In response to President Obama's new program to prevent foreclosures on service members, veterans and their families, Quandis Inc., a provider of mortgage servicing software, has rolled out a new website with back-end technology that allows lending entities to easily upload and scrub their loan portfolios in order to accurately identify active military service members.
In addition, the website has tools to facilitate proactive service member contact efforts.
The idea is to make it easier for servicers to identify loans that are held by active service members and proactively communicate with them.
The administration's recently announced program is designed to prevent foreclosures on active duty personnel in accordance with the Servicemembers Civil Relief Act (SCRA) of 2003. Now, servicers are required to proactively query the Defense Manpower Data Center for status no less than once a quarter.
In response to this, Quandis has launched its QSO website, which performs detailed data scrubs of the Department of Defense website, including name permutation, validation and normalization. This means that all possible active duty military personnel name variations and statuses are checked to ensure SCRA compliance.
‘The White House has spoken loud and clear: Banks and servicers must make every possible attempt to locate active military personnel, make them fully aware of their benefits and adhere to the SCRA,’ says Scott Stoddard, CEO of Quandis, in a release. ‘It is completely remiss of banks and servicers to ignore the White House's request to partner with them and bring relief to service members, veterans and their families.’
QSO also arms servicers and banks with information to proactively reach out to individuals that have been identified as being eligible for various benefits under SCRA, notify them of their options and simplify the application process.