(1)A licensee shall:
(a)Maintain, until a borrower repays or otherwise satisfies the borrower’s residential mortgage loan or until the licensee sells the residential mortgage loan, written or electronic records of each written request the borrower submits for information concerning a dispute or error in relation to the borrower’s account.
(b)Respond in writing not more than 15 days after receiving a written request for information from a borrower, if the borrower’s request includes the borrower’s name and account number, states that the account is or might be in error and describes the information the borrower seeks in sufficient detail to enable the licensee to comply with the request. In the response, the licensee, at a minimum, shall:
(A)State whether the account is current and, if
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(1) A licensee shall:
(a) Maintain, until a borrower repays or otherwise satisfies the borrower’s residential mortgage loan or until the licensee sells the residential mortgage loan, written or electronic records of each written request the borrower submits for information concerning a dispute or error in relation to the borrower’s account.
(b) Respond in writing not more than 15 days after receiving a written request for information from a borrower, if the borrower’s request includes the borrower’s name and account number, states that the account is or might be in error and describes the information the borrower seeks in sufficient detail to enable the licensee to comply with the request. In the response, the licensee, at a minimum, shall:
(A) State whether the account is current and, if the account is not current, the reasons why the account is not current, including the date on which any default occurred;
(B) State the current balance due on the borrower’s residential mortgage loan, including the amount of the principal due, the amount of funds the licensee holds in a suspense account, the balance in any escrow account the licensee maintains for the borrower and the amount of any deficiency in the escrow account of which the licensee is aware;
(C) List the name, address, telephone number and other contact information for the person that owns or holds the borrower’s residential mortgage loan, or an assignee of the person; and
(D) List the name, address, telephone number and any other contact information for a representative of the licensee from which the borrower can request further information or to which the borrower can direct complaints or disputes. The licensee’s representative must have sufficient information and authority to respond to the borrower’s requests, answer the borrower’s questions and resolve the borrower’s disputes with the licensee.
(c) Provide to the borrower, at the borrower’s request, one complete account history each year at no charge to the borrower.
(2) If a borrower requests further information about the borrower’s residential mortgage loan account from a licensee that is more detailed than the information the licensee provides in a statement under subsection (1) of this section, the licensee shall respond to the borrower not more than 15 business days after receiving the borrower’s request. The licensee may require the borrower to provide the borrower’s name and account number, state that the borrower’s account is or might be in error and describe the information the borrower seeks in sufficient detail to enable the licensee to respond. The licensee shall respond to a request for more detailed information about the borrower’s account with a written statement that:
(a) Identifies and itemizes for the two-year period before the date of the borrower’s request, or as much of the two-year period for which the licensee serviced the borrower’s residential mortgage loan, all fees and charges the licensee assessed for the residential mortgage loan, along with a full payment history that lists in conspicuous text all of the credits and debits to the account, all payments received from the borrower and the dates of the payments, all credits to and disbursements from any escrow or suspense account the licensee maintains for the borrower and any other activity in the borrower’s residential mortgage loan account; and
(b) Identifies any previous residential mortgage loan servicer for the borrower’s residential mortgage loan, if the licensee has serviced the residential mortgage loan for less than two years.
(3) If a licensee claims that a borrower owes any delinquent or outstanding amount on a borrower’s residential mortgage loan from a period before the licensee began servicing the residential mortgage loan or from more than the preceding two years, the licensee shall provide the borrower with a complete account history for the period beginning in the month during which the licensee claims that the borrower owes the delinquent or outstanding amount and ending on the date on which the licensee makes the claim.