Compliance Expert to Address Impact of Automation; Mavent's Lynette Hotchkiss to Speak at 2006 MBA Legal Issues and Regulatory Compliance Conference in Palm Desert, Calif.Mavent, Inc.--
WHO: Lynette Hotchkiss, senior legal counsel for Mavent Inc. offers
expert perspective on the mortgage industry's emerging legal
and regulatory trends. Hotchkiss will focus on how automation
can provide an effective and efficient solution to compliance
issues. An expert on the subject, she has focused her career
on lending, real estate, corporate and general business law,
and has worked primarily with technology companies. Hotchkiss
has more than 21 years experience in the industry and began
specializing in legal compliance 16 years ago. She has worked
with various consumer financial services companies.
Mavent is a provider of automated compliance solutions for
mortgage lenders and purchasers and the developer of the
Mavent Expert System. The Mavent Expert System processes
electronic loan data and ensures its compliance with current
laws and regulations using a rules-based system. Hotchkiss
will also discuss the compliance issues facing the industry.
WHAT: Computer software and technological advancements have
revolutionized regulatory compliance processes for the
mortgage industry. Hotchkiss will address this as well as the
benefits of automation regarding:
A[micro] -- The Home Mortgage Disclosure Act (HMDA) and fair lending
practices
A[micro] -- Truth in Lending Act (TILA)
A[micro] -- Data Security and identity theft
A[micro] -- Real Estate Settlement Procedures Act (RESPA)
A[micro] -- Mortgage fraud
A[micro] -- Licensing issues
WHEN: Hotchkiss will speak at the Mortgage Banking Association's
(MBA's) Legal Issues and Regulatory Compliance Conference at
the JW Marriot Desert Springs Resort and Spa in Palm Desert,
Calif. on May 2, 2006 from 3:00 pm - 4:15 pm (PST).
ABOUT MAVENT, INC: Mavent Inc. is a leading provider of automated compliance solutions for the mortgage industry. Mavent, founded in 1999, is the developer of the Mavent Expert System and the Mavent Compliance Console (MC2). The Mavent Expert System is a comprehensive automated solution that submits loan data for reviews against nearly 300 legislative acts Statutes passed by lawmakers, as opposed to court-made laws. , 200 license types, and the rules and regulations of over 60 regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . The solution's review functions include: loan level lender and broker license reviews; state consumer credit laws relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such terms as usury usury: see interest. usury In law, the crime of charging an unlawfully high rate of interest. In Old English law, the taking of any compensation whatsoever was termed usury. , fee restrictions, prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. , and late fees; Home Mortgage Disclosure Act; Truth in Lending Act The Truth in Lending Act is contained in Title I of the Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that every customer who needs Consumer Credit is given meaningful information concerning the cost of such credit. ; Office of Foreign Asset Control; and, investor program requirements, such as an accurate Fannie Mae Fannie Mae: see Federal National Mortgage Association. points and fees threshold test. The Mavent Expert System is supported by a growing network of law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
The Mavent Expert System has conducted more than 12 million compliance reviews to date for some of the industry's largest originators and purchasers, including Fannie Mae, National City Mortgage Corp., Ohio Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , First Franklin, Ocwen Financial Corporation, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , LendingTree Loans and GreenPoint Mortgage. For more information on Mavent, contact Louis Pizante, senior vice president of Sales at 949-474-4732 or visit the company Web site at www.mavent.com. |
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