Mortgage

Truist Ventures invests in regulatory fintech Azimuth GRC

Truist Ventures invests in regulatory fintech Azimuth GRC
Written by Publishing Team

Technology platform Azimuth GRC, a provider of automated regulatory compliance testing for mortgage service providers and lenders, has announced that it has secured a strategic investment from Trust Ventures. The financial terms of the deal were not disclosed.

The latest deal comes just a few months after the Jacksonville, Florida-based software company completed a Series A funding round that included investments from Mosaik Partners and Detroit Venture Partners, an institution within the Rock group of companies that includes kos missile. Before the latest announcement, Azimuth GRC raised nearly $9 million, founder and CEO Rohen Tagra said in an interview with National Mortgage News.

Rohin Tajra, founder and CEO of Azimuth GRC

Tagra expects to use the newly raised capital to add more capabilities to Azimuth products, such as the Validator tool, which tests a full range of loans to reduce risk and ensure compliance With federal laws, including the CARES Act and the Consumer Financial Protection Bureau Service Unit.

“What we will benefit from is to continue to add more testing statewide,” he said. “We have a federal test. We will now start doing state tests.”

“Azimuth technology enables the automation of a historically paper-based system, leading to increased efficiency while creating a more equitable customer experience,” said Vanessa Freeland, president of Trust Ventures, in a press release. Trust Ventures is a program The venture capital finance division of Trust Bank.

Founded in 2017, Azimuth aims to simplify a process that was largely manual in the past, allowing customers to test full portfolios rather than sample sets. Its clients include a leading secondary service agent, as well as the 10 largest independent mortgage banks.

Azimuth recently appointed several appointments, including Chief Technology Officer, Stephen Jarrett, and Chief of Staff, Jegosh Varkey. While expanding its product range, Azimuth also plans to use its funding for growth in the near future by adding customer implementation specialists, data analysts and other professionals to enhance customer acquisition. With approximately 30 employees and contractors currently located worldwide, Tajra expects to double that number in 2022.

“We’ve come up with taking the laws, mapping the required data elements from service systems like Black Knight’s MSP or Sagent’s, taking those data elements and running them through a wallet,” Trader said. Service transfers are expected to increase in the coming year, as well as the potential for higher foreclosures due to the growing volume of impatient homeowners leaving, which will require tools to ensure schedules and foreclosure referrals are met.

Changes in the CFPB, with new manager Focusing on enforcement, it also drives the need for stronger compliance. “There is a high expectation that there will be no errors about the CARES Act, about foreclosures, about credit bureau reports, about the impact on customers and their ability to access capital or to treat them fairly,” one trader said.

Tajra added that the recent investment also sets Azimuth for subsequent moves to serve its non-mortgage business segments. But in 2022, the company remained focused on product lines within banks.

“The way our platform is built is to expand into any industry and any product,” Tajra said. It’s really set up for cars, credit cards, retail banking, and then, from there, health care. So partnering with a bank like Trust gives us the opportunity to work with them and scale the platform on these other lines.”

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