September 16th, 2014 8:01 AM by Christopher Lear
Have you ever wondered if the extra principal payment you made was properly applied to your mortgage loan balance? How about your escrow account – how was that dollar amount figured? Or do you think you were erroneously charged a late fee?
The Consumer Finance Protection Bureau has recently issued rules requiring the company where you made your mortgage payment to respond to your inquiry within a certain amount of time.
But they also suggest certain things you should do if you have questions about your current mortgage. Regardless if you phone or send a letter, here is the information the servicing company will need from you before they are required to respond:
Here’s what to expect from the servicing company when you make an inquiry:
If your loan has been transferred to another mortgage servicing company, you have a time limit of 12 months to inquire about errors. After the one-year time period, they are not required to investigate your inquiry.
For more information about mortgage servicing rules, visit ConsumerFinance.gov.