ABA has updated its staff analyses on the Servicemembers Civil Relief Act compliance and HUD’s Servicemembers Civil Relief Act notice disclosure to incorporate recent statutory reference changes made to the U.S. Code. To help bankers navigate the changes, the previous references have been retained in parentheses in the documents.
The updated staff analyses also reflect the expiration of the expanded provisions on mortgage foreclosures. Servicemembers are now protected from foreclosure for the duration of their service plus 90 days. While there is currently legislation pending in Congress that would extend the protection to one year, the most recent extension expired as of Dec. 31, 2015. ABA is working with the Department of Housing and Urban Development to ensure that their forms are updated with the correct information. For more information, contact ABA’s Leslie Callaway.