Mavent obtains technology patent for mortgage complianceMortgagePress.comMavent, mortgage compliance, U.S. patent, consumer credit regulation, Mavent Expert System, Mavent Compliance Console
Mavent Inc., a provider of automated regulatory compliance
solutions to the mortgage industry, has announced that it has been
awarded a U.S. patent for technology used for compliance with
consumer credit regulation.
The issuance of the patentoriginally drafted nearly a decade
agois particularly timely given growing concern in the financial
and institutional sectors about rising foreclosures and related
credit problems.
"Heightened regulatory scrutiny and intense consumer advocacy is
driving up the cost of mortgage compliance. Yet, mortgage lenders
budgets are shrinking," said Louis Pizante, CEO of Mavent. "For the
growing number of institutions seeking to implement an automated
compliance strategy, this patent is an essential factor to
consider."
The patent covers systems, software programs and methods of use
for businesses that originate and close loans secured by real
estate in order to audit such loans for compliance with state and
federal laws and regulations.
Licenses to utilize the patent are currently available to Mavent
clients as a component of its integrated services. Mavent is also
considering providing licenses to interested financial institutions
and mortgage-related companies that may presently be infringing on
the patent.
"Mavent's early success in establishing this market has allowed
us to maintain our market leadership and dominance, as well as
continues to position us at the forefront of a developing automated
compliance marketplace," added Pizante. "As the pioneer of
automated compliance solutions, this type of protected innovation
will allow us to continue to deliver superior value to our
clients."
The patented technology underpins Mavent's automated compliance
solutions, including the Mavent Expert System, the Mavent
Compliance Console (MC2), custom-client automated compliance
engines (ACEs), its lender and broker license verification and
monitoring service, and other compliance risk management solutions
Mavent provides to lending institutions.
Mavent analyzes electronic loan data to determine whether a loan
complies with more than 300 federal and state consumer protection
laws related to mortgage lending. Mavent has performed more than 25
million compliance reviews and its clients include five of the 10
largest lenders and seven of the top 10 investors.
The adverse economic impact that non-compliant loans can have on
a lender's business, including regulatory fines and penalties,
class action litigation and adverse publicity (headline risk), has
resulted in strong demand for Mavent's automated compliance
solutions. Currently, the combined forces of increased consumer
protection scrutiny and shrinking budgets industry-wide are
allowing Mavent to deliver significantly greater value to its
clients.
Unlike other offerings that have one-size-fits-all automated
compliance tools, Mavent is the only organization with a patented
technology that performs comprehensive and thoroughly vetted
compliance audits that are specific to the regulations that govern
a particular institution and loan transaction.
For more informatiuon, visit www.mavent.com.
