104 STAT. 4408 PUBLIC LAW 101-625—NOV. 28, 1990 made to the borrower not more than 15 days after the effective date of transfer of the servicing of the mortgsige loan (with respect to which such notice is made). "(B) EXCEPTION FOR CERTAIN PROCEEDINGS. — The notice required under paragraph (1) shall be made to the borrower not more than 30 days after the effective date of assignment, sale, or transfer of the servicing of the mortgage loan (with respect to which such notice is made) in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by— "(i) termination of the contract for servicing the loan for cause; "(ii) commencement of proceedings for bankruptcy of the servicer; or "(iii) commencement of proceedings by the Federal Deposit Insurance Corporation or the Resolution Trust Corporation for conservatorship or receivership of the servicer (or an entity by which the servicer is owned or controlled). " (C) EXCEPTION FOR NOTICE PROVIDED AT CLOSING. —The provisions of subparagraphs (A) and (B) shall not apply to any assignment, sale, or transfer of the servicing of any mortgage loan if the person who makes the lo£m provides to the borrower, at settlement (with respect to the property for which the mortgage loan is made), written notice under paragraph (3) of such transfer. "(3) CONTENTS OF NOTICE. —Any notice required under paragraph (1) shall include the information described in subsection (b)(3). " (d) TREATMENT OF LOAN PAYMENTS DURING TRANSFER PERIOD.— During the 60-day period beginning on the effective date of transfer of the servicing of any federally related mortgage loan, a late fee may not be imposed on the borrower with respect to any payment on such loan and no such payment may be treated as late for any other purposes, if the payment is received by the transferor servicer (rather than the transferee servicer who should properly receive payment) before the due date applicable to such pa3anent. " (e) DUTY OF LOAN SERVICER TO RESPOND TO BORROWER INQUIRIES. — "(1) NOTICE OF RECEIPT OF INQUIRY. — "(A) IN GENERAL. — If any servicer of a federally related mortgage loan receives a qualified written request from the borrower (or an agent of the borrower) for information relating to the servicing of such loan, the servicer shall provide a written response acknowledging receipt of the correspondence within 20 days (excluding legal public holidays, Saturdays, and Sundays) unless the action requested is taken within such period. "(B) QuAUFiED WRITTEN REQUEST.— For purposes of this subsection, a qualified written request shall be a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, that— (i) includes, or otherwise enables the servicer to identify, the name and account of the borrower; and "(ii) includes a statement of the reasons for the belief of the borrower, to the extent applicable, that the account is in error or provides sufficient detail to the
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