In case you missed it, the Servicemember’s Civil Relief Act (SCRA) Notice was FINALLY updated.
It appears that only the expiration date was changed and is now listed as 11/30/2024. You will want to ensure your vendors are aware of this form change.
It seems that, when this notice is updated, there are always some technical errors and omissions. While the form does not include the United States Space Force, it is covered by the SCRA.
Just a reminder, the Notice must be provided to all homeowners, not just servicemembers, within 45 days of becoming past due on a mortgage loan. The notification requirements apply to all mortgage loans, including conventional mortgages.
While it’s not a requirement to have a written board-approved policy for SCRA, we believe it is prudent, given the current regulatory focus on servicemember protections. We have a sample SCRA policy and procedures available in the Free Lending Tools on our website to guide you. Just click the link and type SCRA in the search box to quickly locate them.
Published
2022/05/18
