How Do I Get Information About My Mortgage?

The new Consumer Financial Protection Bureau (CFPB)has recently enacted some new regulations which increase your access to information about your loan and create a new means for you to report errors related to your loan servicing.

The first process created by the CFPB is called a Request for Information. It can be used to request information or documentation related to your loan, including the origination of the loan and loss mitigation options. This Request for Information, or RFI, can be helpful in a foreclosure defense, as it provides access to a variety of documents before the formal discovery process begins.

The mortgage servicer’s response must include either the information sought through the RFI or an explanation as to why the information is not available. If the request seeks confidential, proprietary, or privileged information, or if it’s overbroad or unduly burdensome, or if it’s duplicative of other requests, the servicer is not required to comply.

The Notice of Error (NOE) is a means for disputing a servicer’s mistake relative to the service of a mortgage loan. Relevant errors include: Mishandling a payment or an escrow, not providing an accurate payoff balance or accurate information about loss mitigation options and foreclosure, failing to timely and accurately transfer information after a servicing transfer, and violating various “dual tracking” protections.

In response to a Notice of Error, mortgage servicers must either correct the error and notify the borrower in writing or, after a “reasonable” investigation, give the borrower a written statement explaining how it determined that no error occurred and indicating that supporting documentation may be requested. Servicers need not comply with dispute notices which are overbroad or duplicative.

No fees can be charged for either an RFI or an NOE. Both can be combined in the same letter. If a servicer has a special address for RFI/NOE receipt, it must be found on its website.

Generally, servicers must acknowledge receipt of an RFI or NOE within 5 business days and respond in writing within 30 business days. Servicers may also request a 15 business day extension in many cases, although certain errors are subject to shorter timelines.

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