Compliance Vendor Gets U.S. Patent

Irvine, Calif.-based Mavent has been awarded a U.S. patent for technology used for compliance with consumer credit regulation, the first time an automated regulatory compliance vendor to the mortgage industry has received such a patent. The patent, originally drafted nearly a decade ago, covers systems, software programs, and methods of use for businesses that originate and close loans secured by real estate to audit such loans for compliance with state and federal laws and regulations. Licenses to use the patent are available to Mavent clients as a component of its integrated services. Mavent said it is also considering providing licenses to interested financial institutions and mortgage-related companies that may currently be infringing on the patent. The patented technology underpins Mavent's automated compliance systems, including the Mavent Expert System, the Mavent Compliance Console MC2, custom-client automated compliance engines, its lender and broker license verification and monitoring service. The company can be found on the Web at http://www.mavent.com.