Maxwell Acquires LenderSelect Mortgage Group to Expand Small and Midsize Lenders’ Access to Faster, More Affordable Mortgages
Maxwell, the leading B2B mortgage fintech solutions platform, continues hypergrowth on its mission to help America’s local lenders thrive
LenderSelect Mortgage Group will bring its superior mortgage solutions to community financial institutions via Maxwell’s end-to-end platform
Denver, CO, May 16, 2023— Maxwell, the leading mortgage fintech solutions platform, has today announced the acquisition of LenderSelect Mortgage Group (“LenderSelect”), a mortgage solutions provider to community financial institutions throughout the eastern United States, from from Blue Ridge Bank, N.A., the wholly owned bank subsidiary of Blue Ridge Bankshares, Inc. The transaction significantly grows Maxwell’s market share by providing LenderSelect’s 180+ customers with access to the company’s full suite of solutions including Maxwell Private Label Origination, the company’s mortgage-as-a-service platform.
As large banks retreat from America’s towns and cities, community banks and credit unions are vital financial resources, representing the only banking presence for one in five counties. However, America’s small to midsize lenders face an existential crisis as they compete with lenders that have the economies of scale and the technology to counteract the margin compression driven by high mortgage rates and low housing supply.
“Maxwell has built the only scaled infrastructure to help America’s local lenders compete with the industry’s largest players, solving the problem of high fixed costs in a cyclical market and maximizing secondary market spread,” said John Paasonen, CEO and co-founder of Maxwell. “The acquisition of LenderSelect will combine the power of our tech-enabled solutions with the effectiveness of their secondary market solution, to expand our integrated platform to hundreds more of these financial institutions.”
LenderSelect provides over 180 community banks and credit unions with access to a unique variety of loan products, allowing lenders to focus on building relationships with their borrowers while minimizing overhead costs every month. Both Maxwell and LenderSelect have forged deep, consultative partnerships with their clients, serving loan officers, real estate agents, and borrowers with a personalized touch. Following the acquisition, LenderSelect will enable a significant expansion of Maxwell’s secondary market trading platform, Maxwell Capital, which broadens access to more products at competitive prices in the secondary market.
“Our top priority has always been to empower lenders serving their communities. We’re thrilled to join forces with the leader in mortgage technology to accelerate that mission together. As part of Maxwell, we’ll expand our customers’ access to world-class technology that offers our partners critical leverage in this constricting market, while providing even more solutions for them to compete,” said Tracy Marks, CEO of LenderSelect, who now joins Maxwell to lead Maxwell Capital.
Also commenting on the acquisition, Brian Plum, Chief Executive Officer of Blue Ridge Bankshares, said, “With Maxwell’s leading innovative technologies, we are excited for how far they can take LenderSelect’s mission of servicing America’s communities.”
Since its founding in 2015, Maxwell has scaled rapidly to become the leading mortgage fintech solution for America’s local lenders, streamlining the entire process from the loan application, to the back office, to the secondary market. Following the company’s Series B round in 2022, Maxwell launched new products, and expanded into new business verticals, from capital markets to private label origination. Maxwell has facilitated over $250 billion in loan volume to date and, now with LenderSelect, partners with more than 400 lenders across the country, enabling them to outperform the market by over 20%.
About Maxwell
Maxwell provides America’s lenders with forward-looking technology and solutions for the entire mortgage origination process, from the loan application to the secondary market. Backed by a deep bench of industry expertise, Maxwell’s offerings enable lenders to stay ahead of the competition while improving their margins. Each day, Maxwell powers over 250 mortgage lenders, banks, and credit unions to serve tens of thousands of homebuyers with a modern lending experience. Lenders on Maxwell close loans more than 13 days faster and their loan officers each close over 20% more loans per month.
Founded in 2015, Maxwell is a member of the Mortgage Bankers Association and is built in Denver, Colorado. Since 2017, it has been named one of the most innovative companies in real estate by HousingWire Magazine, recently ranked as the 15th fastest-growing software company in the U.S. on the Inc. 5000 list, and was named the fastest-growing tech company in Colorado by Deloitte Fast 500.
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