News / ArticlesMavent Reacts Quickly to New Hampshire's Newest Mortgage Lending Bill
8/3/2009
Leading automated compliance company ensures its clients are compliant with New Hampshire’s latest consumer protection and licensing legislation.
IRVINE, Calif., Aug 3, 2009 -- Mavent Inc., the leading provider of automated regulatory compliance solutions to the mortgage industry, has implemented changes to its system based upon changes to New Hampshire’s Non-Depository Mortgage Bankers and Brokers Act.
On July 30, 2009, New Hampshire Governor John Lynch signed HB 610 into law. This bill was effective July 31, 2009. HB 610 contains multiple amendments to the Non-Depository Mortgage Bankers and Brokers Act.
Mavent’s patented automated compliance engines review mortgage loan data for compliance with approximately 340 federal, state and local consumer protection laws related to mortgage lending.
“Additions and enhancements to our compliance solutions have increased dramatically both in terms of frequency and complexity, as government responds to the mortgage crisis,” said Louis Pizante, CEO of Mavent. “HB 610, which was effective a day after becoming law, is notable because it demonstrates the speed with which Mavent can implement complicated regulatory changes. In contrast, many mortgage institutions and vendors are struggling to implement regulatory changes that are introduced five months to a year before they become effective.”
The latest New Hampshire regulation highlights Mavent's overall value proposition. Together, Mavent's team of in-house attorneys and nationally-recognized consumer credit law firms work to continuously maintained Mavent’s automated compliance solutions. Mavent’s clients can focus on growing their business, knowing that regulatory and secondary market risks are mitigated.
"Mavent provides its clients a cost-effective and accurate compliance solution,” added Pizante. “Mavent clients never need make the choice between taking regulatory risk and exiting a market.”
Mavent ensures that its clients do not fund or purchase loans that violate consumer protection and other mortgage-related laws, enabling institutions to focus on growing production profitability. Mavent's patented automated compliance engines accurately review loan data for compliance against over 300 consumer protection laws including: predatory lending laws, usury, fee limits, prepayment penalty restrictions, licensing verification, and fair lending requirements, all within five seconds. Accordingly, Mavent's system replicates an audit performed by a team of the industry's most knowledgeable legal experts, but at a fraction of the time and cost.