Requests For Information
Unearthing Critical Mortgage Details for Informed Decision-Making
McDonnell Property Analytics (“MPA”) provides invaluable Request for Information services that are fundamental to the document-gathering process and serve as prerequisites for many of our other services.
Our team of experts has developed three single-issue Request for Information letters specifically tailored to sections of the Real Estate Settlement Procedures Act (“RESPA”). These requests empower us to secure essential documents and data required to comprehensively assess the status of our clients’ mortgage loan accounts:
Request for Information
Mortgage Loan Owner Identity - Pursuant to RESPA and Regulation X, 12 C.F.R. § 1024.36(d)(2)(i)(A) and under § 1641(f)(2) of the Truth in Lending Act, we seek to uncover the identity of the current mortgage loan owner.
Request for Information
Mortgage Ownership and Transfer History - Aligned with Regulation X, 12 C.F.R. § 1024.36(d)(2)(i)(B), we delve into the history of prior mortgage owners and transfers in servicing rights.
Request for Information
Servicing File Examination - We initiate a request for the servicing file in accordance with 12 C.F.R. § 1024.38(c)(2), Servicing File, to glean crucial insights.
While clients retain the right to send requests for information independently, navigating the regulatory intricacies can be daunting. Clients often lack the expertise to challenge non-compliant servicers effectively. MPA streamlines this process through our proven protocol. We send all Requests for Information via U.S.P.S. Certified Mail Return Receipt Requested, allowing us to meticulously track when these letters are dispatched and received.
Regulation X imposes strict response deadlines, which we vigilantly monitor on behalf of our clients. Failure to comply with these deadlines constitutes a RESPA violation. For example, servicers must acknowledge receipt of a request for information within five (5) business days. Responses to requests for mortgage owner identity must be provided within ten (10) business days, while all other requests are expected to be addressed within thirty (30) business days, unless the servicer requests a 15-day extension.
Upon receiving responses to our Requests for Information, we methodically scan and compile the documents into an electronic file. This file is then emailed to you, accompanied by a comprehensive chart detailing our requests, the servicer’s responses, and potential regulatory violations. Often, a single piece of information or document we obtain can significantly impact the outcome of client litigation or negotiation efforts.
Case Studies – Illuminating the Power of Information
Case Study – Defective Paragraph 22 Notice of Default
Our Massachusetts Clients reached out to us urgently to prevent a post-foreclosure eviction. By sending Request for Information letters as described above, we received two pre-acceleration Notices of Default. These notices, however, failed to strictly comply with the language of paragraph 22 of the Mortgage, a condition precedent to foreclosure. A similar case in the Massachusetts Supreme Judicial Court established that such a defect rendered the lender’s foreclosure void. In addition, our Financial Forensics Examination revealed inaccuracies in the Notices, further bolstering our grounds to dismiss the eviction action and void the foreclosure.
Case Study – Theft by Deception
Our Connecticut Clients sought assistance after a judgment of strict foreclosure was issued five years prior. They had tried unsuccessfully to reopen the judgment, arguing that they were not in default when the foreclosure complaint was filed. Our Request for Information letters unearthed an account summary that showed payments were received but not properly credited to principal or interest. A Financial Forensics Examination we conducted revealed that our Clients had made substantial payments that the servicer did not credit to their mortgage loan. This ongoing matter is currently under appeal.
Case Study – Double Jeopardy
Our Colorado Client initiated a lawsuit against their mortgage lender and successors in interest in 2011 to ascertain the true owner of their mortgage loan. Our involvement began in 2016, with the issuance of a Request for Information for the identity of the mortgage owner. The servicer’s response, however, provided conflicting information. After more than a decade of litigation, this dispute remains unresolved as of November 2021.
The Crucial Importance of Asking the Right Questions
These case studies underscore the significance of crafting precise Request for Information pursuant to the Real Estate Settlement Procedures Act. MPA’s meticulously designed protocol ensures the procurement of relevant documentation and adherence to the stringent timing requirements mandated by Regulation X. By navigating the complexities of RESPA on behalf of our clients, we empower them with the information needed to make informed decisions and advocate for their rights effectively.
Learn more about McDonnell Property Analytics
To learn more about how McDonnell Property Analytics may be of assistance to you, please explore our website and check out our case studies. You can contact us at (774) 323-0892.
