Loan Modification and Other Workouts
Notwithstanding the U.S. Treasury Department and GSE's streamlined qualification requirements, the consumer protection issues surrounding loan modifications are becoming increasingly complex. It is critical that institutions identify and understand potential compliance-related liabilities of existing loans prior to initiating foreclosure proceedings, modifying loans or negotiating other resolutions with borrowers.
Furthermore, it is important that institutions ensure any modifications or new loans resulting from workouts with borrowers are compliant with all applicable laws. This is especially important, considering that many new regulations have been introduced that apply to a broader array of loan transactions compared with the previous generation of high cost and predatory laws.
Mavent has solutions to ensure that institutions understand existing risks associated with modification and other workout transactions and are able to realize compliant resolutions:
Automated
Compliance Engine (ACE)
Mavent develops and maintains ACE's that review
existing loan data against Mavent's
baseline
compliance rules, as modified by a client's own
regulatory interpretations and
internal compliance policies.
Clients can select from Mavent's
baseline
reviews (all of which are maintained current by Mavent and its outside
counsel network) which compliance reviews to perform. Applicable substantive law
will be applied based on the
originating lender's
license or charter authority, enabling clients to better identify and understand potential liabilities. Mavent
ACE's can be
deployed in
several ways, based upon a client's workflow and data availability
constraints.
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information.
Making Home Affordable ACE
The regulatory and program requirements surrounding the Obama mortgage plan are complex and challenging to implement. The “Making Home Afforable ACE” helps lenders, loan servicers, investors and borrowers’ agents who are working toward ensuring working Americans can afford to stay in their homes. The “Making Home Afforable” ACE is a turnkey solution that identifies and describes compliance exceptions relating to important consumer protection violations; Fannie Mae and Freddie Mac (the GSEs) predatory lending policies; the Home Affordable Refinance program requirements; and, the Home Affordable Modification program requirements.
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information.
Investigative and Forensic Audit Services
Mavent provides investigative and forensic audit services to institutions facing complex and challenging regulatory risks. Mavent’s automated solutions enable cost-effective and prompt forensic audit results. These services include examinations of mortgage loans to identify material regulatory violations resulting in potential liabilities, including rescission, defenses to foreclosure, criminal damages and civil damages.
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information.
Solutions for Loan Modification