What is a "Qualified Written Request" (QWR)?

• A. A formal mortgage application submitted by a borrower
• B. A written request for information or addressing a servicing issue
• C. A request for a loan modification
• D. A document outlining the terms of a mortgage loan

Answer: (B)

A "Qualified Written Request" (QWR) is a specific type of written communication from a borrower to their mortgage servicer that is defined under the Real Estate Settlement Procedures Act (RESPA). This request must be sent to the servicer for the purpose of obtaining information related to the servicing of their loan or to address issues with the loan servicing.

When a borrower submits a QWR, it serves as a formal means of communication that requires the servicer to respond to the request. This is an important consumer protection feature, as it establishes the right for borrowers to seek clarification or resolution regarding their mortgage account. For instance, if a borrower has questions about their payment, balance, or any discrepancies in their loan account, a QWR provides a mechanism to formally address these concerns.

In contrast, a formal mortgage application, a request for a loan modification, and a document outlining the terms of a mortgage loan do not fit the specific definition of a QWR, as they pertain to different aspects of mortgage borrowing and lending processes rather than direct inquiries related to loan servicing. Thus, the definition associated with the written request for information or addressing a servicing issue accurately encompasses the requirements and implications of a Qualified Written Request.