What is the difference between this NC “request for information” and the federal “qualified written request” or QWR?
A “qualified written request” (QWR) is part of federal law under Section 6 of the Real Estate Settlement Procedures Act (RESPA). A homeowner writes a QWR to his/her servicer outlining any problems with the servicing of their loan (including escrow account questions). The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, homeowners should continue to make the servicer’s required payment. North Carolina’s request for information is, in essence, a state version of federal law’s qualified written request. Servicers have to respond much more quickly to a request for information under NC law than they do under federal law. In addition, the NC Attorney General and Commissioner of Banks may enforce the NC provision and NC borrowers can bring legal action, providing
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