Federal regulators today issued joint guidance aimed at addressing mortgage servicer practices that may pose risks to certain homeowners who are serving in the military. Regulators issuing the guidance included the Board of Governors of the Federal Reserve System, the CFPB, the FDIC, the NCUA, and the OCC.
The guidance pertains to risks related to military homeowners who have informed the servicer that they have received Permanent Change of Station (PCS) orders, which occur when servicemembers are ordered by the military to relocate to a new duty station or base. Regulators issued the guidance to address risks and to ensure compliance with applicable consumer laws and regulations.
Read the Interagency Guidance on Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders.