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Mavent Integrates the Mavent Expert System Into ARC Systems' Loan Finder Express
Solution brings real-time compliance to point-of-sale, improving closing rates, eliminating compliance concerns and reducing costs for a wide variety of lenders
Irvine, California & Austin, Texas March 23, 2005 - Mavent Inc.™ and ARC Systems™ have formalized a strategic partnership to integrate the Mavent Expert System™ into ARC Systems' Loan Finder Express™ (LFE™). The integration will create a complete point-of-sale solution that includes instantaneous product and pricing decisions and real-time high-cost compliance information. Users will be able to carry out compliance reviews for Home Ownership and Equity Protection Act (HOEPA) in addition to state and local high-cost calculations at the point-of-sale. Benefits to lenders deploying the integrated solution include reductions in compliance violations, pricing errors and costs as well as increases in accuracy of product selection, quality of closed loans, and closing ratios.
"This solution was built to meet the major challenges encountered by all lenders, which are identifying the best product and pricing available for the borrower and closing the deal with confidence, at the point-of-sale," said Ed Jones, president and CEO of ARC Systems. "The combination of Loan Finder Express' ability to quickly identify the right product and pricing options and the Mavent Expert System's ability to immediately deliver accurate compliance information enables loan officers and brokers to proceed with confidence."
"Mavent is committed to helping all lenders originate loans that comply with both legal and investor requirements," said Tim Green, CEO of Mavent. "ARC Systems is a leader in developing innovative technologies for mid-tier lenders. This partnership will deliver a robust pricing and compliance solution in a single package with a cost-structure that fits the needs of mid-tier lenders."
About ARC Systems
Founded in 1984, ARC Systems is a privately held company that provides lending institutions, investment and commercial banks across the nation with the power to make fast, accurate and consistent decisions at the point-of-sale for risk-based pricing and credit evaluation. Empowering financial institutions with the ability to make better business decisions, the company's proprietary, patent-pending, rules-based system is used by lenders to provide their customers, correspondents and brokers direct access to automated underwriting and online loan origination system functionality.
About Mavent Inc.
Mavent Inc. is a leading provider of automated compliance solutions for the financial services industry. Mavent, founded in 1999, is the developer of the Mavent Expert System. The initial product developed with the Mavent Expert System is a rules-based enterprise application that provides the residential mortgage industry with the industry's most comprehensive consumer credit knowledgebase, enabling leading lenders to more efficiently and effectively comply with federal, state, and local consumer lending laws, rules, and regulations. The Mavent Expert System has conducted more than six million compliance reviews to date. The company is headquartered in Irvine, Calif., with an office in New York. Mavent Inc. is SAS 70 certified by Ernst and Young LLP and is financially backed by Financial Technology Ventures (FTVentures). For more information on Mavent, contact Louis Pizante, senior vice president of Sales at 949-474-4732 or visit the company Web site at www.mavent.com.