Скачать или смотреть Mortgage Monday! Today's topic, SCRA.

Welcome to Mortgage Monday!
Let’s talk briefly about Serviceman’s Civil Relief Act or SCRA.
This used to be the SSCRA or Soldiers and Sailors Civil Relief Act but that was changed back in 2003.
I just want to touch on a couple issue for all of you to consider regarding your customer base.
1) Interest Rates-If you have customers that were activated since buying or refinancing and their rate was in excess of 6%, then make sure that you remind them that while they are activated, their rate can be reduced to 6%. It will go back up after they leave active service, but during the interim, the rate can be reduced. They have to ask for this as well.
2) Credit Debt-Don’t forget credit debt. Even credit card debt has to be reduced to 6% during the activation period. And the servicer of the debt cannot accrue interest at the original rate during this period either.
3) Extension-These protections actually extend for up to 12 months after the activation, but they have to ask for it.

If you want to learn more, stay tuned and check out our webpage for more information and training including a short training class on SCRA available soon!

Have a great week.