Phillip Michaels, Chief Executive Officer and acting Vice-President - compliance at Federal Home Retention Services, commented on the process, "Our firm has been using compliance analysis in production for many years. In every electronic examination that has required us to submit loan-level data, Mortgage Compliance Analysis Reports originating from our firm has provided us with a simple and straightforward process to comply and to deliver the necessary information. Federalhomeretention.org has been a useful platform in ensuring quick turnaround and assistance in staying organized. It has made preparing for enforcement much easier and quicker."Since the beginning of 2008, Federal Home Retention Services has used Mortgage Compliance Analysis and other similar software to be a part of the 60,000 loans directed to regulators for Compliance Enforcement. Ensuring that loans are either clear of violations or not ahead of taking action can save a licensee the time and monetary cost associated with accusations that are more serious. As a result, lenders are increasing their use of the up-front automated audits to prepare in advance for the new regulatory reform. Federal Home Retention Services has recently opened its doors to consumers allowing the public to obtain these services directly from the firm, where prior to this decision, only conducted business-to-business dealings to correspondent lending institutions, federal banking associations, law firms, wholesale lenders, loss mitigation companies and direct lending institutions across the country.
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