Free News Articles, Software

Quandis Adds New Imaging Functionality to its Military Search Service for SCRA Compliance

RANCHO SANTA MARGARITA, Calif. -- Quandis, Inc., a leading default management mortgage technology provider, announced that it has added new functionality that allows servicers and default attorneys to more easily manage images of official certificates from the Department of Defense (DoD) to demonstrate proof of compliance for adherence to the Servicemembers Civil Relief Act (SCRA).

The SCRA requires that organizations take various measures before beginning default and foreclosure proceedings on active duty military personnel. Non-compliance with the SCRA can result in steep fines, lawsuits and the potential to rescind foreclosures.

Quandis' Military Search Service streamlines searches on delinquent loans by automatically combing the DoD's database to identify borrowers that have active duty status, who are protected under the SCRA. The searches are very thorough, complete with name permutations, which catches slight variations of different names. Searches return a detailed, documented certificate from the DoD demonstrating proof of compliance.

Quandis has now added imaging functionality to meet all internal and external compliance requirements. The new functionality delivers a number of newfound efficiencies.

"One of the ongoing problems that organizations are faced with when it comes to SCRA compliance is not only verifying that a delinquent borrower is on active duty, but also in how they process, organize, or redact certificates provided from the DoD," stated Greg Kent, vice president of data services at Quandis. "By adding imaging capability, clients now have the flexibility to take DoD certificates, centralize them, and store them internally for future reference and proof of compliance. This saves huge amounts of time spent by FTEs to manually perform the same task."

The typical process for default servicing entities starts with collecting a superset of all DoD SCRA certificates. Multiple copies are then created and adjusted for the content within them to be compliant. Law firms have to prove to servicers and courts that they interface with all SCRA information and documentation, and they all have their own internal requirements and procedures on how to handle SCRA certificates.

This manual process becomes hard to manage, significantly increases the element of human error, is laborious, time consuming and heightens the risk of non-compliance. Quandis' new imaging functionality remedies this and provides detailed, well-organized proof of SCRA compliance in the event of an audit.

"Quandis' SCRA image packages has allowed us to ensure compliance with searches for active military personnel across the board for all of our cases," stated Matt Barr, director of information technology at BWW Law Group, LLC. "The simplification of the overall process gives us more time to focus resources in other areas, which produces a significant ROI for us."

The Quandis Military Search Service for SCRA compliance can be used as a standalone solution or as integrated with leading law firm case management systems (CMS) and servicing platforms.

Quandis' Military Search technology also addresses compliance for the Military Lending Act (MLA) rule. The MLA helps protect U.S. servicemembers in other areas of consumer lending outside of mortgage such as payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans and credit cards. Under the MLA, servicemembers have additional protections that must be complied with. Quandis expanded its footprint into protection of servicemembers involving high-cost loans and predatory lending when new changes were implemented to the MLA in 2015 and again in 2016.

About Quandis:
Founded in 2003 and headquartered in Rancho Santa Margarita, California, Quandis is a leading default management software provider specializing in web-based solutions for the mortgage 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.

MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

*LOGO for media: Send2Press.com/300dpi/17-1003s2p-Quandis-300dpi.jpg

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Defense and Military, Free News Articles, Software

Quandis Unveils Technology Solution to Help Lending Entities Comply with Changes to the Military Lending Act

FOOTHILL RANCH, Calif. -- Quandis, Inc., a leading provider of default management software and services, announced that it released a technology solution to help lending organizations comply with changes to the Military Lending Act (MLA) that take effect on Oct. 3, 2016. The MLA provides a number of new rules set forth by the Department of Defense (DoD) that impacts lenders working with active duty service members and their dependents. Failure to adhere to the DoD's amended compliance rules can result in severe repercussions.

On July 22, 2015, the DoD finalized an amendment to the Military Lending Act of 2007, which entails crucial new rules that lenders must follow when dealing with active military personnel. The MLA rules apply to certain loans provided to "covered borrowers." The term covered borrowers consists of consumers who, at the time they become obligated on the extension of credit, are members of the armed forces serving on active duty or active guard and reserve duty, along with their dependents.

Loans covered by the rule include:
* Unsecured closed-end loans
* Non-purchase-money secured closed-end loans
* Unsecured consumer lines of credit
* Credit cards.

Quandis' solution provides a real-time API that searches the DoD's database to instantly return covered borrower status in either human or machine-readable formats. Supporting high concurrency and average response times well under one second, the API is ideally suited to integrate with automated underwriting systems (AUSs). Unlike most search solutions, Quandis' technology parses name permutation data to search on a very granular level for active duty personnel as well as their dependents, ensuring comprehensive searches so that nothing is missed.

"Our ability to leverage the technology we have already developed to adhere to the Servicemembers Civil Relief Act (SCRA) for active duty military status, and apply that knowledge and technology to the MLA is a natural extension for us," says Scott Stoddard, CEO of Quandis. "Anyone dealing with debt when it comes to covered borrowers must comply with the MLA. Compliance is king and this new offering provides a critical safe harbor for lending organizations working with service members."

Quandis provides a DoD-certified tracking number, along with a time and date stamped audit trail for users in the event of an audit or issue to demonstrate proof of MLA "safe harbor" compliance. The company's MLA compliance solution is already in production with several lending entities.

Notable is that a record number of complaints made by service members to the CFPB has been recorded recently. In 2015, the CFPB received 19,000 complaints from service members, veterans and their families, which represented a 13 percent increase from 2014. The top three areas for complaints were debt collection (46 percent), mortgage reporting (15 percent) and credit reporting (11 percent).

Lending entities need to start preparing in advance to comply with the MLA amendments as opposed to waiting until the Oct. 3 deadline. Interested parties can contact Quandis at 949-391-9029 or via email at sales@quandis.com.

About Quandis:
Founded in 2003 and headquartered in Foothill Ranch, California, Quandis is a default management software company specializing in web-based solutions for the mortgage banking industry. Quandis' solutions include foreclosure process automation, valuation software, military search services, bankruptcy searches, short sale portals, skip tracing systems, 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.

MEDIA CONTACT:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

This news story was published by the Neotrope® News Network - all rights reserved.