Mortgage lender Quicken Loans, the parent company of One Reverse Mortgage, has announced a partnership with the Obama Administration that will enhance the financial protections that active military members are granted under the Service Members Civil Relief Act (SCRA).
SCRA ensures protection for military members as they enter active duty, and allows flexibility related to their mortgage interest rates, mortgage late fees and mortgage foreclosure protection.
Quicken Loans will immediately begin reviewing its servicing portfolio monthly, comparing it to the Department of Defense’s current database to identify active-duty borrowers. The lender will also begin reaching out to the active-duty homeowner or their closest available relative to let them know Quicken Loans will be applying any of the special benefits they are entitled to receive under the SCRA.
“It’s clearly the right thing to proactively reach out to active-duty military members and make sure they — and their families – are financially protected,” said Quicken Loans CEO Bill Emerson in a statement. “Our military members have enough on their plate without burdening them with the added stress of having to contact their lenders to activate benefits the law entitles them to receive.”
Other top mortgage lenders have also agreed to enhance the financial protections that active military members are granted under SCRA.
Written by Emily Study