We’re excited to announce that Maxwell has been named a HW Tech100 winner for 2022. This award marks the sixth consecutive year Maxwell has received the recognition. HousingWire’s Tech100 Mortgage Award is given to the top 100 companies in the industry innovating solutions that revolutionize the mortgage lending process. Candidates are evaluated on their key technology, quantifiable metrics, and client impact.
The past year has been transformative for our company. In response to 2021’s unprecedented market conditions, we dedicated even more resources towards innovative solutions that help small and midsize lenders efficiently manage loans through the manufacturing process. With our efforts, we enabled hundreds of lenders to assist large cohorts of American borrowers into new homes and refinanced loans when rates hit record lows.
Over the course of 2021, we built a series of new technology-powered solutions that went beyond point-of-sale and loan fulfillment capabilities to give lenders a competitive edge. In June, we released Maxwell Diligence, offering streamlined pre- and post-closing QC and due diligence solutions, followed by Maxwell Capital, a secondary market investor that gives Maxwell lenders expanded scale and access, in September. Finally, in December, we released Maxwell Processor Edge, a software suite of processing workflow technology that reduces errors and increases processor productivity.
Today, Maxwell’s suite of solutions addresses the entire loan origination process, from intake of the loan application and documents through to the secondary market as an investor. These solutions help lenders achieve scale, efficiency, and cost savings—benefits they can leverage to reach more homebuyers and offer more competitive loan products.
“We’re honored to receive HousingWire’s 2022 HW Tech100 award,” said Maxwell Co-Founder and CEO John Paasonen. “In the past year, we’ve worked hard to expand our Mortgage Optimization Platform to include due diligence/QC, secondary market investing, and now processing workflow technology. By enhancing the entire loan manufacturing process, we’re advancing our aim to give every lender serving their community a competitive edge, especially in challenging environments like we’re going to see in 2022 and 2023.”
This year, as loan costs rise, margins compress, and competition increases, Maxwell will deliver further profitability to our lenders through tech-driven efficiency, cost savings, and economic scale shared across the hundreds of lenders on our platform. Lenders on the Maxwell platform see their loan officers close over 15% more loans per month, while shaving more than 14 days off the time-to-close and saving 21 bps in costs per loan. These benefits and savings concretely impact lenders’ bottom lines.
“This year’s list of Tech100 honorees proves once again that innovation within housing is vital in differentiating the organizations who will thrive and those who will be left behind,” said Clayton Collins, CEO of HW Media. “This list spotlights the innovators that are making the housing sector better and more sustainable by increasing efficiency, improving user and borrower experiences and bringing elasticity and improvements to age-old processes.”