Help!!!! I'm writing a QWR and need clarification....

[elpjohnson]

I am writing a QWR requesting copies of all documents that the lender has in my file in regards to my loan, should I also send the same letter to my broker? I got the info my broker had in my file (just the HUD1) debt workout sheet and copy of the appraisal. Should I assume he has more in my file than what he sent me? Also, my husbands income was inflated, how do I ask about that in the QWR? What should I say? And Moe, I am asking for a copy of the loan history including all fees incurred and how the payments I have made were applied during the life of the loan....I am a little confused about what this letter should be like and need some direction in drawing it up. By the way, I have printed JacMac's letter and cuamism's letter for an idea of how to write it. So far this is what I've got

Option One Mortgage Corporation
Corporate Offices
3 Ada
Irvine, CA 92618

To whom it may concern:

This is a "Qualified Written Request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA). Section 6 of RESPA requires acknowledgment of my request within 20 business days and resolution within 60 business days.

This letter is to serve as a formal request for (1) a copy of all documents in my file including my loan application, right to cancel, note, adjustable rate note, addendum to the note for the interest only payment period, HUD 1 settlement, appraisal and all required disclosures and rate sheets associated with my transaction for the above referenced loan. I am also requesting (2) a copy of the loan history including all payments made and all fees incurred for the life of the loan and exactly how all payments were applied.


I want to address the inflated income on the application but am not sure where to put it in the letter.

Any and all input will be much appreciated!

[Moe Bedard]

Erika, that's a great letter. It doesn't need to be long. Just to the point and I'm not sure how you want to address your inflated income. Refresh my memory, did you give them your income and they inflated it on their own?

[elpjohnson]

You know, I don't really remember but I did provide them with a w-2.....I just noticed that they put $9000 per month as my husbands income and mine at $2000 per month, so they are saying that we earn $11000 a month! Now, sometimes with my husbands overtime we can earn that much but that is only during fire season and not typically throughout the year. He's an engineer for a bay area county fire department.

Moe, should I address the inflated income in this letter or in a seprate letter and should it be to the broker or to the lender? And I was never quoted a YSP on the good faith estimate I received AND the terms such as loan amount and interest were quoted at 2/28/40 Full Doc with a loan amount of $558,000 at 7.5% interest rate when we actually ended up with a 2/2/40 with a loan amount of $576,000 interest only at 7.75% interest rate.

I also cited the law in my letter like Bob did in his.

Your advice as always is much appreciated! Thanks a million Moe!

[Moe Bedard]

No problem Erika and tis my pleasure. You can address this all in this letter. But you you may want to address the proper sections of RESPA and whatever laws you may be addressing in your claims. The more hoops you make them jump, the better for you.

[mreedlaw]

Erika: I would definitely "cc:" the broker in the letter. One of the biggest fears that brokers have is that they would have to "buy back" the loan from the lender.

As an aside, the lender could argue that they let the loan go through underwriting based on the assertion on the 1003 loan application as provided from the broker and they would point the finger at one another, but your immediate concern is the QWR, and I would make sure that the broker gets a copy of your letter.

Please let us know how it goes, thanks.

Michael

[elpjohnson]

Would the YSP and the GFE issues be cited under Section 8 2607 a & b or would it be 2604 c & 3500.7 like in JacMac's letter? OR am I not citing the proper laws here. Sorry for all the questions I'm just trying to get this right. AND what law should I cite for the inflated income issue?

[elpjohnson]

Thanks Michael!

[elpjohnson]

Here's what my final letter looks like, any and all feedback is much appreciated!

Option One Mortgage Corporation
Corporate Offices
3 Ada
Irvine, CA 92618

To whom it may concern:

This is a "Qualified Written Request" under Section 6 of the Real Estate Settlement Procedures Act" (RESPA). Section 6 of RESPA requires an acknowledgment of my request within 20 business days and a resolution within 60 business days.

This letter is to serve as a formal request for:

(1) Copies of all documents pertaining to te origination of our mortgage including our loan application, right to cancel, deed of trust, note, adjustable rate note, addendum to the note for the interest only payment period, truth i lending statements, good faith estimate (GFE), HUD 1, appraisal, and all required disclosures and rate sheets associated with this transaction for the above referenced loan. The copies should be legible and all documents shall be copied in their entirety.
(2) A copy of the loan history including all payments made, all fees incurred, what has been paid out of the escrow account, and how all payments were applied. This information should cover the entire life of the loan.
(3) An explanation for the reason why our income was inflated on our loan application to a little over $11,000 per month when we do not make that much per month.
(4) An explanation as to why First Priority Financial did not disclose on the GFE that there was a yield spread premium (YSP) that the broker, John Vitto, earned POC that was shown on the HUD 1 but not on the GFE. RESPA requires that borrowers be provided with a GFE listing the "amount or range" of settlement charges within three days of receiving the oan application. To comply with RESPA, a GFE must include "indirect payments or back-funded payments to mortgage brokers that arise from the settlement transaction" and "mortgage broker fee(s)". The GFE provided by First Priority Financial did not disclose the proposed YSP.
(5) An explanation as to why the GFE was quoted at the loan program of 2/28/40 full doc, total loan amount $558,000 at a 7.5% interest rate and we ended up with a 2/28/40 total loan amount $576,000, interest only, at 7.75% interest rate. That is a huge discrepancy as to what we were quoted and the loan we actually ended up in.
(6) A detailed explanation as to why we were not qualified for the interest rate freeze under the "Bush Plan". Initially, we were told that we meet certain criteria in order to qualify us for the rate freeze but have since been told by Laura Valencia in the Home Preservation Office, John Sarafuti, and Terry Hopkins of customer service that we cannot apply for any sort of streamline modification until we are within 60 days of the rate reset because Option One does not know what our payment will be until then. However, based on the financials we submitted on December 29, 2007 our income does not support any sort of payment increase as we only have approximately $158 surplus in our budget. So, because of that our rate should be frozen at the current interest rate for at least five years.

Please mail any and all correspondence to the property address listed above.

If you have any questions, please feel free to contact us at XXX-XXX-XXXX.

Thank you for your time and consideration.

Sincerely,


Kevin and Erika Johnson

cc: John Vitto, First Priority Financial
Dick Cheney, Vice President, USA

I then cited Reference for "qualified written request" (like Bob did in his letter).

Just wondering who else should I cc on this letter????? Please let me know what you think.

[Moe Bedard]

Erika,
Oooohhh I like it!!! You go get em girl!!!!
Keep us posted how they squirm under the pressure!!
Good Luck

[elpjohnson]

I decided to address the letter to Bob Dubrish, CEO, Option One Mortgage Corporation and cc the broker, VP Dick Cheney, and Option One customer service. Am I missing anyone?

[mreedlaw]

Good afternoon:

I would run a quick spell check for typos (see paragrah 1), and possibly consider tweaking paragraph 4 to read:

"(4) An explanation as to why the broker, First Priority Financial, did not disclose on the Good Faith Estimate (GFE), that the broker, John Vitto would be receving a yield spread premium (YSP) paid outside of closing (POC). This YSP was shown on the HUD 1 but not on the GFE. As a matter of law, RESPA requires that borrowers be provided with a GFE listing the "amount or range" of settlement charges within three days of receiving the loan application. To comply with RESPA, a GFE must include "indirect payments or back-funded payments to mortgage brokers that arise from the settlement transaction" and "mortgage broker fee(s)". The GFE provided by First Priority Financial did not disclose the proposed YSP. Please respond."

Other than that you may want to "CC:" the title insurance underwriter as well - their name should be found on lines 1108/1109 of your HUD-1 and should also be stamped on the mortgage.

Looks great and good luck - Michael

[elpjohnson]

Got it!!! Thank you so much for helping me on this, your time and effort is truly appreciated!

[elpjohnson]

The letter is ready to go....all addressed and in their respective envelopes! I already faxed the letter to Option One and VP Dick Cheney. Damn! This feels so good! I feel like I finally have some power in this situation. Thanks for all the help, Moe and Michael it is MUCH appreciated! I wouldn't have even thought of writing such a letter if it wasn't for this forum.

I will keep you all posted as to what happens.

[gigi in fla]

mreedlaw:

Thanks for the info. re: title insurance. I had them fax the owner's policy (the agent never sent it to me). They never sent the original deed either, last year they faxed a copy. First, they only sent Schedule A & B of the policy; I had to ask twice for them to fax the entire thing. I also filed a claim with their Errors & Omissions (E&O) policy, I had them fax their dec sheet also today.

Again, many thanks...

[Moe Bedard]

Erika,
Did you post the final QWR letter that you wrote? Just wondering.......the one I posted is just the generic version from HUD, but I like yours better.

[6wolverines]

Rock the house, girl!!!! I printed your letter from the forum and will insert my own particulars so I can forward this to....well, EVERYONE ON EARTH!!!!

Seriously, I intend to also cc: My congresswoman (Marcy Kaptur) with whom I have been in contact previously, the Mayor (McCheese), Barack Obama, Hillary Clinton, John Edwards (yep....I do love those Democratic candidates!), Merril Lynch upper echilon, every employee of First Franklin I can think of, etc., etc., etc.

I also intend to mention that the fact I am submitting a QWR is being documented on the homeowner watchdog site loansafe.org and all transactions with dates and names will be listed with the site. I want EVERYONE to know that while I "do my own stunts"...I do require a safety net and that safety net is my friends here on this forum.

SEEK AND DESTROY!!!!!!!!!!!!

Char

[elpjohnson]

***~yes, #8 is my final letter, thanks for all of the input, I really appreciate it!

Char~(I'm doing the cabbage patch right about now!) Hey how bout some electric slide......Woo! It feels good to have that letter done. I am so happy that you can use it in your situation, hey, anything I can do to help! I didn't get a chance to add the loanssafe blurb in my QWR but I do have it in my hardship letter....which I will be updating as soon as I can apply for a loan modification. So, I am off to the post office......

[sluja]

could someone give me an address to send my QWR to @ Wachovia?
I have the letter ready. Thanks

[Moe Bedard]

301 South College St. suite 4000
One Wachovia Center
Charlotte, NC
28288-0013

look on your statement to make sure.............and also call to verify this address because they were taken over by Wells Fargo.......
1-738-738-5719