life of your loan, or if you believe your servicer has made an error, you can send the company a written request for information or notice of an error, as explained below. The company is required to respond to you. For more information and sample letters to your mortgage servicer, go to consumerfinance.gov/mortgage.

Payoff Statements

You can find out how much you would need to pay to fully pay off your loan by sending a written request for this information to your servicer. This is called a request for a payoff statement. In most cases the servicer has to send you a payoff statement within seven business days of receiving your request.

Requests for Information

If you need information about your loan, you can send your servicer a written request for information that states your name, identifies your mortgage loan, and says what information you need with respect to your mortgage loan. Your request should be a separate letter and should not be written on or mailed with your payment coupon or other payment form supplied by your servicer.

If the servicer gave you an address to use for information requests, you must use that address; this could be different than the address where you send your payments. The servicer must send you a written acknowledgement within five business days of getting your information request. For most requests, within 30 business days your servicer must investigate and respond to you. Your servicer must respond within 10 business days if your request was for contact information about the owner of your loan.

Resolving Errors Your Servicer Made

If you believe your servicer has made an error, you should send your servicer a written notice that states your name, identifies your mortgage loan, and describes the error you believe your servicer has made. Examples of errors include when the servicer does not apply your payment correctly, charges improper fees, gives you inaccurate information about foreclosure avoidance options, starts a foreclosure or foreclosure sale in violation of the loss mitigation rules, or makes an error relating to the servicing of your mortgage loan.

Your error notice should be a separate letter and should not be written on or mailed with a payment coupon or other payment form supplied by your servicer. If the servicer gave you an address to use for error notices, you must use that address; this could be different than the address where you send your payments.

The servicer must send you a written acknowledgement within five business days of getting your letter. For most errors, within 30 business days the servicer must investigate and make appropriate corrections or let you know there were no errors and how you can get more information. The servicer must respond within seven business days if the error you wrote about is that the servicer failed to provide you with a payoff statement.

Your servicer is not allowed to charge you a fee for responding to requests for information or for correcting errors unless your request is for a beneficiary notice (if a fee is permitted under applicable law).

Consumer Protections

Federal law provides you with certain consumer protections during the loan process and during the servicing of your loan after settlement. For example, protections apply in circumstances that include the following:

1. 1. your lender charged you more than the allowable tolerances at settlement and failed to reimburse you;
   2. one of your settlement service providers paid or received a fee or kickback for referring business to someone;
   3. you were required to use a company that was affiliated with your real estate agent, builder, or loan originator;
   4. your loan servicer fails to timely pay your taxes and insurance premiums;
   5. your loan servicer does not respond to a request for information or a notice of error that you sent to your servicer;
   6. your loan servicer charged you for insurance you don’t need or over-charged you for force-placed insurance.

If any of these occurred, or you have other concerns related to your mortgage, reach out to Choice Lending Corp of Downey. Call a lender or mortgage broker today at (877) 777-1203.