Thread Options
#2246451 - 12/11/20 04:46 PM HUD / SCRA notice
CindyS Offline
100 Club
Joined: Sep 2005
Posts: 132
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.

Return to Top
Lending Compliance
#2246455 - 12/11/20 07:15 PM Re: HUD / SCRA notice CindyS
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,234
Galveston, TX
I see no exemption for temporary financing in the statutes: https://www.law.cornell.edu/uscode/text/12/1701x
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#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?

Return to Top
#2246950 - 12/28/20 05:38 PM Re: HUD / SCRA notice CindyS
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,234
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.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z