Skip to main content

HUD Secretary Donovan issues statement on increase in new home sales

National Mortgage Professional
Mar 25, 2009

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 market. 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 compliance systems. 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 requirement." 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 or
Mar 25, 2009
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023