If you've found an error on your mortgage statement, you have the right to dispute it and seek correction. The Real Estate Settlement Procedures Act (RESPA) requires servicers to respond to your inquiry within 10 business days. Don't let errors accumulate and hurt your credit score. Take action now to protect your mortgage account.
To dispute a mortgage servicer error, start by reviewing your mortgage statement and identifying the specific error. Make a copy of the statement and highlight the error to reference later.
Next, contact your mortgage servicer in writing, citing the error and requesting correction. Be sure to keep a record of your communication, including dates and details of conversations. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) or seek help from a HUD-approved housing counselor.
Do not ignore mortgage servicer errors, as they can lead to incorrect payments, late fees, and damage to your credit score. Act promptly to dispute errors and protect your mortgage account.
Your mortgage servicer is responsible for managing your loan, including collecting payments, handling escrow accounts, and responding to inquiries. Under RESPA, servicers must respond to your written requests within 10 business days. If you've identified an error, you can request that the servicer correct it and provide a written explanation.
To file a complaint with the CFPB, visit their website or call their hotline. Provide detailed information about the error, including your account number, the date of the error, and any relevant communication with the servicer. The CFPB will forward your complaint to the servicer and work to resolve the issue.
HUD-approved housing counselors can provide free or low-cost assistance with disputing mortgage servicer errors. They can help you review your mortgage statement, identify errors, and communicate with the servicer. To find a counselor near you, visit the HUD website or call their hotline.
If the servicer fails to respond or correct the error, you may need to escalate your dispute. This can involve filing a complaint with your state's attorney general or seeking assistance from a consumer protection agency. Keep detailed records of your communication and be prepared to provide evidence of the error and your efforts to resolve it.
For more information on disputing mortgage servicer errors, visit the CFPB website or consult with a HUD-approved housing counselor. You can also contact your state's department of banking or finance for guidance on state-specific laws and regulations.
Don't let mortgage servicer errors hurt your credit score or lead to incorrect payments. Take action now to dispute errors and protect your mortgage account.
Sign Up Free — Homeowners Always Free No signup required to read this guide. See all HomeLeafs guides →If the servicer refuses to correct the error, you can escalate your dispute by filing a complaint with the CFPB or seeking assistance from a consumer protection agency. Keep detailed records of your communication and be prepared to provide evidence of the error and your efforts to resolve it.
In some cases, you may be able to sue the servicer for errors on your account, but this should be a last resort. Consult with an attorney to determine the best course of action for your specific situation.
The time it takes to resolve a dispute with a mortgage servicer can vary depending on the complexity of the issue and the servicer's responsiveness. In general, you can expect a response within 10 business days, but it may take longer to fully resolve the issue.
Under RESPA, you have the right to receive accurate and timely information about your mortgage account, including statements and notices. You also have the right to dispute errors and request correction, and to receive a written explanation of the servicer's actions.