California-based Quandis Inc., a default management mortgage technology provider has incorporated a new functionality into its Military Search service that empowers clients with the ability to easily customize real-time monitoring data analysis that is more explicitly and inclusive in nature. The new functionality returns the most granular searches in the industry for active military personnel along with detailed reporting.
Called the Quandis Military Search (QMS), the solution verifies up-to-the-second information on active duty military status to help organizations comply with the Servicemembers Civil Relief Act (SCRA) of 2003, which has stringent rules and processes that must be followed before starting mortgage foreclosure proceedings on borrowers that hold active duty status in the United States military. Stiff fines, penalties, and lawsuits can result from active military personnel that is improperly pursued in the default process.
“Our development of QMS monitoring takes SCRA compliance adherence a step further by putting users in full control of their data and preferences as to how, when and to what degree of finality they would like to execute searches,” explained Greg Kent, vice president of data services at Quandis. “Our clients no longer require IT resources to compare and detect SCRA status changes.”
The new functionality works by providing organizations with the ability to define “monitoring cycles” for their data, which automatically runs SCRA searches using both client-defined criteria and schedules. The continual search cycles allow for comparison of key SCRA data points over time thus identifying any changes in SCRA eligibility. The expanded functionality reports on specific data points as defined by unique client needs.
QMS automates bulk as well as individual searches and can be used as a standalone solution or as integrated with leading attorney case management systems (CMS), servicing platforms and legacy applications to return and populate search certificates along with relevant data. The solution is being successfully leveraged by foreclosure attorneys, servicers, lenders, banks, and third-party outsourcing providers.