Skip to content

When a servicemember asks for more than SCRA relief

Question: 
A soldier wants us to reduce the loan rate and allow three deferred payments to bring the account current. Are we required to do this?
Answer: 

The rate reduction is required if the loan date and date of service are in the right sequence (in other words, the obligation must be a pre-service obligation). The deferred payments are up to you and may be helpful to the borrower, especially Marines. They aren’t paid during boot camp, but get paid afterwards.

Learn more about Andy’s webinar Attention: New military lending rules of engagement.

First published on 03/13/2016

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics