NCUA, along with several other Agencies, recently issued guidance to mortgage servicers to address practices that may pose risks to homeowners who are serving in the military, specifically those members who have received Permanent Change of Station (PCS) orders. The Agencies are concerned with practices that may mislead homeowners.
The guidance does not obligate mortgage servicers to offer any particular loss mitigation programs, but servicers should ensure that the information their employees provide to military homeowners is clear and accurate.
Even with the best intentions it is easy to fall behind on updates to loss mitigation programs that may be available to military service members. For example, there were recent changes made to the Home Affordable Modification Program (HAMP) to further assist military homeowners as well as FHFA’s program concerning short sales.
Compliance issues aside, the personal and financial sacrifices military servicemembers make is reason enough to take the extra time to ensure all of the information you provide is accurate!