FOOTHILL RANCH, Calif. /California Newswire/ — Quandis, Inc., a leading provider of default management technology solutions, announced today that it developed and incorporated a sophisticated data parsing and analysis component into its Military Search Service. The new functionality assists servicers and default attorneys in adhering to the Servicemembers Civil Relief Act (SCRA) in order to avoid non-compliance, lawsuits and fines.
"The functionality we added to our Military Search Service ensures that all possible name variations are always searched for on a very granular level," said Scott Stoddard, CEO of Quandis. "Often times, servicers and default attorneys receive borrower data from multiple parties and disparate software systems that frequently return slightly different name variations. This creates the potential to miss active military personnel and as a result incorrectly initiating the foreclosure process. Compliance is king and this new capability enables Quandis to further protect our clients."
Quandis' Military Search Service automates bulk as well as individual searches on delinquent loans by automatically combing the Department of Defense's (DoD) database to identify borrowers who have active duty status in the military, which accompanies various foreclosure prevention protections. Each search returns a detailed, documented report from the DoD. The results are returned back into servicers' back-office servicing applications and attorneys' case management systems (CMS).
The ongoing 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. Further complicating searches is the type of information that is returned with slight variations in names, thus heightening the chance of missing active duty service members. The new functionality that has been added to Quandis' Military Search Service significantly mitigates this risk.
Quandis' SCRA Military Search Service can be used as a standalone solution or as integrated with leading law firm case management systems (CMS) and servicing platforms.
Not complying with the SCRA can result in stiff penalties, lawsuits and even the possibility of the home purchase transaction being rescinded.
Founded in 2003 and headquartered in Foothill Ranch, California, Quandis is a default management software provider specializing in web-based solutions for the lending industry. Quandis' solutions include foreclosure process automation, short sale portals, skip tracing systems, a valuations hub, military search services, bankruptcy status searches, 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.
Quandis, Inc., 27442 Portola Parkway, Suite 350, Foothill Ranch, CA 92610.
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