SCRA Audit

The Servicemember’s Civil Relief Act (SCRA) Audit Validates SCRA Information and helps with SCRA Compliance

The recent changes in the Servicemember’s Civil Relief Act (SCRA) combined with the resolution of the National Mortgage Settlement have placed a much greater burden on lenders.  The SCRA bans foreclosures on military personnel when they are on active duty and up to 90 days after they return from duty. However, validating military status and corresponding loan information on a large scale can be laborious and costly for lending institutions. Failure to comply can result in onerous penalties. In answer to this business challenge, CoreLogic® offers the  Servicemember’s Civil Relief Act (SCRA) Audit.   

The SCRA Audit provides lenders with a streamlined and efficient method that validates SCRA information. A full loan SCRA compliance audit provides a detailed summary including:

  • Verification of historical active duty periods
  • An accurate method of calculating the SCRA rate reduction period to mitigate erroneous calculations and their subsequent downstream loan impacts
  • Future call-up to active duty notification
  • Amortization schedules to determine if interest and fees were accurately calculated during the SCRA protected period

Fast Review | Easy to Interpret SCRA Audit Report

On a SCRA Audit, you will receive:

  •  An easy to read Excel and PDF file with a summary that identifies loan undercharges and overcharges that occurred
  • A detailed summary of rate, payment, and UPB prior to the SCRA, during and recast, if applicable, after the protection period
  • A precise checklist to ensure your institution is complying with the SCRA rules and regulations

Now, you can rest easy knowing you have help with SCRA compliance.

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