Posted By: AndyCompliance
SCRA/MLA Reservist Post Notice Origination - 03/30/21 05:46 PM
We had a borrower notify us today (3/30/21) of active duty orders with a start date of November 6, 2020, in reference to a loan that originated on September 1, 2020. The issue is that the borrower is a reservist and received the orders on June 20, 2020.
SCRA benefits are effective as of June 20, 2020, despite the fact that the loan didn't originate until September 1, correct? MLA does not apply because the borrower wasn't on active duty at time of origination and MLA doesn't have the early notice provision of SCRA. Is that also correct?
Thank you.
SCRA benefits are effective as of June 20, 2020, despite the fact that the loan didn't originate until September 1, correct? MLA does not apply because the borrower wasn't on active duty at time of origination and MLA doesn't have the early notice provision of SCRA. Is that also correct?
Thank you.