Quandis Inc., a Foothill Ranch, Calif.-based provider of default management technology solutions, has launched a service that runs searches on active military personnel to avoid compliance issues in the foreclosure process.
Under the Servicemembers Civil Relief Act of 2003 (SCRA), servicers and foreclosure attorneys must follow certain processes before foreclosing on an active-duty military personnel. Quandis' military search service is designed for use by servicers, banks, foreclosure attorneys, trustees and various outsourced networks to prevent SCRA violations against all active-duty military service members, reservists and members of the National Guard.Â
According to the company, the new service performs an automated bulk search on portfolios to identify borrowers that are active in the military, returning an official military status report provided by the Department of Defense within 24 hours. All search-results data is delivered in an electronic format that imports into services' back-office processing systems and also attorneys' case-management applications.Â
The service is offered on a variable-cost model whereby companies only pay per search on executed transactions.