| [June 29, 2004] |
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Guardian Mortgage Documents Offers Automated Compliance Reviews Prior to Drawing Docs Through Mavent's Expert System
LAKEWOOD, Colo. --(Business Wire)-- June 29, 2004 -- Mavent's automated compliance solution added as option for lenders using GMD's dynamic document production and delivery solutions
Through an agreement with Guardian Mortgage Documents (GMD), Mavent Inc. has been extended the status of preferred provider for compliance solutions, allowing GMD clients to take advantage of Mavent Inc.'s automated compliance solutions for increased regulatory risk management. Mavent's Expert System technology is available to lenders that require the highest level of quality assurance through an interface with GMD's document engine.
The Mavent Expert System is a comprehensive automated compliance solution for the residential mortgage industry that collects and processes electronic loan data against an extensive legal knowledgebase containing federal, state and local lending laws, rules and regulations. Through an interface between GMD and Mavent, loan data is automatically sent to the Mavent Expert System for screening prior to document production. Mavent's wide-ranging library of consumer credit regulatory reviews supplements the pre-existing compliance reviews within GMD's solutions.
"Guardian Mortgage Documents has consistently and successfully executed on its strategy to provide the highest quality solutions to top lenders," said Tim Green, CEO of Mavent. "As a complement to Guardian's leading solutions, the Mavent Expert System enables Guardian to offer lenders unsurpassed protection from the financial and reputational risks of regulatory non-compliance."
The loan data is screened against more than 288 legislative acts, more than 183 license types and rule sets from 62 regulatory authorities, resulting in more than 100,000 compliance review decision points. Examples of review functions performed include: Truth In Lending Act (TILA) analysis, federal, state and local anti-predatory lending laws; all other state consumer credit laws; lender and broker licensing checks; and Home Mortgage Disclosure Act (HMDA) regulations. The data can also be applied against lender and investor-defined rules to help ensure proper program execution and asset salability. The Mavent Expert System provides loan officers or brokers with simple instructions on how to correct any compliance exceptions, so that they are confident of the asset's salability. Once free of exceptions, the data is sent into the GMD document engine for production.
"An elevated emphasis on compliance is common among most of our lender clients, and Mavent's solution provides additional protection of their asset value," said Tim Anschutz, vice president of Marketing for GMD. "Top 20 mortgage originators like National City and GreenPoint trust Mavent's Expert System, and now our lenders have access to the same real-time, interactive compliance review technology."
The solution is available to all GMD clients. Lenders pay for the compliance check on a per loan basis, with unlimited reviews, allowing for a single charge. This pricing structure helps convert compliance to a variable cost that fluctuates with loan volume, thus locking in profit margin. Mavent indemnifies lenders against losses related to compliance reviews and is SAS 70 certified.
"This type of system empowers companies with a process that centralizes the compliance function, limiting the potential for human error and providing a level of stability for corporate knowledge," continued Anschutz. "Unlike random sampling which is a retrospective review, Mavent's solution is proactive, allowing lenders to automatically manage compliance in real-time. Lenders that are serious about managing compliance now have a portable, predictable and dependable tool to mitigate potential loss."
About Mavent Inc.
Mavent, Inc. is a leading provider of automated compliance solutions for the residential mortgage industry. Mavent, founded in 1999, is the developer of the Mavent Expert System (patent pending). The Mavent Expert System is a rules-based enterprise application that provides the residential mortgage industry with the industry's most comprehensive consumer credit knowledgebase, enabling leading lenders to more efficiently and effectively comply with federal, state and local consumer lending laws, rules and regulations. The Mavent Expert System has conducted more than 4 million compliance reviews to date. The company is headquartered in Irvine, Calif., with an office in New York. Mavent Inc. is SAS 70 certified by Ernst and Young LLP and is financially backed by Financial Technology Ventures (FTVentures). For more information on Mavent, visit the company Web site at www.mavent.com.
About Guardian Mortgage Documents
Lakewood, Colorado-based Guardian Mortgage Documents (GMD) is a provider of document preparation, automated management workflow and fully customized outsourced solutions to the national financial services industry.
Since 1987, GMD's products and services have been built on best-of-class technology designed to provide an inventory of scalable and flexible multi-product capabilities, which can be customized to deliver elegant client solutions. From simple document preparation to fully integrated and customized workflow solutions, GMD technology streamlines all processes to increase efficiencies.
GMD clients include three of the top four largest residential correspondent lending institutions in the United States(a). For general information, visit www.gmd.com or call (800) 275-4885. (a)According to Origination News, June 2004, "Top Residential Correspondent Lenders in Q1 04."
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