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Eligibility for SCRA rate cap

Question: 
A soldier’s mother called to tell us her son joined the Army. Do we have to reduce the loan rate that day?
Answer: 

There are documents you can require for proof of protected status under the SCRA such as a copy of the orders for that person. But through enforcement actions we are finding that “best practices” include making the change and getting verification using the DMDC database.
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Learn more about Andy Zavoina’s webinar Military Lending – Banks Keep Getting it Wrong

First published on 12/03/2017

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