§ 45-93. Borrower requests for information. - North Carolina Statutes

§ 45‑93.  Borrowerrequests for information.

The servicer shall makereasonable attempts to comply with a borrower's request for information aboutthe home loan account and to respond to any dispute initiated by the borrowerabout the loan account, as provided in this section. The servicer shallmaintain, until the home loan is paid in full, otherwise satisfied, or sold,written or electronic records of each written request for information regardinga dispute or error involving the borrower's account. Specifically, the serviceris required to do all of the following:

(1)        Provide a writtenstatement to the borrower within 10 business days of receipt of a writtenrequest from the borrower that includes or otherwise enables the servicer toidentify the name and account of the borrower and includes a statement that theaccount is or may be in error or otherwise provides sufficient detail to theservicer regarding information sought by the borrower. The borrower is entitledto one such statement in any six‑month period free of charge, andadditional statements shall be provided if the borrower pays the servicer areasonable charge for preparing and furnishing the statement not to exceedtwenty‑five dollars ($25.00). The statement shall include the followinginformation if requested:

a.         Whether the accountis current or, if the account is not current, an explanation of the default andthe date the account went into default.

b.         The current balancedue on the loan, including the principal due, the amount of funds (if any) heldin a suspense account, the amount of the escrow balance (if any) known to theservicer, and whether there are any escrow deficiencies or shortages known tothe servicer.

c.         The identity,address, and other relevant information about the current holder, owner, orassignee of the loan.

d.         The telephone numberand mailing address of a servicer representative with the information andauthority to answer questions and resolve disputes.

(2)        Provide thefollowing information and/or documents within 25 business days of receipt of awritten request from the borrower that includes or otherwise enables theservicer to identify the name and account of the borrower and includes astatement that the account is or may be in error or otherwise providessufficient detail to the servicer regarding information sought by the borrower:

a.         A copy of theoriginal note, or if unavailable, an affidavit of lost note.

b.         A statement thatidentifies and itemizes all fees and charges assessed under the loantransaction and provides a full payment history identifying in a clear andconspicuous manner all of the debits, credits, application of and disbursementof all payments received from or for the benefit of the borrower, and otheractivity on the home loan including escrow account activity and suspenseaccount activity, if any. The period of the account history shall cover at aminimum the two‑year period prior to the date of the receipt of therequest for information. If the servicer has not serviced the home loan for theentire two‑year time period the servicer shall provide the informationgoing back to the date on which the servicer began servicing the home loan. Forpurposes of this subsection, the date of the request for the information shallbe presumed to be no later than 30 days from the date of the receipt of therequest. If the servicer claims that any delinquent or outstanding sums areowed on the home loan prior to the two‑year period or the period duringwhich the servicer has serviced the loan, the servicer shall provide an accounthistory beginning with the month that the servicer claims any outstanding sumsare owed on the loan up to the date of the request for the information. Theborrower is entitled to one such statement in any six‑month period freeof charge. Additional statements shall be provided if the borrower pays theservicer a reasonable charge for preparing and furnishing the statement not toexceed fifty dollars ($50.00).

(3)        Promptly correcterrors relating to the allocation of payments, the statement of account, or thepayoff balance identified in any notice from the borrower provided inaccordance with subdivision (2) of this section, or discovered through the duediligence of the servicer or other means. (2007‑351, s. 5.)