Mortgages are complex loans that are secured by real estate property “real property.” One law that regulates certain types of consumer mortgages is called the Real Estate Settlement Procedures Act (RESPA). RESPA allows a consumer to send a dispute known as a Qualified Written request to a servicer in order to either request information pertaining to the mortgage or to dispute an error. The Consumer Financial Protection Bureau (CFPB) is a federal government regulatory body in charge of overseeing RESPA. CFPB has created or “promulgated” regulations (which hold the same weight as law when a regulator sues a person or company for violating them.)
Some of the CFPB RESPA regulations spell out in detail what can and cannot be included in a RESPA qualified written request. Additional regulations spell out procedures that a mortgage company must do in order to help a consumer modify a mortgage that is delinquent. These are all procedures that we use in order to help our clients.