FOOTHILL RANCH, Calif. /California Newswire/ — Quandis, Inc., a leading provider of mortgage servicing software, announces that it rolled out a new feature within its existing military search service that identifies multiple name variations of borrowers which could have active duty status in the U.S. military. If in default but on active duty, certain rules prohibit foreclosure. This comprehensive search reduces the risk of missing a name and potentially failing to comply with the Servicemembers Civil Relief Act (SCRA) of 2003.
In order to comply with the SCRA, organizations must take various measures before beginning foreclosure proceedings on active duty military personnel. Noncompliance with the SCRA can result in steep fines, lawsuits and the potential to rescind foreclosure transactions.
"There is a serious need to identify and search name permutations that reside in the Department of Defense's database," stated Greg Kent, VP of data services at Quandis. "Often, the person searching for active military members must guess name variations, which significantly increases the chance to miss names. Our comprehensive search capability eliminates using this manual process, thus saving time, reducing costs, and mitigating compliance risk."
Quandis' military search service is currently in use by foreclosure attorneys, servicers, lenders, banks and third party outsource providers. Once initiated, the search service delivers an official military status report from the Department of Defense within 24 hours.
Kent further explains: "Consider a search for John Doe-Smith. We'll also search for other possible variations like John Doe, John Smith, John Smith-Doe, and so on. Automatically executing extra searches serves as a very efficient and effective due diligence tool. We can also customize the permutation model to meet client-specific needs."
Quandis' military search service can integrate with servicing platforms, attorney case management systems (CMSs) and third party applications. In addition, client workflows can be custom configured for their unique processes and procedures using business rules.
Founded in 2003 and headquartered in Foothill Ranch, California, Quandis is a mortgage servicing software specializing in Web-based solutions for the mortgage banking industry. Quandis' solutions include foreclosure process automation, valuation software, military search services, bankruptcy status searches, short sale portals, skip tracing systems, collection solutions, vendor solutions, as well custom application development. The company's clients range from servicers, to foreclosure attorneys, lenders, banks, GSEs outsourced service providers, and agents and brokers.
For more information, please visit http://www.quandis.com/ or call (949) 525-9000.
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