Mavent Touts Compliance Growth, Reaches 25 Million Transactions
Even in a downturn, originators need to ensure that loans in the pipeline meet compliance requirements -- explaining why Mavent Inc., one of the larger providers of automated regulatory compliance solutions to the mortgage industry, said this week that it had conducted its 25 millionth compliance review. The Irvine, Calif.-based company, founded in 2000, specializes in managing the regulatory risk exposure of an institution's pipelines, portfolio or loan pools, and works with many of the nation's larger lenders. The company's platform marries an in-house legal team with a network of nationwide consumer credit law firms, which have approved a complex set of rules within the Mavent system -- more than 7,000 pages worth, the company said in a press statement. Mavent's reviews include compliance analysis for Truth-In-Lending, anti-predatory lending; lender and broker license verification and applicability; state consumer credit laws relating to such terms as usury, fee restrictions, prepayment penalties, and late fees; Home Mortgage Disclosure Act (HMDA); Office of Foreign Asset Control (OFAC); CRAx secondary execution; and, investor program requirements, such as an accurate Fannie Mae points and fees threshold test and the CitiMortgage initiatives test. To learn more, including how the company's platform can be integrated directly into a customer's LOS, visit http://www.mavent.com.