Mavent, QuestSoft alliance helps lenders meet secondary market demandsMortgagePress.comMavent, QuestSoft, secondary market, regulatory changes, compliance
QuestSoft, a provider of mortgage compliance software and
services for lenders, have announced an enhanced partnership with
Mavent Inc., a provider of automated compliance solutions for the
financial services industry, to address regulatory changes in the
lending process, specifically those impacting the secondary
The partnership, which was first announced in 2004, will
continue to pair QuestSoft's Compliance EAGLE with Mavent's
rules-based enterprise application as part of a comprehensive
end-to-end compliance solution that identifies regulatory
exceptions throughout the origination life cycle for improved loan
quality. Increased focus by secondary market investors on
compliance have led to integration improvements, so correspondent
sellers can access extensive compliance reviews from QuestSoft and
Mavent on one platform.
"The current dislocation in the mortgage market, onslaught of
stricter regulatory requirements and budgetary constraints makes an
effective automated compliance solution more critical than ever
before," said Louis Pizante, chief executive officer of Mavent.
"Manual compliance is bulky and carries with it great potential for
material errors. Maintaining a proprietary system is costly.
Relying on a mediocre vendor in today's chaotic environment will
prove even more costly. Mavent provides lenders the same
cost-effective, independent, loan-level compliance review that
leading investors use for due diligence and loss mitigation,
ensuring lenders are funding salable loans and mitigating the costs
associated with put backs, fines and civil damages."
Major investors, such as Fannie Mae and CitiMortgage, use
Mavent's engine. As a result of the enhanced partnership, customers
of Mavent and QuestSoft can be confident that their compliance
reviews meet the same standards as industry investors without the
need for an expensive compliance staff or use of multiple, bulky
Houston-based HomeTrust Mortgage, a retail lender with 30
branches in Texas, New Mexico and Missouri, cited the softwares use
of the same compliance engine used by their investors, as a key
factor in working with QuestSoft and Mavent.
Our investors encouraged us to automate our compliance process,
and QuestSoft met both of our requirements," said Patricia
Gustafson, senior vice president of Operations at HomeTrust
Mortgage. "They used the Mavent Expert System and their system
integrated seamlessly with MORvision. In the short time we've been
using the system, we've caught and corrected three loans that would
have been rejected as high-cost. The income generated by those
three loans has already paid for the system."
"The key to making loans attractive to the secondary market and
preventing loan buybacks is compliance," said Leonard Ryan,
president of QuestSoft. "Lenders are working with a more
concentrated staff, and they face an increased number of
regulations, more stringent lending legislation and investors that
request buybacks. In order to continue successful and prudent
lending, they must turn to automated compliance, which gives
investors the assurance that each loan meets every necessary
Mavent and QuestSoft's partnership eliminates the need for their
customers to perform data re-entry and manual manipulation of
information between different fields, allowing them to save time,
improve workflow and allocate resources elsewhere within the
organization. The compliance suite provides up-to-the-second
compliance with current federal, state and local regulations in
effect at the time of the request, including pre-purchase and
post-closing compliance checks as well as verification of
pre-payment penalty collection.
For more information, visit www.questsoft.com or www.mavent.com.