In the latest episode of The Subservicing Scene, Mignonne Davis and Jen Hughes from Richey May’s Subservicing Oversight team unpack a critical area of mortgage servicing compliance: consumer complaints and requests for information (RFIs).
While both processes give borrowers a voice, they serve different purposes and require distinct responses. Consumer complaints typically arise when borrowers believe an error has occurred, such as inaccurate credit reporting. RFIs, on the other hand, are formal requests for specific details about a mortgage loan, like a payment history or investor information.
The episode also covers Qualified Written Requests (QWRs), a special type of RFI that must be sent to a designated address disclosed by the servicer. Under the Consumer Financial Protection Bureau (CFPB), servicers must:
- Acknowledge receipt of a complaint or RFI within five business days, and
- Provide a substantive response within 30 business days.
These timelines reinforce the CFPB’s focus on transparency and consumer protection. Financial institutions must maintain detailed records of communications and actions taken to ensure accuracy and prepare for potential audits.
Ultimately, these rules protect borrowers, promote accountability, and strengthen trust between consumers and servicers. As Mignon and Jen note, staying compliant isn’t just about avoiding penalties, but upholding the standards that keep the mortgage industry fair and transparent.
Watch the full episode of The Subservicing Scene: Consumer Complaints & Requests for Information here:
Watch previous episodes:
If you found this video helpful, make sure to check out our three previous episodes of The Subservicing Scene.
