servicing – error notification

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    As part of the RESPA servicing rules regarding error notifications, section 1024.35(i)(1)and (2) states that for 60 days after receipt of a notice of error, we may not furnish adverse information to any consumer reporting agency regarding any payment that is the subject of the notice of error.
    My question is, if we do our investigation and find that there was no error or we correct the error can we then report the information or is the 60 days of not reporting regardless of any findings of the investigation? If it is regardless of any findings, I can see this as a way for deliquent borrowers to have past due payments not reflected on the CBR for at least 60 days. Any insight is appreciated.


    You may not furnish any adverse information for 60 days after you receive the notice, regardless of the status of the investigation.


    That is what I was afraid of. It is bad enough that we get all the repetative disputes from E-Oscar thinking that if we don’t respond that the negative item will fall off, but I see this as the next way to keep negative items from showing on the CBR. Not to mention that if they apply for a loan during that time that the report really won’t show the accurate information. Maybe just another unintended consequence.

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