Over the last decade, technology in the mortgage industry has transformed the way borrowers interact with their lender. Both the borrower and the lending team expect a connected, on-demand experience that makes the data, documents and signatures flow seamlessly. But many of the vital financial institutions — the tens of thousands of lenders serving America’s communities — haven’t had the means to keep pace with the technology revolution underway. That’s why we’re focused on making Maxwell an end-to-end platform for every lender to have the capabilities they need in a fast-evolving market.
Today, we’re another step closer to that reality. We’re excited to share that Maxwell has closed the acquisition of LenderSelect Mortgage Group, which provides access to the capital markets for hundreds of banks, credit unions and independent mortgage banks. LenderSelect will become a vital part of Maxwell Capital, which we launched in 2022 to broaden access to the best mortgage products and pricing for thousands of lenders, powered by our network of data.
The home financing market has transformed in the last decade. Large banks, like Chase and Wells Fargo, have receded. In their place, over 20,000 locally-focused community banks, credit unions and independent mortgage banks have sprouted up to originate over 50% of home loans in the United States. The team at LenderSelect Mortgage Group, founded by Tracy Marks, is dedicated to empowering these institutions with better pricing and more efficient processes. They have built an incredible business along the way. LenderSelect’s suite of services spans capabilities like mortgage fulfillment and secondary market trading.
We’re thrilled with the opportunity to deliver the benefits of LenderSelect to more lenders, powered by our data, our technology and our end-to-end origination capabilities. We share the belief that lenders in each community are the best place for a consumer to get a loan, especially if it’s paired with access to diverse mortgage products at competitive prices and a seamless borrower experience.
I’m incredibly happy to welcome the LenderSelect team to Maxwell. We share a common culture built on trust, a partnership-minded approach to our lender clients, and a sense of teamwork built on ownership. Tracy and his team have built a fantastic business. We will accomplish much together in the years ahead.