Triggering Events and Timeline

Question 1

Borrower makes a servicing complaint

Answer 1

Law: RESPA
REG: X
Timeline: Servicer must respond within five days and resolve within 30 days in most circumstances.

Question 2

Calling a client on the Do Not Call list

Answer 2

Law: Do Not Call
Reg: N/A
Timeline: You have 18 months from the last transaction date to call a client on the list.

Question 3

Calling a non-client who has contacted you about a service

Answer 3

Law: Do Not Call
REG: N/A
Timeline: You have three months form the date of last inquiry to call a client on the list.

Question 4

Notifying a borrower of action taken on a loan

Answer 4

Law: ECOA
REG: B
Timeline: Must notify within 30 days from the application date.

Question 5

Derogatory credit - late pays

Answer 5

Law: FCRA
REG: V
Timeline: Must be removed from bureau after seven years.

Question 6

Derogatory Credit - bankruptcies

Answer 6

Law: FCRA
REG: V
Timeline: Must be removed after 10 years

Question 7

Derogatory Credit - unpaid tax liens

Answer 7

Law: FCRA
REG: V
Timeline: Remain indefinitely