Banking for Servicemembers
These will help prepare your bank for that next request for SCRA relief. BOL user SkiDoo has contributed a checklist that helps you organize your process. There are also two letters for the customer. The first letter confirms the rate adjustment and the time period for which it is valid. The second letter is sent prior to reverting back to the contractual rate. The checklist even allows for a tickler date to send this letter, so that the consumer knows the current balance, rate and payment schedule you can send a revised Truth in Lending disclosure. Although this isn't required, it is a good practice.
First published on 03/01/2013