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. |
Highlights:
Distribution: Suggested Routing: Note: To receive FILs electronically, visit http://www.fdic.gov/about/subscriptions/fil.html. Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200). |
Additional Related Topics:
- Servicemembers Civil Relief Act
- FDIC Guidance for Managing Third-Party Risk