Servicer Compliance Audits for Homeowners?

As the mortgage market increases the use of upfront automated audits to comply and prepare in advance for up-and-coming regulatory requirements, homeowners are being offered the opportunity to review whether lenders and servicers are up to the task.

Federal Home Retention Services is offering a new set of automated tools that enable real estate professionals and property owners to investigate whether residential and commercial real estate transactions comply with certain multistate requirements.

The FHRS platform ensures that loans are clear of violations. It enables users to conduct specific mortgage loan compliance audits that help streamline mortgage loan modification inquiries and loss mitigation reviews.

Yet it does not serve only lenders and servicers that need to take action so they save time and avoid cost associated with failure to comply or litigation.

Until now the firm only conducted business-to-business dealings with lending institutions, federal banking associations, law firms, wholesale lenders & loss mitigation companies. Now consumers can benefit from mortgage compliance reports and audits of securitized mortgage loans.

Mortgage compliance failures may help homeowners to avoid foreclosure action in both nonjudicial and judicial foreclosure states giving them “a better position to negotiate” new loan terms or a loan settlement, said Phillip Michaels, CEO of FHRS and acting VP of compliance, “regardless of financial hardship and payment history.” Hence, he added, violations found in investigative compliance reports can provide crucial assistance to the borrower, as well as to legal advisors who want to specializes in loan modifications.

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