How is the bank protected in the event of a death of a single service member?
Our bank made a loan to an active duty military on 4-16-15. He was active duty on 8-2-13 and ended active duty on 7-2-16. Can our bank repossess per the reg?
I'm hoping you can help answer a question for me regarding the John S. McCain National Defense Authorization Act for Fiscal Year 2019. My understanding is that the Act is effective on January 1, 2019. However, I have been told that Section 600 of the Act was actually effective on August 13, 2018. I have been unable to locate any information which points to the August date. Would you please confirm the correct date in which compliance is required for both Section 600 and the Act itself? If applicable please include a link which addresses my questions above.
Is the Housing Counseling Notice required for mobile home loans when the loan is only secured by the mobile home itself, not the land it will be situated on?
Under the Military Lending Act, it states that a Consumer Credit Loan that is "Subject to a finance charge OR Payable by a written agreement in more than four installments." My question is whether a 6 month term loan for $2500.00
would be exempt?
It is my understanding, that President Trump extended the 1-year foreclosure protection under SCRA from 12/31/2017 to 01/01/2020. Following, the SCRA Notice Disclosure should be updated accordingly. Are there any samples you can provide or is it safe to update it accordingly? The form I am refering to is the HUD-92070.
A soldier’s mother called to tell us her son joined the Army. Do we have to reduce the loan rate that day?
What is a MAPR?
We researched this before and determined we don’t make loans subject to the MLA. Is it changing?
Are banks required to send the SCRA notice out to all delinquent residential mortgage customers that are 45 days delinquent or just those that have filled out the SCRA form stating that they are in the service.