Information Requests Policy
Be it resolved that this is the policy of [INSERT BANK NAME] to maintain maximum compliance with the Information Request provisions of The Real Estate Settlement Procedures Act (RESPA).
Compliance with the RESPA requirements regarding requests for information shall include but will not be limited to:
1. [Accepting information requests at all locations] or [Informing borrowers of a designated address to be used to submit information requests.]
2. Promptly responding to information requests on closed-end mortgage loans subject to RESPA.
3. Required for large servicers: [Keeping borrowers informed of their rights to submit information requests and the process for doing so.]
4. Required for large servicers: [Informing borrowers who are not satisfied with the resolution of a verbal information request of their rights to submit a written information request and the process for doing so.]
5. Required for large servicers: [Maintaining records in accordance with regulatory requirements.]
This policy was approved by the Board of Directors of [INSERT BANK NAME] on [INSERT DATE].
______
Secretary Board Chairman
Procedures for Information Requests
General:
[INSERT BANK NAME] will:
[Include as applicable]
1. [Accept information requests at all locations] or [Inform borrowers of a designated address to be used to submit information requests.]
2. Promptly respond to information requests on closed-end mortgage loans subject to The Real Estate Settlement Procedures Act (RESPA) which will include, as applicable:
a. Providing written acknowledgement;
b. Providing the requested information and notification to the borrower; and/or,
c. Conducting a reasonable search for the information and providing notification the information is not available.
3. Required for large servicers: [Keep borrowers informed of their rights to submit information requests and the process for doing so.]
4. Required for large servicers: [Inform borrowers who are not satisfied with the resolution of a verbal information request of their rights to submit a written information request and the process for doing so.]
5. Required for large servicers: [Maintain records for a minimum of one year after a mortgage loan is paid/discharged or servicing is transferred.]
Covered Requests:
[INSERT BANK NAME] must respond to written requests for information received on closed-end mortgage loans subject to RESPA.
Exceptions:
These procedures are not required for payoff requests or information requests submitted on payment coupons.
Customer Notification:
Include as applicable:
[[INSERT BANK NAME] will accept information requests at all locations. Promptly upon receipt, notifications should be forwarded to (Department) to ensure proper and timely resolution.]
Or
[The Bank has designated a specific address for receiving information requests. This address, (exclusive address or location), must be disclosed to borrowers on the following:
1. The initial written notification that includes a statement that the address must be used to request information;
2. [Any required periodic statement or coupon book];
3. The bank website;
4. [The 45-day early intervention notice for delinquent borrowers under §1024.39]; and,
5. [Any loss mitigation communication under §1024.41].
Written notification must be provided to borrowers prior to any change in this address.] Note: If designating a specific address, the same address must be used for error notices under §1024.35.
The request MUST include:
1. The borrower’s name;
2. Information to identify the loan subject to the request; and,
3. The information requested.
Required for Large Servicers:
[INSERT BANK NAME] will ensure borrowers remain informed of their rights to submit information requests and the process for doing so. Thus, the bank will provide notification [on the bank’s website] or [on other notice, mailed or delivered electronically]. (Note: For example, a bank could include on their periodic statements that borrowers have certain rights under Federal law related to resolving errors and requesting information about their account, and that they may learn more about their rights by contacting the servicer, and a statement directing borrowers to a website that provides a description of the procedures…This requirement may also be satisfied by describing the procedures with the initial notification of an exclusive address.)
Required for Large Servicers:
[Information on a borrower’s rights to submit information requests and the process for doing so should also be provided during verbal communications with borrowers who may benefit from the process, especially during communication with borrowers dissatisfied with a previously submitted verbal information request.]
Response Requirements:
As applicable, upon receipt of an information request, [INSERT BANK NAME] must:
1. Provide written acknowledgement to a borrower of receipt of the request within five days (excluding Saturdays, Sundays and holidays). However, if the requested information and contact information (including a phone number) for additional assistance is provided in writing within five days (excluding Saturdays, Sundays and holidays) of receipt of the information request, no separate acknowledgement is required to be provided to the borrower.
2. Provide the requested information and contact information (including a phone number) for additional assistance in writing; and/or,
3. Conduct a reasonable search and provide written notification that the bank has determined the information is not available, the reasons for this determination and contact information (including a phone number) for additional assistance.
The bank must generally complete the above requirements no later than 30 days (excluding Saturdays, Sundays and holidays) after receipt of the information request. This timeframe may be extended an additional 15 days (excluding Saturdays, Sundays and holidays) if the borrower is notified in writing within the first 30 days of the extension and the reasons for it.
However, for requests pertaining to the identity, address, or other contact information for the owner or assignee of a loan, the bank must respond no later than 10 days (excluding Saturdays, Sundays and holidays) after receipt of the request. This timeframe may not be extended.
Restrictions:
The bank may not charge any fee or require any payment be made as a condition of responding to an information request.
The bank is not prohibited from furnishing adverse credit information to any consumer reporting agency or pursuing any other legal remedies otherwise allowed while responding to an information request.
Requests that are Duplicative, Confidential, Proprietary, Privileged, Irrelevant, Overbroad/Unduly Burdensome, and/or Untimely:
[INSERT BANK NAME] is not required to follow these requirements if the information request is:
1. Duplicative of a prior request that the bank has already responded to;
2. Requesting confidential, proprietary, or privileged information;
3. Irrelevant in that the requested information has no direct relation to the borrower’s loan;
4. Overbroad or unduly burdensome in that an unreasonable volume of information or documentation is requested (such as requests for information on all aspects of servicing for a loan or information requested in a specific format); or,
5. Untimely in that it is received more than one year after servicing is transferred or the loan is paid/discharged.
However, if an information request is determined to be duplicative, requesting confidential, proprietary, or privileged information, irrelevant, overbroad, unduly burdensome or untimely, written notification must be provided to the borrower no later than five days (excluding Saturdays, Sundays and holidays) after making the determination. The notification to the borrower must describe why this determination has been made.
Record Retention
Required for large servicers: [Records shall be maintained for a minimum of one year after a loan is paid/discharged or servicing is transferred.]
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