Mavent Expert System Available Through the Fannie Mae Service Provider Network.IRVINE, Calif. -- Mavent Inc., a leading provider of automated compliance solutions to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, has announced that its flagship solution, the Mavent Expert System, is now available via the Fannie Mae Fannie Mae: see Federal National Mortgage Association. Service Provider Network. This integrated solution will allow mortgage institutions to submit data from individual loans or an entire loan portfolio for review by the Mavent system to ensure compliance with aspects of the 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. (TILA TILA Truth In Lending Act ); local, state and federal high cost thresholds; and Fannie Mae's proprietary points and fees threshold test. 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. Over 12 million reviews have been processed using Mavent's system to date. Mavent's rule base is reviewed and signed off by the nations leading consumer 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]
Mavent reviews will be available through the Fannie Mae Service Provider Network, which provides lenders with streamlined access to third-party anti-fraud and compliance solutions. Through this network, Mavent reviews will be available on a real time basis via an integration with a lender's loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. system. Real time loan processing ensures production is not negatively affected. If no exceptions are found, the loan continues through the origination process with the end-user being confident that it's compliant. If exceptions are found, stops can be put in place to prevent funding non-compliant loans until the user takes corrective action A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are instigated in response to a customer complaint, abnormal levels if internal nonconformity, nonconformities identified during an internal audit or . Automated compliance reviews result in a highly efficient regulatory risk management process that support, complement, and leverage the institution's internal compliance resources without unnecessarily burdening production. 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, 200 license types, and the rules and regulations of over 60 regulatory authorities. The solution's review functions include: loan level lender and broker license reviews; state consumer credit laws relating to 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, and late fees; Home Mortgage Disclosure Act; Truth in Lending Act; Office of Foreign Asset Control; and, investor program requirements, such as an accurate Fannie Mae points and fees threshold test. The Mavent Expert System is supported by a growing network of law firms, including such prominent firms as Hudson Cook and Reed Smith. Mavent's outside counsel has approved each rule in the Mavent Expert System. The legal rules are identified and explained in approximately 7,000 pages of detailed legal rules documentation. 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. , GreenPoint Mortgage and LendingTree Loans. 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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