IRVINE, Calif.--(BUSINESS WIRE)--Mavent Inc., the leading provider of automated regulatory compliance software and solutions to the mortgage industry, announced a new automated compliance engine (“ACE”) that reviews loans for compliance with critical aspects of the Obama Administration’s “Making Home Affordable” program. Clients can submit loan data and receive a detailed report in seconds that identifies and describes issues relating to:
“Our ‘Making Home Affordable’ ACE helps lenders, loan servicers, investors and borrowers’ agents who are working toward ensuring working Americans can afford to stay in their homes,” said Louis Pizante, CEO of Mavent. “The regulatory and program requirements surrounding Obama’s mortgage plan are complex. Mavent provides an inexpensive and expedient way of ensuring compliance, so that clients can focus all their resources on executing successful refinancings and loan modifications immediately.”
Mavent’s “Making Home Affordable” ACE evaluates loans for compliance with aspects of the Truth In Lending Act, HOEPA and state predatory lending laws. Loans that violate these laws can result in rescission (effectively the borrower’s right to cancel the loan), defenses to foreclosure and statutory damages that can greatly exceed the value of the loan.
Mavent further evaluates the loan to make sure that it is saleable to Fannie Mae and Freddie Mac. If a loan does not meet Fannie Mae’s or Freddie Mac’s unique abusive lending guidelines the seller can be forced to buy back the loan. Mavent has worked with both Fannie Mae and Freddie Mac to ensure an accurate review of loan information for compliance with these tests.
Mavent finally evaluates the loan to make sure for compliance with critical aspects of the eligibility requirements of Fannie Mae’s Refi Plus™ and Fannie Mae DU Refi Plus™, Freddie Mac’s Relief Refinance MortgageSM and the Treasury’s the Home Affordable Modification programs.
About Mavent Inc.
Mavent is leading provider of automated compliance solutions for the mortgage industry. Mavent's patented automated compliance engines accurately review mortgage loan data within five seconds for compliance against over 330 consumer protection laws.