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#2246451 - 12/11/20 04:46 PM HUD / SCRA notice
CindyS Offline
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Joined: Sep 2005
Posts: 133
Illinois
Should the combined HUD / SCRA notice be provided on residential construction loans? Our loan staff had notes saying to not code construction loans to get the notice; however, I'm not finding construction loans as an exception to the rule.

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Lending Compliance
#2246455 - 12/11/20 07:15 PM Re: HUD / SCRA notice CindyS
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
I see no exemption for temporary financing in the statutes: https://www.law.cornell.edu/uscode/text/12/1701x
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2246945 - 12/28/20 04:33 PM Re: HUD / SCRA notice CindyS
vdavis Offline
New Poster
Joined: Mar 2019
Posts: 13
Starting in January 1, 2020, does the SCRA foreclosure protection period revert back to 90 days after military service ends? If so, do I need to update the HUD notice?

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#2246950 - 12/28/20 05:38 PM Re: HUD / SCRA notice CindyS
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act

(Sec. 313) The bill amends the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 to make permanent the one-year grace period during which a servicemember is protected from foreclosure after leaving military service.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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