Hi. I've been to embarrased to ask anyone for help but I have searched in Bankers' Threads for the answer and can't come up with anything as of yet.

Would anyone be willing to please share an RESPA Error Resolution Policy for a small servicer, please?

I did locate the Error Resolution Policy that Banker's Compliance Consulting has but... just doesn't seem to be what my auditors are looking for.

Thank you in advance.

From your comment, your auditors are stating you need a RESPA Error Resolution Policy?

What type of RESPA errors??? Unless they also cited you for some violations, it sounds like a "make work" criticism/recommendation.

Hi!

Yes, apparently I totally missed this when it went into effect back in January of 2014. I know that I fit under the small creditor exemptions.

My auditors explained to me that I did not make mention of the qualified written requests (QWR) requirements anywhere on my RESPA policy. So, after reading the 2013 RESPA and TILA Mortgage Servicing Final Rules by the CFPB and talking with my auditors, it seems that in order for me to meet the requirments that I need to mention in the policy:

1. That we will accept error notices at (address) AND
2. That we will promptly respond to written notifications of alleged errors related to the servicing of closed-end mortgage loans subject to RESPA and list the time frames:
(a) Within 5 days, acknowledge the request.
(b) Within 30 to 45 days, correct the error and provide the consumer written notification of the correction, or conduct an investigation and provide the consumer written notification that no error occurred.
(c) Within 30 to 45 days, provide the information or conduct a reasonable search for the requested information and provide the consumer with a written notification explaining why the information is not available.

That's what I think I need to do to my policy for a small servicer. Can anyone help me by telling me if I am on the right track?

One way or another the bank needs to have a process to meet this requirement...policy, procedure, whatever works for the bank. Staff needs to be aware and trained.

I need to start somewhere, if someone is willing to share their policy I would greatly appreciate it. And I may be wrong but under the Small Entity Compliance Guide... "small servicers are expempt from all requirements of the provisions on general servicing policies, procedures, and requirements but not from the rules on error resolution or information request."

That's the part that I'm missing, acknowledging the request or notice of error. I would like to see how another bank incorporated that into their policy, specifically a small entity.

I don't have a policy to share...but we too need to get this added and am looking for a sample policy. I was thinking about adding it to our existing customer complaint procedure. Is that what others have done?

Hi. I haven't thought as of yet where in our procedures we are going to put it. But... I THINKthat I read that if a bank fits under the small creditor that there is an exemption from having to have procedures. I still have to research this. I may be confusing it with something else that I have read because I am currently working on 2 or 3 different policies at the same time.