Maximum Rate of Interest on Loans, Including Mortgages
Upon receiving a written request for relief and a copy of a servicemember’s military orders, the Bank, for the duration of the servicemember’s military service, reduce the interest rate on debts incurred by the servicemember, or a servicemember and spouse jointly, before entry into military service to no more than 6% per year. (This applies to the individual servicemember’s debt or joint debt with a spouse.)
Procedures:
Upon receipt of the proper documentation, process the request as follows:
A. Send a written notification to the customer. The letter should include:
1. Acknowledgment of their request;
2. Interest rate charged (in accordance with the provisions of SCRA) during the
Upon receiving a written request for relief and a copy of a servicemember’s military orders, the Bank, for the duration of the servicemember’s military service, reduce the interest rate on debts incurred by the servicemember, or a servicemember and spouse jointly, before entry into military service to no more than 6% per year. (This applies to the individual servicemember’s debt or joint debt with a spouse.)
Procedures:
Upon receipt of the proper documentation, process the request as follows:
A. Send a written notification to the customer. The letter should include:
1. Acknowledgment of their request;
2. Interest rate charged (in accordance with the provisions of SCRA) during the