September 9, 2013
by Harry Beisswenger, CEO
NetDirector – USFN Associate Member
In the mortgage banking industry, more and more regulatory changes continue to trickle down to loan servicers and their attorneys. A number of these regulations are creating more overhead and reducing margins for the various parties to stay in compliance. For instance, some servicers now require up to seven military status checks during the life of a foreclosure file.
This process requires staff going to the Department of Defense (DOD) website and manually entering the borrower’s social security number to access military status information along with downloading the proof of search documents (certificate/screenshot). The search results along with the documents are then manually entered into the attorney/servicer case management system (CMS). As many can attest, the DOD site is not always accessible and it can be very slow due to heavy traffic. An additional time-consuming challenge is obtaining a borrower SSN if it is not included in the referral.
There is another way, however — using privately-developed automated systems. Among those offering the service, NetDirector automates an array of person search-related tasks. Without leaving their CMS, users can obtain military status (with certificate/screenshot) and PACER bankruptcy status (both national and regional) within minutes. They can also find a borrower’s social security number, all names/addresses, and determine whether the borrower is deceased. NetDirector provides automation with various servicer platforms (i.e., LPS Desktop & VendorScape) for Servicemembers Civil Relief Act document uploads and SCRA-related task updates, offering full compliance.
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