CoreLogic has introduced a suite of solutions designed to help mortgage servicers maintain compliance with the Servicemembers Civil Relief Act (SCRA).
The CoreLogic SCRA compliance solution helps servicers comply with the new standards established in recent SCRA settlements and provides new ways to address the increased costs associated with SCRA compliance.
An August 2014 agreement between the White House and major loan servicers asks servicers to proactively identify and notify active-duty service members of the benefits available to them. The SCRA compliance solution provides servicers with a way to identify and validate active-duty military service members in a loan portfolio; notify, track and report on active-duty benefits; and prepare for any possible audits, explains CoreLogic.
The solution helps servicers address key components of the August 2014 agreement via three customizable services.
First, CoreLogic will search the U.S. Department of Defense (DoD) database to check and verify SCRA-required information, such as the verification of active-duty periods.
Second, if a client qualifies for active-duty protection, CoreLogic's in-house fulfillment services can generate, ship and track a letter. A PDF of the actual DoD certificate can also be generated and stored for up to 12 months for additional audit protection. CoreLogic can also monitor the responses and key the information into the servicer's system.
Third, CoreLogic offers an audit reporting package outlining all of the efforts undertaken to ensure SCRA compliance by the servicer.
More information can be found here.