CoreLogic Offers Solution to Help Make Mortgage Servicers More SCRA-Compliant

first_img Previous: Confusion Over Loan Terms, Foreclosure on Non-Borrowing Spouses Top List of Complaints to CFPB Next: Foreclosure Inventory Down Despite Rise in Starts Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 24, 2015 1,100 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CoreLogic Mortgage Servicers SCRA Servicemembers Civil Relief Act The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Home / Daily Dose / CoreLogic Offers Solution to Help Make Mortgage Servicers More SCRA-Compliant Share Save Demand Propels Home Prices Upward 2 days ago CoreLogic Offers Solution to Help Make Mortgage Servicers More SCRA-Compliant in Daily Dose, Featured, News, Technology In order to help mortgage servicers comply with the Servicemembers Civil Relief Act (SCRA), Irvine, California-based data and analytics firm CoreLogic has introduced a comprehensive suite of solutions.CoreLogic’s announcement comes just two weeks after five of the nation’s largest mortgage servicers – JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing –  were penalized a combined total of $123 million by the U.S. Department of Justice over non-judicial foreclosures that violated the SCRA.President Obama announced an agreement in August 2014 between the White House and major mortgage servicers in which the servicers agreed to proactively identify and reach out to active-duty service member and inform them of the benefits available to them. CoreLogic’s new SCRA Compliance Products will help servicers identify and validate active-duty service members; notify, track, and report on benefits available to active-duty service members; and prepare for audits and other customized services, according to CoreLogic.Servicers agreed to search their portfolios for active service members  once per quarter according to the August 2014 agreement. CoreLogic offers Verification of Military Status (VOMS) in order to achieve this; VOMS searches the U.S. Department of Defense database to verify required SCRA information such as active-duty periods, date of discharge if applicable, and future call-up to active duty notification.Once a client has been identified as an active-duty service member, CoreLogic’s suite of solutions can assist servicers with notifying those service members by using the Solutions Express Document Generation service, which will generate notices, send them to clients, and manage any responses. Then, in case the servicer missed or overlooked any active-duty service members in their portfolio, CoreLogic’s SCRA Audit Service will help identify them and assist them appropriately. CoreLogic Mortgage Servicers SCRA Servicemembers Civil Relief Act 2015-02-24 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img

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