Finance
A North Dakota mortgage servicer misapplies a borrower's payment. The Real Estate Settlement Procedures Act (RESPA) requires the servicer to:
AIgnore the error if it is less than $50
BCorrect the error and respond to the borrower's written qualified written request (QWR) within specified timeframes✓ Correct
CReport the error to the NDREC
DFile an amended mortgage document with the county
Explanation
RESPA requires mortgage servicers to respond to and investigate Qualified Written Requests (QWRs) from borrowers regarding loan servicing issues, including payment misapplication, within specified timeframes.
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