National City Corporation Signs Five-Year Contract With Mavent
Mavent 2comply Expert System is Automated Compliance Solution of Choice
Monday, October 20, 2003
Cleveland, OH - National City Corporation, whose mortgage lending operation is the sixth largest residential mortgage originator in the nation, announced today that it has signed a five-year contract with Mavent Inc., of Irvine, CA to provide a fully automated, real-time, mortgage compliance solution. Mavent's 2comply Expert system will review every loan file in the National City Mortgage residential mortgage production pipeline for compliance with applicable federal, state and local laws, rules and regulations prior to funding.
"As a diversified financial services company with 300 consumer mortgage offices lending nationwide, we face a complex regulatory challenge," explained David Fynn, senior vice president and manager of regulatory risk for National City Corporation. "Mavent is an independent third-party that focuses squarely and accurately on regulatory and compliance issues. We chose Mavent because they provide an integrated, pre-closing systems solution. Mavent has a strong support network of experts to ensure timely controls in a dynamic regulatory environment."
"We are very pleased National City has selected our 2comply Expert System as their automated compliance solution", said Tim Green, chief executive officer of Mavent. "2comply provides National City with regulatory compliance capabilities in a manner that does not hinder their loan production and fully supports their position of leadership in the delivery of quality mortgage products."
Mavent's unique systems include data collection, management and processing services to automate certain practices and systems used by a mortgage lender's operations to comply with various federal, state and local laws, rules and regulations.
Over the past 18-months, the 2comply Expert System has completed over 2 million loan-file reviews with an average review time of less than two seconds per review.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive distribution network in Ohio, Illinois, Indiana, Kentucky, Michigan and Pennsylvania, and also serves customers in selected markets nationally. Its primary businesses include commercial and retail banking, consumer finance, asset management, mortgage financing and servicing, and payment processing. For more information about National City Corporation, visit the company's Web site at NationalCity.com.
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 and is SAS 70 certified by Ernst and Young LLP. Mavent is financially back by Financial Technology Ventures. For additional information please contact Michelle Nachreiner at 888.MAVENT1 or email firstname.lastname@example.org.
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 invests primarily in private companies that create software or 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.
« Back to Press Releases