Has anyone seen the new servicemembers disclosure? The disclosure I have been using expires 7/31/10.

I researched this too and found no update. I emailed HUD to see if they are planning on releasing an updated version, but have had no response to date. Will post when I do!

Thanks. There is just getting to be too much to keep up with. They could help us out a little!!

The HUD site still has the old notice. Do we continue to send the old notice out?

HUD often doesn't pay attention to little procedural requirements like getting OMB form approvals updated and publishing its RSPA booklets in the Federal Register as its own rules say it must do.

The requirement for the notice has not gone away. The OMB renewal is a formality. Continue sending it.

I called HUD Monday August 2 to ask if the form would be updated. The representative said I was the 2nd to call that morning and she would alert the higher ups. About an hour later she called back to tell me they got OMB to approve and the letter would be updated. I have not seen the update yet.

Noticed there was an entry on the HUD website dated 8/02/2010 for SCRA Notice. It looks like the expiration date has been changed to 8/31/2010.

Maybe they going to do this notice like the flood program extensions this year - just change the expiration date every few months.

Here's a link to the form Raquel mentioned. http://www.hud.gov/offices/adm/hudclips/forms/files/92070.pdf

I notice that the number for calls from outside the United States has changed from the previous notice. I don't know if that's a correction from the previous number, or an error on this updated form.

Either way, the form's only good for another seven days anyway.

Whoops. The form has now been updated, and "expires" 9-30-2010.

Wait, it gets more complicated. Apparently, SCRA was amended by Housing and Economic Recovery Act (HERA). This is from footnote 5 on page V-11.1 of the FDIC's Compliance Manual:

The extension of the interest rate reduction for mortgages for an additional one-year period after the end of military service was added by Section 2203(b) of HERA, which was signed into law on July 30, 2008. Section 2203(a) of HERA extends the stay, adjustment, sale, foreclosure, and seizure provisions from 90 days to 9 months following the end of the servicemember’s period of military service. Unlike Section 2203(b), the amendment described in Section 2203(a) expires on December 31, 2010. On January 1, 2011, the SCRA will revert to the provisions in effect before the date of enactment.

I've been told that some examiners has written up banks for not having the correct (updated) language, even though their processors have not updated the form, absent an updated model form from HUD.

I called HUD 3 weeks ago and the rep didn't know what the SCRA notice was.

I've been told that some examiners has written up banks for not having the correct (updated) language, even though their processors have not updated the form, absent an updated model form from HUD.

OTS was just here for compliance exam. We had changed the language on our notice, however we had not updated our "SCRA Policy". Guess what?.....write up for not updating policy!!!!

The notice located at the link provided by Reads Regs was apparently changed 10/22/2010 and now no longer displays an OMB Approval No. and Expiration Date in the upper right hand corner.

Ditto here. Guess all the OTS examiners got the same new playbook.

Why does HUD just not make it easy for us?? I am getting tired of all the stuff shoved at us and we can't find the updated info anywhere. Why should banks be accountable when no one else is?

Statement by the Press Secretary, 12/29/2010
S. 4058, “Helping Heroes Keep Their Homes Act of 2010,” which extends enhanced protections for service members relating to mortgages and mortgage foreclosures through December 31, 2012.

So, am I correct, we must mark up the old 90 days form language and put in 9 months effective through 12.31.2012?

And we also say that the 6% is effective through 1 year after leaving the service, effective through 12.31.2012?

Sec. 527. MAXIMUM RATE OF INTEREST ON DEBTS INCURRED BEFORE MILITARY SERVICE.
(a) INTEREST RATE LIMITATION-
(1) LIMITATION TO 6 PERCENT- An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent –

(A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or

(B) during the period of military service, in the case of any other obligation or liability.

The one year after is only for mortgage, D/T or other mortgage related. Anything else only gets the 6% for the period of military service. 12-31-2012 is the end date for the HERA provision of 9 months in Sec. 533. MORTGAGES AND TRUST DEEDS.

And the "during period of military service and one year after" wording is permanent for mortgage and similar transactions.

I just noticed that we do not have a SCRA Policy! Are we required to have one or is it just good business practice to do so? We just went through an exam and they did not ask for one. Hummm.....

I am in the process of reviewing our SCRA notice and want to make sure we have the correct wording. I am coming into the compliance position in the middle of tons of changes and am somewhat overwhelmed. Looking at the HUD version of the notice, it still has the older verbiage. Would someone be willing to email me a copy of the verbiage they use ?

PM me your email address and I will share mine.