MVM is not a patch management solution - it's a Vulnerability scanner and reporting system. Using MVM in conjunction with ePO, Policy Auditor and Remediation Manager will get you close to what you want. Many of our customer choose to integrate with other product/vendors like BMC BBCA or Autonomics for a full blown Patch Management solution.
You should reach out to your McAfee sales team, they point you in the right direction.
I hope that helps!