Irvine, Calif.-headquartered Mavent Inc., a provider of automated regulatory compliance solutions to the mortgage industry's largest originators and investors, has released its enhanced License Verification & Monitoring Service, which is designed to provide financial institutions with the necessary controls to ensure all parties involved in a mortgage transaction are appropriately licensed and authorized to originate or broker a particular loan.
Using its proprietary National Licensing Repository of more than 450,000 licenses, Mavent's License Verification & Monitoring Service notifies clients if their counterparties' licenses are active or inactive, appropriate for a specific loan transaction, and expired or approaching expiration. Clients can choose a daily ongoing monitoring service or a one-time verification service – both at a low, variable cost, the company adds.
A team of dedicated analysts constantly monitors the Mavent National Licensing Repository database. To ensure accurate data is maintained in all 51 jurisdictions, updates are made to the system as soon as regulatory agencies make information available.