CoreLogic Introduces Verification of Military Status for Servicers
Email Dan Smith
June 20, 2011, Santa Ana, Calif. –
—New portfolio due diligence solution helps servicers satisfy SCRA compliance requirements and manage losses due to foreclosures—
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the introduction of Verification of Military Status (VOMS), a compliance and loan portfolio due diligence solution and newest addition to their Verification Services suite for verifying borrower data. VOMS allows mortgage servicers to quickly and accurately identify borrowers protected under the Servicemembers Civil Relief Act of 2003 (SCRA)—which bans such actions as foreclosures and caps interest rate increases for those on active duty and 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 non-compliance.
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 servicemembers, Reservists and members of the National Guard. Via Secure File Transfer, servicers can now quickly and efficiently review entire loan portfolios to determine whether or not 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 U.S. 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). Plus, 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.
For more information about the CoreLogic Verification of Military Status portfolio management solution, visit www.corelogic.com/voms.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademark of CoreLogic. Verification of Military Status (VOMS) is a trademark of CoreLogic.