HUD updates SCRA notice disclosure…again
AML AND COMPLIANCE NEWS |
In the waning hours of 2014, as the then-current Department of Housing and Urban Development (HUD) Servicemembers Civil Relief Act (SCRA) Notice Disclosure was about to expire (it bore an expiration date of Dec. 31, 2014), HUD posted on its website a revised SCRA Notice Disclosure bearing a new expiration date of Dec. 31, 2017. But beware, the initial revised SCRA Notice Disclosure did not include the temporarily extended time period of one year for foreclosure protections, but instead indicated the original 90-day time period.
HUD quickly realized that the Foreclosure Relief and Extension for Servicemembers Act of 2014 had extended the temporary extension of benefits until Dec. 31, 2015, and updated the revised SCRA Notice Disclosure. Be sure you are using the correct version of the revised notice disclosure SCRA Notice Disclosure, and mark your calendar for the end of 2015 to determine if the extension of benefits is further extended beyond Dec. 31, 2015. If the extended benefit time period is not extended, the foreclosure protection time period will revert back to the original 90-day period, and you will need to either switch to an updated HUD Notice Disclosure or create your own to ensure the proper disclosure of the benefit time period.