Mavent Inc., Irvine, California, has begun to review mortgage loans for Cleveland-based Ohio Savings Bank.
Under the agreement, Mavent will review loans processed by Ohio Savings Bank for compliance with all local, state and federal high-cost loan laws, portions of the Truth in Lending Act (TILA) and Fannie Mae's points and fees threshold test.
Upon the signing of the agreement, Ohio Savings Bank began submitting loan data for review through the Mavent Compliance Console (MC2), the front-end interface to the Mavent Expert System, as an immediate, interim solution during the interactive integration into the bank's loan origination system (LOS). Loan data are entered using MC2's direct-input feature.
Mavent worked with Ohio Savings Bank to develop a custom batch-import capability, which pre-populates the user interface's manual-entry fields with loan data to minimize data-entry duplication. MC2, introduced in early 2005, offers new clients immediate access to the Mavent...