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SAVVIS announces agreement with Ellie Mae

Aug 11, 2008

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 services. "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.
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Aug 11, 2008
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