Servicemembers Civil Relief Act (SCRA) Functionality in Servicing Director
In Release 15.2, Servicing Director added some functionality for the Servicemembers Civil Relief Act (SCRA). These 15.2 features consist of a SCRA Notice Disclosure letter, and a check box to allow you to mark a loan as SCRA eligible on the Loan Information screen in Customer Service. This check box is used only as an available filter for the SCRA Notice Disclosure letter event.
The SCRA Notice Disclosure is required when a loan for a service member on active duty, or active service, or their spouse or dependent is 45 days delinquent or less. Because you may not be aware of when a borrower is eligible for the protections provided by the SCRA, you may elect to send the notice to all borrowers that reach 45 days of delinquency.
There is currently no SCRA functionality in Servicing Director that restricts interest rates or late charges on these loans automatically. All restrictions and changes will need to be handled manually or through other features such as the Suspend Late Charges feature.
Environment:
Servicemembers Civil Relief Act (SCRA) Functionality in Servicing Director
ArticleNumber:
000054044