Mavent Inc. Receives Commitment for $6.0 Million in Second Round Financing
IRVINE, CA – Mavent Inc., developer of the 2comply Expert System, announced it received a commitment for $6 million in second-round financing from Financial Technology Ventures (FTVentures), which has an option to invest up to a total of $10 million.
Mavent’s 2comply Expert System is an automated mortgage compliance solution that reviews every loan file in a residential mortgage lender’s production pipeline for compliance with applicable federal, state and local laws, rules and regulations prior to funding. 2comply integrates with a lender’s loan origination system to provide seamless, real-time compliance reviews throughout the lending process. Over the past 12 months, the 2comply Expert System completed more than one million loan-file reviews with an average review time of one second per review.
“The growing regulatory complexity of mortgage lending, combined with record volume production, has forced a huge shift in compliance requirements and practices,” said Tim Green, chief executive officer of Mavent. “Current compliance methods, such as loan origination systems modifications, sampling-based compliance reviews and manual checklists, are no longer enough to satisfy legal requirements or volume demands. FTVentures recognized the convergence of these factors, researched the marketplace, talked with our clients and identified 2comply as the best solution for ensuring loan compliance.”
The database for 2comply offers more than 100,000 possible compliance-review decision points that include legislative acts, license types and regulatory rule sets. Mavent’s database is kept current by in-house legal specialists and the Company’s network of law firms and practitioners, who are recognized experts in residential lending.
Bob Huret, partner of FTVentures said, “Mavent’s team recognized the need for an automated compliance product and built a successful solution. The 2comply Expert System delivers tremendous benefits to consumers and the mortgage industry due to significant cost-savings and improved compliance accuracy. 2comply is also an extremely attractive solution for many of our limited partners who are large mortgage originators.”
About Mavent Inc.
Mavent Inc. (www.mavent.com) developer of the 2comply Expert System (patent pending) was founded in 1999. The 2comply Expert System is an automated expert system that provides the residential mortgage industry with a proven technology solution for complying with applicable federal, state and local lending laws, rules and regulations. The Company is headquartered in Irvine, CA and has an office in New York. For additional information please contact Michelle Nachreiner, Vice President, Marketing at (949) 474-4713 or email@example.com.
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has over $623 million in total capital under management and is a leading investor in information technologies. FTVentures invests primarily in private companies developing products and services in software and payment & business services, with a particular emphasis on companies that enable financial institutions worldwide to expand and to operate more efficiently.
FTVentures’ investors are 38 of the world’s leading financial institutions and include AIG, Bank of America, BNP Paribas, Charles Schwab, Citigroup, Credit Suisse Group, Deutsche Bank, DBS Bank, GE Capital, HSBC Holdings, Key Principal Partners, National City, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo.
FTVentures-backed companies include 7-24 Solutions, Financial Engines, Corillian, Managed Objects, Banter, Vernier Networks, Verus Financial Management, Caplin Systems, Xign, CapitalStream, e-Security, E-LOAN, Synchrologic, ValuBond, ValiCert, and ClearCommerce.
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