Quandis Inc., a default management mortgage technology provider, has incorporated functionality into its Military Search service that empowers clients with the ability to easily customize real-time monitoring data analysis so that is more explicit and inclusive in nature.
The company says with this new functionality, the service now returns the most granular searches in the industry for active military personnel, along with detailed reporting.
Quandis Military Search (QMS) is an all-in-one solution that verifies up-to-the-second information on active duty military status to help organizations comply with the Servicemembers Civil Relief Act (SCRA) of 2003.
SCRA has stringent rules and processes that must be followed before starting mortgage foreclosure proceedings on borrowers that hold active duty status in the U.S. military. Stiff fines, penalties and lawsuits can result from active military personnel that are improperly pursued in the default process.
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.
“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,” explains Greg Kent, vice president of data services at Quandis, in a release. “Our clients no longer require IT resources to compare and detect SCRA status changes.”