Written by Bernadette Clair, Regulatory Compliance Counsel
In honor of Friday, we’ll take a break from the CFPB and keep it light today. These are a couple of forms that have recently been updated and that you’ll want to make sure don’t slip under the radar.
Standard Flood Hazard Determination (SFHD) Form. FEMA recently updated the SFHD Form used for determining whether flood insurance is required and available in connection with making, increasing, extending, renewing or purchasing a loan. The form number has been changed from FEMA Form 81-93 to FEMA Form 086-0-32 and the expiration date of the new form is May 30, 2015.
FEMA indicates that it will be allowing users a three year transition period, ending on the expiration date (May 30, 2015), to update their systems before use of the revised form is mandatory. Credit unions can continue using the previous form until the end of the transition period, and can begin using the new form as soon as their systems are updated. The new form is available here.
Servicemembers Civil Relief Act (SCRA) Notice Disclosure. HUD has issued an updated Form HUD-92070 with an expiration date of November 30, 2014. (The previous form expired July 31, 2012). Since 2006, mortgage lenders have been required to send delinquent homeowners this notice informing them of the rights available under the SCRA. Credit unions should begin using the updated notice if they have not already done so.
Have a great weekend, everyone!