The SCRA interest rate is 6%, but knowing when it applies is important. As a banker or lender, you must be especially careful when calculating interest rates on loans to servicemembers.
The Servicemembers Civil Relief Act protects servicemembers from some … Read the rest
The SCRA and foreclosure efforts are closely intertwined. prohibits foreclosures on any deployed servicemember (and, under their dependents if they seek court relief) while the servicemember is deployed and for up to a year after they return.
The Servicemembers Civil … Read the rest
SCRA protections are not to be taken lightly. Violating the Servicemembers Civil Relief Act carries serious penalties. But so few of lenders’ clients are servicemembers — is the risk really that high?
Think of the attention lenders must pay to … Read the rest
Lenders can’t comply with the Servicemembers Civil Relief Act if they aren’t well-versed in all of its many sections. Lenders who don’t retain legal advice to help them meet the many and varied requirements would do well to appoint a … Read the rest
The Servicemembers Civil Relief Act can be a slippery slope. The language in the act is sometimes vague. But penalties for SCRA noncompliance can be severe, and even devastating, depending on the size of your business or institution.
Moreover, regulators … Read the rest
Banks, lenders, landlords and anyone who rents to or holds a mortgage for a servicemember should be keenly aware of the ins and outs of the Servicemembers Civil Relief Act. Real estate creditors must address SCRA guidelines before they take … Read the rest
Student financial aid offices across the U.S. need to be vigilant about their SCRA student loan interest rate compliance in accordance with the Servicemembers Civil Relief Act.
Student loans have been in the news more than ever during this last … Read the rest
If you’re a moneylender, recent regulation changes to the Military Lending Act issued by the DoD could greatly affect your business.
Banks and other lending institutions likely know about the SCRA regulations the Department of Defense set up in 2006 … Read the rest