Feds Issue Mortgage Guidance For Military Homeowners

Law360, New York (June 21, 2012, 7:34 PM ET) -- Addressing concerns over what they describe as abusive lending practices, federal financial regulators on Thursday released new guidelines for mortgage issuers outlining best practices when dealing with military homeowners who are suddenly ordered to relocate.

 

The guidelines, which apply to servicemen and women who are asked to relocate through so-called Permanent Change of Station, or PCS orders, urge lenders to provide accurate and timely information about programs available to help them sell their homes, while warning that the agencies will take action against mortgage servicers...
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