A mortgage compliance service provider has been acquired by Ellie Mae.
The acquisition of Mavent Inc. was announced today by the Pleasanton, Calif.-based loan origination system developer.
Mavent, based in Irvine Calif., provides mortgage lenders with automated compliance solutions. The service reportedly ensures compliance with 330 federal and state laws including the Truth-in-Lending Act, predatory lending laws and prepayment penalty restrictions. It also ensures compliance with Fannie Mae and Freddie Mac predatory lending requirements.
Existing relationships will remain intact, including the 1,500 mid-market customers Mavent services through an arrangement with QuestSoft..
Ellie said it plans to integrate Mavent’s solutions into its Encompass360 platform. It also plans to retain Mavent personnel handling operations, product, legal and development.
Mavent claims it has performed over 28 million loan reviews since its founding in 2000.
