Union Street Mortgage Company Implements Mavent's MC2 Compliance Review Platform.

Web-based portal provides rapid, accurate quality control

IRVINE, Calif. -- Mavent Inc., a leading provider of automated compliance solutions to the financial services industry, announced the implementation of its flexible, user-friendly Mavent Compliance Console (MC2) by Dallas-based

Union Street Mortgage Company, which offers creative financing for borrowers in nearly any credit situation. MC2, a Web-based portal, enables lenders, loan purchasers and other mortgage-related businesses to submit loan data seamlessly for comprehensive regulatory and business compliance reviews.

Union Street Mortgage is a non-prime lender licensed in 48 states. Therefore, keeping up with state regulations nationwide became increasingly demanding. "High-cost (lending) is getting more challenging. Every state is getting stricter on predatory lending laws and it is hard to keep track of all the new rules, regulations and idiosyncrasies," explained Patricia Fowler, vice president of branch operations at Union Street Mortgage.

Union Street selected Mavent over competing systems because of the flexibility and depth of legal review of MC2. "We were looking for a tool that could not only review loans for compliance with laws in all of the states in which we operated, but would also easily integrate with our existing quality control procedures and was easy for our staff to use," added Fowler.

"Union Street's business is about the speed and precision with which it matches loan programs to borrowers' needs," said Louis Pizante, CEO of Mavent. "MC2 was deployed in a day. The cost per loan is not much more than the price of a cappuccino."

With MC2, mortgage professionals submit loan data on a manual, batch or combined basis to the Mavent Expert System, Mavent's flagship automated compliance solution, which collects and processes the electronic loan data against a comprehensive set of high cost, licensing, and general state consumer credit law (such as state-specific fee limitations, usury ceilings and interest rate accrual restrictions). Clients can also integrate Mavent into their LOS for real-time processing of loan data.

MC2 offers several proprietary features and workflow methodologies that enable users with limited or no access to electronic loan data to input information easily and quickly for a swift and accurate review. MC2 also includes a powerful, flexible reporting tool that provides mortgage businesses with detailed information on both a loan level and aggregate pipeline or pool basis. Mavent's Transaction Reporting gives users the ability to quickly, easily access and format data into custom reports. The easy accessibility of MC2 allows mortgage businesses seeking the highest quality compliance determination to test the Mavent Expert System against their existing compliance solution. Users can be up and running on MC2 in a matter of hours.

About Mavent Inc.

Mavent Inc. is a leading provider of automated compliance solutions for the mortgage industry. Mavent, incorporated in 2000, is the developer of the Mavent Expert System and the Mavent Compliance Console (MC2). The Mavent Expert System is a comprehensive automated solution that submits loan data for reviews against nearly 300 legislative acts, 200 license types, and the rules and regulations of over 60 regulatory authorities. Mavent's review functions include aspects of the Truth In Lending Act; HOEPA, state and local high cost reviews; loan level lender and broker license reviews; state consumer credit laws relating to such terms as usury, fee restrictions and prohibitions, prepayment penalties, late fees, and loan term and payment limitations; certain requirements of the Home Mortgage Disclosure Act; the Office of Foreign Asset Control; and, investor program requirements, such as an accurate Fannie Mae points and fees threshold test. Mavent can also implement custom business rules for its clients. The Mavent Expert System is supported by a growing network of law firms (including such prominent firms as Hudson Cook) who approve each of the nearly 7,000 pages of rules documentation that supports the Mavent Expert System.

The Mavent Expert System has conducted more than 15 million compliance reviews to date for some of the industry's largest originators and purchasers, including Fannie Mae, National City Mortgage Corp., Ohio Savings Bank, First Franklin, Ocwen Financial Corp., Credit Suisse, GreenPoint Mortgage and HomeLoanCenter (a division of LendingTree). For more information on Mavent, contact Louis Pizante, chief executive officer at 949-474-4732 or visit the company Web site at www.mavent.com.

About Union Street Mortgage

Union Street Mortgage Company, a division of PrimeLending, lends in every state of the nation except New Jersey and Rhode Island. The company has the capability to fund a loan in-house or work with more than 150 loan investors and 200 major lenders on a correspondent and wholesale basis. Union Street Mortgage employs 30 individuals including 17 loan officers. For more information go to http://www.primemortgages.com/.