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#52296 - 01/06/03 06:49 PM SSCRA
DRaderstorf Offline
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Joined: Jan 2003
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Under the SSCRA, if the rate is lowered due to a customer being called to active duty, what should be done to document this in the loan file? Should a Modification be signed? If so, what if they have already left for duty?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#52297 - 01/06/03 06:51 PM Re: SSCRA
Andy_Z Offline
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Document your file with a copy of their orders, request, your memo that the rate is reduced for SSCRA, etc. No modification is necessary.
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AndyZ CRCM
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#52298 - 01/06/03 11:32 PM Re: SSCRA
Anonymous
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Our company issues a letter to the customer that acknowledges receipt of their SSCRA request and confirms the changes we've made to their account. We also then send a follow-up letter every 6 months asking the customer to confirm their current status (still active duty or released).

Copies of this correspondence is retained electronically on our loan servicing system.

jon m

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#52299 - 01/07/03 03:52 AM Re: SSCRA
Andy_Z Offline
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That is a good system, especially the 6-month follow up. There will be occasional problems when they get out and are less prompt at letting you know that, than when they went in.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#52300 - 01/10/03 01:57 AM Re: SSCRA
NMB Offline
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Joined: Jun 2002
Posts: 255
Southeast Michigan
We also have them sign a statement saying that they are required to notify us as soon as they are no longer on active duty. (Of course we also have a tickler to follow up periodically.)
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