Lenders Must Learn To Speak 'Military'

Law360, New York (May 30, 2013, 9:58 AM EDT) -- The Consumer Financial Protection Bureau reports that over half of all complaints filed with the CFPB by military servicemembers and their families involve mortgages. See Semi-Annual Complaint Report. The majority of these complaints involve loan modification, collection and foreclosure practices. The CFPB’s Office of Servicemember Affairs notes: “We monitor complaints carefully, as they can help us determine where the pain points are for military families navigating the consumer financial system.”

One such “pain point” is the Servicemembers Civil Relief Act (SCRA), which was also the focus...
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