Default Management Firm Introduces Military Search Solution

California-based ""Quandis, Inc."":http://www.quandis.com, a provider of default management technology solutions, recently launched a service that runs searches on active military personnel.
[IMAGE] The technology was developed to allow mortgage servicers to comply with the Servicemembers Civil Relief Act (SCRA), which dictates that servicers and foreclosure attorneys must follow certain processes before foreclosing on an active person in the U.S. military.

""There are borrowers that have been called upon to serve our country who often face financial hardships after they

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are deployed,"" said Scott Stoddard, CEO of Quandis, Inc. ""The problem is that organizations are challenged with verifying that a delinquent borrower is on active duty and then continually monitoring status to ensure it hasn't changed.""

Under the SCRA, homes with mortgage originations that pre-date a military member's entry into active duty cannot be foreclosed on during that active duty or within nine months after release from active-duty without a court order.

Aimed at servicers, banks, foreclosure attorneys, trustees, and various outsourced networks, the military search service performs an automated bulk search on portfolios to identify borrowers that are active in the military.

The system returns an official military status report provided by the Department of Defense within 24 hours. All search result data is delivered in an electronic format that imports into services' back-office processing systems and attorneys' case management applications.

Quandis' service is offered on a variable cost model, so companies only pay per search on executed transactions.