Quandis Launches Military Search Solution for the Servicing and Foreclosure Process – NMP Skip to main content

Quandis Launches Military Search Solution for the Servicing and Foreclosure Process

NationalMortgageProfessional.com
May 24, 2011

Quandis Inc., a provider of default management technology solutions, has announced that it has launched a service that runs searches on active military personnel to avoid compliance issues in the foreclosure process. The Servicemembers Civil Relief Act (SCRA) of 2003 dictates that servicers and foreclosure attorneys must follow certain processes before foreclosing on an active person in the United States military. 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. The SCRA protects and covers all active duty military service members, reservists and members of the National Guard. Quandis' military search service is designed for use by servicers, banks, foreclosure attorneys, trustees and various outsourced networks. “There are borrowers that have been called upon to serve our country who often face financial hardships after they are deployed,” said Scott Stoddard, chief executive officer 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. This process starts with servicers, which if they are out of compliance with SCRA, they face stiff penalties and potential lawsuits brought by military personnel as a result of these violations.” Quandis’ new service works by performing an automated bulk search on portfolios to identify borrowers that are active in the military, returning an official military status report provided by the U.S. 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 also attorneys’ case management applications. Currently, most searches are performed manually by a servicer’s staff, which is performed one-at-a-time on the U.S. Department of Defense’s Web site, www.defense.gov, which is onerous, time consuming and risky.
Published
May 24, 2011
Ginnie Mae Exits The Stone Age And Embraces Blockchain

'Some of the procurement stuff that we do, maybe it’s archaic, maybe it needs to be innovated.'

Industry News
Jan 26, 2022
Katten Partner To Head Women In Securitization

Katten announced that Claudine Chen-Young, a partner in its Structured Finance and Securitization practice in Washington, is the newly named chair of Women in Securitization.

Industry News
Jan 26, 2022
AFR Adds Director Of Marketing

American Financial Resources, Inc. named Lauren Blackburn as its director of marketing, where she will be tasked with driving the company's marketing strategy.

Community
Jan 26, 2022
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022
Guild Mortgage Names VP Of Marketplace Diversity Strategy

Guild Mortgage named Victoria Garcia DeLuca as the company's vice president of marketplace diversity strategy, which is aimed at increasing homeownership among minorities and underserved markets.

Industry News
Jan 25, 2022