Mavent Inc., a provider of automated regulatory compliance solutions to the mortgage industry, has been awarded a U.S. patent for technology used for compliance with consumer credit regulation.
According to Mavent, the issuance of the patent – originally drafted nearly a decade ago – is particularly timely, given growing concern in the financial and institutional sectors about rising foreclosures and related credit problems.
‘Heightened regulatory scrutiny and intense consumer advocacy is driving up the cost of mortgage compliance, yet mortgage lenders' budgets are shrinking,’ says Louis Pizante, CEO of Mavent. ‘For the growing number of institutions seeking to implement an automated compliance strategy, this patent is an essential factor to consider.’
The patent covers systems, software programs and methods of use for businesses that originate and close loans secured by real estate in order to audit such loans for compliance with state and federal laws and regulations.
Licenses to utilize the patent are currently available to Mavent clients as a component of its integrated services. Mavent is also considering providing licenses to interested financial institutions and mortgage-related companies that may presently be infringing on the patent.
Source: Mavent