Mavent Process for Sales – Revised 3.11.19

Effective 3/11/19, the process of running Mavent will no longer be manual!   Mavent will now run automatically in Encompass when the box for Request Initial Disclosures is checked.   

Mavent Process for Sales – Revised 3.11.19

Effective 3/11/19, the process of running Mavent will no longer be manual!   Mavent will now run automatically in Encompass when the box for Request Initial Disclosures is checked.   

There will be a hard stop when requesting Initial Disclosures if any of the below items are receiving a FAIL on the Mavent report:

• Enterprise Rules
• High Cost
• State
• ATR/QM Points and Fees

If they all Pass, the loan will move forward as usual, no additional steps from sales. 

If any are failing, sales (LO/LOA) will need to take the following steps:

1. Review the Mavent report in Encompass.   Tools>Compliance Review

    

2. Determine which of the 4 areas are failing and solve for the fail.
   1. Change affiliate fees to “other” – this can be requested from Compliance
   2. lender credit if applicable
   3. Use available seller credits
   4. Request a pricing exception
   5. Request an Exception from Compliance

       

3. Once the fail is corrected, or compliance has provided an exception, sales will be able to check the box in the IDR screen to request Initial Disclosures.  

Points to remember:

1. If you have seller paid closing costs, please make sure the Purchase Agreement is in the eFolder or note the amount in the Details of Transaction, section L.
2. The Non QM Products (Redwood Non QM and Deephaven) typically will not pass and an exception will be needed.
3. Exceptions from Compliance should be requested via the HelpDesk>Submit Request>Compliance>Mavent Questions or Issues
4. Do NOT wait until the last minute to request disclosures
5. Sales can still manually run Mavent
6. In January 2019, of the 105 loans where Initial Disclosures were requested, only 10 of them were failing at the time of Initial Disclosures and would have had a hard stop.
7. If you think you have a loan that might be failing, run Mavent manually and solve for it in advance.  

Questions on the process can be sent to Training via HelpDesk>Training>System Questions

Mavent Fail Exceptions should be sent to Helpdesk>Compliance>Mavent Questions or Issues

Links to Resources

Compliance FAQ             

Mavent Resources

Enterprise Rules Fails and Cures

This process will be posted to the HelpDesk, Training and Compliance as well as the Knowledge Coop>Sales Training

There will be a hard stop when requesting Initial Disclosures if any of the below items are receiving a FAIL on the Mavent report:

• Enterprise Rules
• High Cost
• State
• ATR/QM Points and Fees

If they all Pass, the loan will move forward as usual, no additional steps from sales. 

If any are failing, sales (LO/LOA) will need to take the following steps:

1. Review the Mavent report in Encompass.   Tools>Compliance Review

    

2. Determine which of the 4 areas are failing and solve for the fail.
   1. Change affiliate fees to “other” – this can be requested from Compliance
   2. lender credit if applicable
   3. Use available seller credits
   4. Request a pricing exception
   5. Request an Exception from Compliance

       

3. Once the fail is corrected, or compliance has provided an exception, sales will be able to check the box in the IDR screen to request Initial Disclosures.  

Points to remember:

1. If you have seller paid closing costs, please make sure the Purchase Agreement is in the eFolder or note the amount in the Details of Transaction, section L.
2. The Non QM Products (Redwood Non QM and Deephaven) typically will not pass and an exception will be needed.
3. Exceptions from Compliance should be requested via the HelpDesk>Submit Request>Compliance>Mavent Questions or Issues
4. Do NOT wait until the last minute to request disclosures
5. Sales can still manually run Mavent
6. In January 2019, of the 105 loans where Initial Disclosures were requested, only 10 of them were failing at the time of Initial Disclosures and would have had a hard stop.
7. If you think you have a loan that might be failing, run Mavent manually and solve for it in advance.  

Questions on the process can be sent to Training via HelpDesk>Training>System Questions

Mavent Fail Exceptions should be sent to Helpdesk>Compliance>Mavent Questions or Issues

Links to Resources

Compliance FAQ             

Mavent Resources

Enterprise Rules Fails and Cures