StoneWater Mortgage taps Mavent to ensure loan complianceMortgagePress.comautomated regulatory compliance, automated document preparation, TILA
Mavent Inc. a provider of automated regulatory compliance
solutions to the mortgage industry, recently announced that
StoneWater Mortgage Corp., a national mortgage banker, has
implemented Mavent to ensure that only compliant loans are funded
by the institution.
StoneWater will begin using Mavent to provide automated
regulatory compliance for its entire loan production. Specifically,
Mavent's technology will review StoneWater loans to ensure that
they comply with Truth in Lending Act policies, Home Ownership and
Equity Protection Act guidelines, lender and broker licensing and
state and consumer credit laws.
In selecting Mavent, StoneWater has furthered its technology
push toward implementing only best-of-breed technology platforms
built specifically to deal with challenges facing the mortgage
market. StoneWater recently implemented Guardian Mortgage Documents
for automated document preparation and related professional
"In today's tumultuous mortgage market, lenders are challenged
with finding compliance solutions that cost-effectively protect the
institution so that management can focus on creating value," said
Karl F.W. Young, president of StoneWater. "Mavent's unparalleled
breadth and precision enables us to prioritize consumer protection
compliance without sacrificing growth or profitability."
Mavent CEO Louis Pizante notes that StoneWater has a decidedly
forward-thinking approach towards automation and technology.
"StoneWater understands that, more than ever, effectively managing
existing compliance risks, and efficiently implementing evolving
regulatory requirements, will be a differentiating factor in
successfully executing growth-related initiatives while protecting
franchise value," said Pizante.
"We're pleased to have the opportunity to support the StoneWater
team on such a vital aspect of their business." With the
implementation, StoneWater has customized its solution to maintain
a so-called "hard stop" in the system, which means that no
documents will be drawn if a compliance violation is triggered. An
immediate response is then sent to the requester if a loan file
falls outside of StoneWater's business requirements.
StoneWater's selection of Mavent comes on the heels of Mavent
announcing that it has been awarded a U.S. patent for technology
used for compliance with consumer credit regulation. Mavent's
compliance rules are maintained by its in-house attorneys in
coordination with its network of nationally recognized law firms.
Accordingly, a Mavent review replicates an audit performed by a
team of the industry's most knowledgeable legal experts, but at a
fraction of the time and cost. For more information, visit www.stoneh2o.com or www.mavent.com.