Analytics provider CoreLogic has designed a suite of new tools aimed at helping loan servicers provide servicemember customers with the benefits they are entitled to, according to a company announcement Monday.
The CoreLogic SCRA Compliance Solution allows mortgage servicers to keep in step with new regulations included within the Servicemembers Civil Relief Act, the Irvine, Calif.-based company said. By outsourcing their compliance needs to CoreLogic, mortgage servicers can guarantee they will fulfill their required duties to members of the military while also stabilizing the costs associated with the new regulation.
An initiative connected with SCRA announced by President Obama in August 2014 stipulated that certain banks and mortgage servicers must help servicemembers receive the mortgage-related benefits entitled to them. These must actively notify customers in the Armed Forces about the interest rate reductions they qualify for as part of the agreement.
CoreLogic’s three new services in its SCRA Compliance Solution make the process of assisting military families easier for its customers.
Through its first service, CoreLogic will verify the military status of a servicer’s customers against information pulled from the U.S. Department of Defense database, including confirmation of active duty and discharge date. For reference and audit purposes, CoreLogic can also store this information for up to one year.
As part of this new solution, CoreLogic can then notify any qualified clients that they may take advantage of active duty protection through a letter that can be generated and sent to the person in question both in print and electronically to fulfill the notification portion of the new regulation.
In its third service, CoreLogic will also compile an audit package on behalf of loan servicers that summarize all of the steps the company took through the analytics firm to comply with SCRA guidelines.
By outsourcing their compliance needs to CoreLogic, the firm said mortgage servicers can guarantee they will fulfill their required duties to members of the military while also reducing the costs and time associated with implementing the protocol in the new regulation.