Mavent Leverages Pitney Bowes' Group 1 Software Technology to Enable Real Estate and Mortgage Industry Compliance
LANHAM, Md., June 06, 2007 - Group 1 Software, Inc., a Pitney Bowes Company (NYSE:PBI), today announced that Mavent, Inc., a leading provider of automated compliance solutions for the mortgage industry, has extended its relationship to continue utilizing Group 1 Software’s geocoding technology as an integrated part of its Mavent Expert System solution.
The Mavent Expert System is a patent-pending rules-based engine that applies a model compliance decision set, based on Mavent legal rules as modified or supplemented by the client, to every loan in a client’s pipeline or entire pools of whole loans. Mavent offers its solutions through a Software-as-a-Service (SaaS) model. The Mavent Expert System has conducted more than 20 million compliance reviews to date for some of the industry’s largest originators and purchasers, including Fannie Mae, National City Mortgage Corp., AmTrust Bank, First Franklin, Ocwen Financial Corp., Credit Suisse, GreenPoint Mortgage, and HomeLoanCenter (a division of LendingTree).
As an integrated component of the Mavent Expert System, Group 1 Software’s Business Geographics technology employs advanced address validation and geocoding technology to accurately identify the proper jurisdiction for a given address, as well as for determining if the address is in a flood plain.
“Group 1 Software’s geocoding technology is a critical component of the Mavent Expert System’s ability to identify natural and legal risks associated with the physical location of a property,” said Ryder Smith, senior vice president of operations with Mavent. “Group 1 Software’s technology has proven fast, accurate and reliable, and we look forward to continuing this relationship.”
“At Group 1 Software, we pride ourselves on having the most accurate and extensive geocoding solutions on the market,” said Christopher Baker, president of Group 1 Software. “The fact that Mavent relies on our technology to serve some of the largest loan originators and purchasers in the country is a testament to our capabilities. We’re pleased to have been selected for this contract extension.”
Group 1 Software’s geocoding process begins by standardizing and correcting address information, which is then translated into longitude and latitude coordinates and combined with other geospatial data to identify the physical location of an address with greater ease and accuracy as compared to ZIP code or other assessment methods. Group 1 Software’s business geographic products combine USPS postal data with spatial data files from the world’s leading data providers to deliver the most comprehensive set of address-level geocodes available.
About Mavent Inc.
Mavent Inc. is a leading provider of automated compliance solutions for the mortgage industry. Incorporated in 2000, Mavent is the developer of the Mavent Expert System and the Mavent Compliance Console (MC2). The Mavent Expert System is a comprehensive automated solution that enables clients to submit 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. For more information on Mavent, visit the company Web site at www.mavent.com.
About Group 1 Software
Group 1 Software (www.g1.com) turns data into results, providing innovative software solutions that enable our clients to better understand and connect with their millions of customers, prospects, and partners. Group 1 Software helps over 3,000 organizations maximize the value of customer data to improve profitability, increase effectiveness, and strengthen customer relationships, through consolidating, cleansing and enriching corporate data, and generating personalized business documents for multi-channel delivery, customer care and efficient business processing. Our comprehensive Customer Communications Management (CCM) solutions span from database to delivery, adding value to every aspect of communication and allowing clients to integrate intelligence throughout their mailstream. As part of Pitney Bowes (NYSE: PBI), a $5.6 billion company, Group 1 Software’s solutions are utilized by leaders in the insurance, financial services/banking, GIS/mapping, government, mail services, retail, telecommunications, utility, and other industries, including Entergy, ING, L.L. Bean, MapQuest, Microsoft, Safeco Insurance, Wal-Mart and Wells Fargo.
Group 1, Group 1 Software, and the Group 1 logo are trademarks or registered trademarks of Group 1 Software, Inc. Pitney Bowes and the Pitney Bowes Process Bar Design are trademarks or registered trademarks of Pitney Bowes, Inc. All other brand names and trademarks are the property of their respective owners.