Compliance Monthly is intended to keep you informed of regulatory changes in advance of their effective date so your institution can have the necessary policies, procedures and processes in place to be compliant at the time of enactment.
Jan 1, 2018
January Compliance Monthly Newsletter
SCRA Sunset Date for Mortgage Foreclosure
The President has signed into law the National Defense Authorization Act for Fiscal Year 2018, which extends for two years, until December 31, 2019, the “sunset” on the temporary change of “90 days” in §303(b) and (c) of the Servicemembers Civil Relief Act to “one year.” For another two years, servicemembers will remain entitled to the foreclosure protections for one year beyond the end of their active duty service. The current HUD-SCRA delinquency notice for past-due mortgage payments can be used past its December 31, 2017 expiration date.