Loan Servicing Information Requests & Errors

For questions regarding your loan, or if you believe an error was made, you can send a written notice to your loan servicer. More so, the servicer is required to respond to you.

Payoff statements

By sending a request for a payoff statement, you can learn how much you need to fully pay off your loan. In most cases, the servicer must respond in seven business days of receiving your request.

Information Requests

For information on your loan, you can send a separate letter to your servicer, listing your name, mortgage loan, and the desired information. Please be aware that the address for information requests may be different from the billing address. Within five days, your loan servicer must send you a written acknowledgement of your request. The servicer must send you a written acknowledgement within five business days of getting your information request. Additionally, most requests require a 30-day investigation and follow-up period. However, if your request was merely for contact information pertaining to the loan's owner, your servicer only has ten days.

Error Resolution

In the event of an error, send a written notice, including your name, mortgage loan, and the alleged error. Possible errors include:

• Applying payments incorrectly
• Charging improper fees
• Providing inaccurate foreclosure avoidance information
• Starting a foreclosure sale in violation of the mitigation rules
• Creating a loan servicing error

Like other notices, this should be a separate letter from any payment mailings. If the servicer gave you an address to use for error notices, you must use that address. Also, just like with information requests, your servicer must provide written acknowledgement within five days and has 30 days to investigate the error. Having said that, if the error pertains to a lack of a payoff statement, the servicer has only seven days to provide you with one.

Your servicer is not allowed to charge you a fee for responding to requests for information or for correcting errors unless your request is for a beneficiary notice (if a fee is permitted under applicable law).

For additional information on loan closings, contact Cambridge Title Company by phone at 224-330-1886 or by email at info@cambridgetitleco.com.