Magazine article Mortgage Banking

CoreLogic Introduces Verification of Military Status for Servicers

Magazine article Mortgage Banking

CoreLogic Introduces Verification of Military Status for Servicers

Article excerpt

Santa Ana, California-based CoreLogic, a provider of information, analytics and business services, has introduced Verification of Military Status (VOMS), a compliance and loan portfolio due-diligence solution and the newest addition to CoreLogic's Verification Services suite for verifying borrower data.

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. …

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