FIL-28-2012: Interagency Guidance on Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders

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Financial Institution Letter

Interagency Guidance on Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders FIL-28-2012
June 21, 2012



Summary: The FDIC is issuing this Financial Institution Letter (FIL) to communicate Interagency Guidance (Guidance) issued jointly with the Consumer Financial Protection Bureau, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the Agencies) to address unique circumstances involving some military homeowners after they receive Permanent Change of Station (PCS) orders. The Guidance highlights concerns about practices that have the potential to mislead or otherwise cause harm to homeowners with PCS orders, and reminds mortgage servicers to ensure that appropriate risk management policies, procedures, and training are in place.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: The Guidance applies to mortgage servicing activities of all FDIC-supervised institutions related to military homeowners, including through the use of third parties.

 

Distribution:
FDIC-Supervised Institutions

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2012/fil12028.html

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