STONEWATER MORTGAGE TAPS MAVENT TO ENSURE LOAN COMPLIANCE

National mortgage banker to benefit from Mavent’s automated compliance solutions; Mavent’s patented automated technology analyzes mortgage loan data in seconds

Mavent Inc., the leading provider of automated regulatory compliance solutions to the mortgage industry, today announced that StoneWater Mortgage Corp., a national mortgage banker, has implemented Mavent to ensure that only compliant loans are funded by the institution.

StoneWater will begin using Mavent to provide automated regulatory compliance for its entire loan production. Specifically, Mavent’s technology will review StoneWater loans to ensure that they comply with Truth in Lending Act policies, Home Ownership and Equity Protection Act guidelines, lender and broker licensing and state and consumer credit laws.

In selecting Mavent, StoneWater has furthered its technology push toward implementing only best-of-breed technology platforms built specifically to deal with challenges facing the mortgage market. StoneWater recently implemented Guardian Mortgage Documents for automated document preparation and related professional services.

“In today's tumultuous mortgage market, lenders are challenged with finding compliance solutions that cost-effectively protect the institution so that management can focus on creating value,” said Karl F.W. Young, president of StoneWater. “Mavent’s unparalleled breadth and precision enables us to prioritize consumer protection compliance without sacrificing growth or profitability.”

Mavent CEO Louis Pizante notes that StoneWater has a decidedly forward-thinking approach towards automation and technology.

“StoneWater understands that, more than ever, effectively managing existing compliance risks, and efficiently implementing evolving regulatory requirements, will be a differentiating factor in successfully executing growth-related initiatives while protecting franchise value,” said Pizante. “We’re pleased to have the opportunity to support the StoneWater team on such a vital aspect of their business.”

With the implementation, StoneWater has customized its solution to maintain a so-called “hard stop” in the system, which means that no documents will be drawn if a compliance violation is triggered. An immediate response is then sent to the requester if a loan file falls outside of StoneWater’s business requirements.

StoneWater’s selection of Mavent comes on the heels of Mavent announcing that it has been awarded a U.S. patent for technology used for compliance with consumer credit regulation.

Mavent’s compliance rules are maintained by its in-house attorneys in coordination with its network of nationally recognized law firms. Accordingly, a Mavent review replicates an audit performed by a team of the industry’s most knowledgeable legal experts, but at a fraction of the time and cost.

About StoneWater Mortgage Corporation

StoneWater Mortgage Corporation is one of the very few new entrants into the national mortgage banking arena.

Lead by a senior management team comprised from two of the nation's former top 15 lenders, StoneWater will serve the mortgage community with H20nlinesm, a new, state-of-the-art technology platform built specifically for the new market environment with a commitment to exceptional customer service, rapid turn times, and cost and operational efficiencies. StoneWater's national headquarters and operations center is located in Tucson, Ariz., and will support local sales and origination efforts in over 30 major metropolitan markets nationwide.

About Mavent

Mavent, the pioneer of automated compliance solutions, has performed over 26 million compliance reviews for the mortgage industry’s leading institutions. Its patented automated compliance solutions analyze electronic loan data, in real-time, to determine whether a loan complies with over 300 federal and state consumer protection laws related to mortgage lending. Mavent’s compliance rules, logic and analytics are documented, formally approved by nationally recognized outside counsel and can be customized to meet an institution’s license or charter authority, unique regulatory interpretations, internal compliance policies and investor regulatory guidelines.

Mavent processes loan reviews in an average of five (5) seconds. Its patented product offering includes the Mavent Expert System, the Mavent Compliance Console (MC2), custom-client automated compliance engines (ACEs), its License Verification and Monitoring Service and other compliance risk management solutions.