Written by Steve Van Beek
Last Thursday, the U.S. Housing and Urban Development (HUD) announced an updated SCRA mortgage notification letter. The press release includes a link to the new notice - Form 92070 with a revision date of 6/2011 - as does this webpage.
The new notice contains information about Military OneSource. This might be a good place to look around as this is the information your members will see if they read their SCRA notice. There are two articles linked which might be useful reads as they written in plain English:
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Also, as was mentioned yesterday - the most recent Philadelphia Federal Reserve's Consumer Compliance Outlook has an article on Compliance Requirements for the SCRA.
If you read the article, please note the link to the SCRA notice is no longer accurate. The article links to a HUD Mortgagee Letter (2006-28) that included a previous version of the SCRA notice.
Also, the HUD SCRA notice had been amended earlier in 2011. Our February 22, 2011 blog post linked to the prior form (that apparently went poof). I was able to find the January 2011 revision online - and there are a few changes so be sure the form you are using models the 06/2011 revision.
The best place to find the latest is in the press release or the HUD forms page. Look for Form 92070 and a revision date of 6/2011.
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Notice that the recent press release from HUD does not mention any prior forms? Chalk another one up on the tally of regulators making things harder than they need to be. If you are making a list of unnecessary burdens, sloppy announcements of changed disclosure requirements should be on that list.
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