Mavent Inc., which develops software that helps mortgage brokers check that loans comply with hundreds of laws and regulations, is set to receive a $10 million infusion of venture capital.
The company said the latest round of financing, led by private equity firm FT-Ventures, brings the total institutional investment in Mavent to $25 million. The latest infusion of cash will support continuing product development and the rollout of services to new customers the company did not name.
Mavent’s Mavent Expert System software compares loan data with nearly 300 legislative acts, 200 license types, and rules and regulations in 60 jurisdictions. The software automates the process of checking for compliance with laws including the Truth In Lending Act; the Home Ownership and Equity Protection Act; state and local high-cost reviews, and state laws governing interest rates, fee restrictions, prepayment penalties and late fees.
Mavent says software has been used to conduct more than 15 million compliance reviews for originators and purchasers including Fannie Mae, National City Mortgage Corp., Ohio Savings Bank, First Franklin, Ocwen Financial Corp., Credit Suisse, GreenPoint Mortgage and HomeLoanCenter.
