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National Mortgage Professional
Apr 16, 2008

Mavent reacts quickly to the immediate enactment of Kentucky House Bill 552 MortgagePress.comAutomated compliance, prepayment penalty, compliance systems Automated compliance company ensures its clients are compliant after bill is enacted Mavent Inc. has updated its automated compliance engine to reflect the immediate addition of new high-cost thresholds and other fee and prepayment penalty restrictions promulgated by the Kentucky General Assembly. Unlike most legislation, which typically provides a three- to six-month window between enactment and effective date, HR 552 is immediately effective upon the signature of Kentucky's Gov. Steve Beshear. Those institutions that do not maintain a dedicated, cross-functional team responsible for maintaining their compliance systems risk funding loans that do not comply with HR 552. Non-compliant loans can result in substantial regulatory fines that materially impact secondary market sales. "This is an example of Mavent's value. Especially in this environment, most lenders cannot marshal all the moving parts needed to keep their systems current with abrupt regulatory changes," said Louis Pizante, CEO of Mavent. "While Mavent's clients are funding Kentucky loans today, many other lenders are debating whether to suspend their business or risk making non-compliant loans." HR 552 is all the more challenging to lenders because of its timing, the last Thursday of the month. The final week and last Friday of each month are especially busy for lenders because this is when most loans are scheduled to fund. Mavent's automated compliance engine reviews mortgage loans in less than five seconds for compliance with more than 300 federal, state and local consumer protection laws, including predatory lending laws, usury, fee limits, prepayment penalty restrictions, licensing verification and fair lending requirements. Mavent continuously identifies and monitors new and pending regulation that impact mortgage lending. Pending legislation is reviewed by Mavent's in-house legal team and its network of nationally recognized consumer credit law firms. Mavent is able to implement changes and notify clients in advance to respond to sudden regulatory changes. 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. For more information, visit
Apr 16, 2008
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