Default management FinTech provider Quandis Inc.
has announced that for the next 60 days, it will be making its Military Search Service for compliance adherence to the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA) free to any organization that has not previously used the solution. The move is a concerted effort to help creditors ensure their loss mitigation efforts are cognizant of U.S. active duty servicemembers.
Quandis Military Search (QMS) is a data service that provides comprehensive and granular verifications to identify active duty military status for individuals with the U.S. Department of Defense (DoD) to adhere to both the SCRA for home loans, as well as the MLA for additional consumer-based loans. It automatically searches the DoD’s database, using all possible name variations and aliases which reduces the risk of missing a borrower that has active duty status. Quandis provides an official military status report and certificate from the DoD on searches run through its automated system.
The problem is that many organizations are still trying to identify military status by using a manual process whereby they have an actual person visit the DoD’s Web site and perform individual searches, which is prone to human errors and missed names.
“As the country navigates through these uncharted times, we should not lose sight of supporting our active military friends and partners,” said John Beggins, president of Quandis. “There are a lot of moving parts right now and as a company, Quandis wants to help organizations accurately and efficiently identify active military personnel to alleviate the risk of starting default proceedings. Offering QMS for free to entities that haven’t used us is simply our way of giving back over the next couple of months.”