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Mavent Inc.
 Services / License Verification & Monitoring
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License Verification & Monitoring Service

Ensuring compliance with federal and state licensing requirements is challenging to manage. Inconsistent licensing data and constant state-issued changes to current licensing information adds further complexity. Simply tracking stale licensing information periodically provided by a broker or lender can put an institution at significant risk of regulatory violations and fraud.

Mavent’s License Verification & Monitoring service tracks on a daily basis and at the branch level all brokers and correspondents with which an institution conducts business. Mavent notifies its clients of any changes to a counterparties' licensing status or key data, such as expirations, suspensions or revocations.

Mavent utilizes a proprietary nationwide licensing database comprising 51 jurisdictions and a sophisticated set of powerful data-matching tools. This allows Mavent to build from a client’s limited third party data a robust, precise and continuously up-to-date database of counterparty licensing information. Mavent tracks licensing information at the licensee-level—not just the counterparty level--which is critical to ensuring that a broker’s or correspondent’s main office and branches are properly licensed.

Verification Service

Mavent’s Verification service provides clients interested in a one-time scrub and verification of its selected counterparty’s license data. Mavent will return a file containing a full report of a counterparties’ license status and information across 51 jurisdictions. Clients can easily request additional verification for the same counterparty, at a later date, for a discounted fee.

Mavent will return the following information upon submission of a client’s counterparty list:

  • Existing licensing information including licensing number and type.
  • Both active licenses and inactive licenses along with reasons for the inactivation (if known).
  • Verification of expiration or pending date of expirations.

Any pertinent notes or highlighted comments made by the regulating state authority (known to Mavent) will also be included within the response file.

Monitoring Service

Mavent will perform a one-time verification (see above) and subsequently monitor a client’s list of counterparty relationships on a daily basis for adverse changes to existing licenses or new license additions. The client will be notified if a counterparty’s license status has expired, is pending expiration or has been suspended or revoked. Mavent will also notify the client of any new licenses a counterparty has been granted. Clients will also be provided a complete report of all monitored counterparties at the beginning of each quarter.

Immediate notification will be sent when a counterparty’s license information has changed. Examples of such changes are:

  • Addition of new license activity including the license type and number
  • Change of name or address associated with the license.
  • Adverse changes of existing licenses such as suspension or revocation
  • Pending expiration dates (Clients can request expiration notifications to be sent a pre-set number of days prior to a license expiring.

Benefits

  • Mitigate regulatory, fraud and other counterparty risks through the immediate identification of unlicensed and non-exempt brokers and correspondents.
  • Receive alerts of upcoming expirations as early as you request.
  • Convert counterparty license verification and monitoring from a fixed to a variable cost.
  • Take confidence that Mavent is proactively monitoring your third party relationships for any adverse changes or new license additions.