HUD has finally updated the Servicemembers Civil Relief Act (SCRA) Notice which had previously expired on December 31, 2017. The new notice (Form 92070) is available on HUD’s website and has an expiration date of March 31, 2021. Banks should start using the new form as soon as possible. If you use a vendor, you may want to ensure they are aware of the new form as well. One tip: in first bullet of the “How Does A Servicemember or Dependent Request Relief Under the SCRA?” section, make sure you update it with your bank’s name, address and contact information. We find this is often overlooked.
If you’d like to know more about assisting your customers who are serving in the military, check out our 1-hour webinar on the Military Lending Act. You can find out more here.