Post by Sapphire Capital on Aug 11, 2008 23:41:55 GMT 4
IRVINE, Calif., Aug 11, 2008 (BUSINESS WIRE) -- Mavent Inc., the leading provider of automated regulatory compliance solutions to the mortgage industry's largest lenders and investors, has implemented changes to its system based upon New York's latest subprime lending reform bill that will take effect on Sept. 1.
New York Gov. David A. Paterson signed into law Bill 8413-A to strengthen consumer protections under New York's banking regulations and provide assistance to New Yorkers facing foreclosure. The new changes introduce new loan term restrictions and ability to repay requirements for high cost and subprime loans along with new foreclosure process requirements.
"Budgetary and resource constraints can make complying with swift changes like New York's regulation difficult," said Louis Pizante, CEO of Mavent. "Mavent creates value for its clients by providing them with accurate and up-to-date compliance controls at a cost that is less than what it would take to maintain those controls internally."
The latest New York regulation highlights Mavent's overall value proposition. Together, Mavent's team of in-house attorneys and nationally-recognized credit law firms work to continuously identify and monitor new legislation so that client notifications and system updates can be made in advance of regulatory changes. In response to New York's regulation, Mavent's system will provide clients with exception messages when certain thresholds are triggered and the terms of the loan do not conform to the new lending requirements in that state.
"To safeguard its clients from non-compliance, Mavent constantly identifies and monitors new legislation so that changes can be implemented quickly and seamlessly," added Pizante.
Mavent ensures that its clients do not fund or purchase loans that violate consumer protection and other mortgage-related laws, enabling institutions to focus on growing production profitability. Mavent's patented automated compliance engines accurately review loan data for compliance against over 300 consumer protection laws including: predatory lending laws, usury, fee limits, prepayment penalty restrictions, licensing verification, and fair lending requirements, all within five seconds. Accordingly, Mavent's system replicates an audit performed by a team of the industry's most knowledgeable legal experts, but at a fraction of the time and cost.
About Mavent
Mavent, the pioneer of automated compliance solutions, has performed over 25 million compliance reviews for the mortgage industry's leading institutions. Its patented automated compliance solutions analyze electronic loan data, in real-time, to determine whether a loan complies with over 300 federal and state consumer protection laws related to mortgage lending. Mavent's compliance rules, logic and analytics are documented, formally approved by nationally recognized outside counsel and can be customized to meet an institution's license or charter authority, unique regulatory interpretations, internal compliance policies and investor regulatory guidelines.
Mavent processes loan reviews in an average of five (5) seconds. Its patented product offering includes the Mavent Expert System, the Mavent Compliance Console (MC2), custom-client automated compliance engines (ACEs), its License Verification and Monitoring Service and other compliance risk management solutions.
SOURCE: Mavent
PAN Communications
Andy Baron/Mike Sullivan
978-474-1900
mavent@pancomm.com
New York Gov. David A. Paterson signed into law Bill 8413-A to strengthen consumer protections under New York's banking regulations and provide assistance to New Yorkers facing foreclosure. The new changes introduce new loan term restrictions and ability to repay requirements for high cost and subprime loans along with new foreclosure process requirements.
"Budgetary and resource constraints can make complying with swift changes like New York's regulation difficult," said Louis Pizante, CEO of Mavent. "Mavent creates value for its clients by providing them with accurate and up-to-date compliance controls at a cost that is less than what it would take to maintain those controls internally."
The latest New York regulation highlights Mavent's overall value proposition. Together, Mavent's team of in-house attorneys and nationally-recognized credit law firms work to continuously identify and monitor new legislation so that client notifications and system updates can be made in advance of regulatory changes. In response to New York's regulation, Mavent's system will provide clients with exception messages when certain thresholds are triggered and the terms of the loan do not conform to the new lending requirements in that state.
"To safeguard its clients from non-compliance, Mavent constantly identifies and monitors new legislation so that changes can be implemented quickly and seamlessly," added Pizante.
Mavent ensures that its clients do not fund or purchase loans that violate consumer protection and other mortgage-related laws, enabling institutions to focus on growing production profitability. Mavent's patented automated compliance engines accurately review loan data for compliance against over 300 consumer protection laws including: predatory lending laws, usury, fee limits, prepayment penalty restrictions, licensing verification, and fair lending requirements, all within five seconds. Accordingly, Mavent's system replicates an audit performed by a team of the industry's most knowledgeable legal experts, but at a fraction of the time and cost.
About Mavent
Mavent, the pioneer of automated compliance solutions, has performed over 25 million compliance reviews for the mortgage industry's leading institutions. Its patented automated compliance solutions analyze electronic loan data, in real-time, to determine whether a loan complies with over 300 federal and state consumer protection laws related to mortgage lending. Mavent's compliance rules, logic and analytics are documented, formally approved by nationally recognized outside counsel and can be customized to meet an institution's license or charter authority, unique regulatory interpretations, internal compliance policies and investor regulatory guidelines.
Mavent processes loan reviews in an average of five (5) seconds. Its patented product offering includes the Mavent Expert System, the Mavent Compliance Console (MC2), custom-client automated compliance engines (ACEs), its License Verification and Monitoring Service and other compliance risk management solutions.
SOURCE: Mavent
PAN Communications
Andy Baron/Mike Sullivan
978-474-1900
mavent@pancomm.com