StoneWater Mortgage Corp., a national mortgage banker, has selected Mavent, a provider of automated regulatory compliance solutions to the mortgage industry, 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 laws, and state and consumer credit laws.
In selecting Mavent, StoneWater has furthered its technology push toward implementing 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," says 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."
SOURCE: Mavent, Stone Water Corp.