Industry News

Mavent lands $10 million in venture capital funding

Company's software helps mortgage lenders comply with rules, regulations

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Mavent Inc., which develops software that helps mortgage brokers check that loans comply with hundreds of laws and regulations, is set to receive a $10 million infusion of venture capital. The company said the latest round of financing, led by private equity firm FT-Ventures, brings the total institutional investment in Mavent to $25 million. The latest infusion of cash will support continuing product development and the rollout of services to new customers the company did not name. Mavent's Mavent Expert System software compares loan data with nearly 300 legislative acts, 200 license types, and rules and regulations in 60 jurisdictions. The software automates the process of checking for compliance with laws including the Truth In Lending Act; the Home Ownership and Equity Protection Act; state and local high-cost reviews, and state laws governing interest rates, fee restrictions, prepayment penalties and late fees. Mavent says software has been used to conduct more than 15 million ...