CoreLogic introduces Verification of Military Status for servicers.
VOMS allows mortgage servicers to quickly and accurately identify borrowers protected under the Service-members Civil Relief Act of 2003 (SCRA)-which bans such actions as foreclosures and caps interest rate increases for those on active duty and for up to 90 days following discharge-to help ensure the proper handling of foreclosures on protected borrowers in accordance with SCRA requirements, and avoid potential regulatory investigations, lawsuits and costly settlements for noncompliance.
VOMS provides a convenient and cost-effective compliance solution for identifying and verifying the active duty military status of a borrower as defined by the SCRA, which provides certain protections to active-duty service-members, Reservists and members of the National Guard.
Through secure file transfer, servicers can now quickly and efficiently review entire loan portfolios to determine whether they contain loans with SCRA-protected borrowers, and receive fast results in a single, easy-to-read electronic report format suitable for importing.
"Unlawful foreclosures have resulted in nearly $50 million in recent settlements between mortgage companies and military service members," said Tim Grace, senior vice president of product management and analytics at CoreLogic. "With approximately 5 million active-duty families across the U.S., VOMS provides a critical due-diligence and compliance solution to help guide servicers in the appropriate management of SCRA-protected borrowers facing foreclosures."
CoreLogic conducts consumer searches via the Department of Defense to check and verify SCRA-required data, including active-duty status, military branch, active-duty start date and date of discharge (if applicable). In addition to simplifying SCRA compliance requirements, VOMS allows servicers to identify and take proactive measures to update borrowers' active duty information for refinance opportunities, loan modifications, adjustable loan rate changes and foreclosure assessment, according to CoreLogic.
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|Title Annotation:||Tech Newz|
|Comment:||CoreLogic introduces Verification of Military Status for servicers.(Tech Newz)|
|Date:||Aug 1, 2011|
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