New integration will help lenders reduce costs and provide a more seamless closing experience for homebuyers
Denver, CO, April 11, 2022— Maxwell, the mortgage fintech solutions platform designed exclusively for small to midsize lenders, today announced the launch of a strategic partnership with leading digital closing platform Snapdocs, to provide eClose technology to lenders across the country. Offered from today as part of Maxwell Point of Sale, this new integration accelerates the entire closing process, reducing loan costs and saving valuable time for lenders and borrowers.
Powered by machine learning, the new integrated solution automates and streamlines closing document review and signature steps for the borrower. By removing manual administrative tasks, the technology increases efficiency and loans officers’ capacity to support more homebuyers through the mortgage process as the market moves towards purchases. Built on a multi-party workflow engine that coordinates the activities of all stakeholders in a mortgage closing, this integration with Snapdocs brings clarity and transparency to every step of the process to drive faster closing times and reduce operating costs.
Speaking on the announcement, Maxwell Co-founder and CEO John Paasonen said, “A simplified and streamlined eClose experience is critical for lenders to continue to gain efficiency, save costs, and improve their borrower experience. When seeking a like-minded partner to help deliver that experience to current and future lenders on Maxwell, Snapdocs was an easy choice. Their focus on innovation and partnership approach to solving lender challenges aligns well with our own methodology in building mortgage solutions.”
This partnership comes at a crucial point for lenders and borrowers. Inefficiencies continue to hold lenders back at a time when speed and productivity are more important than ever. Lenders have seen net income per loan decrease over 56% YoY in 2022. At the same time, loan costs continue to soar, reaching a near record of more than $8,600 last year. Increased competition, rising interest rates, and reduced housing supply mean profit margins are already difficult to maintain. The ability to increase efficiency and capacity for more closed loans per month is now essential to combat these trends and ensure lender profitability.
“Digital closings have gone from a nice-to-have to a must-have for lenders,” said Aaron King, Founder and CEO of Snapdocs. “On our mission to perfect all mortgage closings, partnering with an innovative leader like Maxwell will help even more lenders nationwide improve efficiency, secure valuable savings and meet next generation borrower demands for a seamless mortgage experience.”
Maxwell wants to modernize the entire mortgage process to help local lenders create a more efficient and scalable process from application to the secondary market. Currently serving more than 350 lenders that cater to communities across the U.S., Maxwell’s platform has facilitated over $150 billion in loan volume to date, helping loan officers close 15% more loans each month and reducing the time to close by over 13 days. By partnering with Snapdocs, the mortgage industry’s leading digital closing platform, Maxwell furthers its commitment to help improve the pathway to homeownership.
Maxwell’s Mortgage Optimization Platform provides America’s local lenders with forward-looking technology and solutions for the entire mortgage origination process, from intake of application to the secondary market. Backed by industry expertise, Maxwell’s comprehensive offerings help lenders stay ahead of the competition while improving their workflow and margins. Each day, Maxwell empowers over 300 mortgage lenders, banks, and credit unions to serve tens of thousands of homebuyers a modern lending experience. Lenders on Maxwell close loans 13 days faster and enable their loan officers to close over 15% 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 and recently ranked as the 15th fastest-growing software company in the U.S. on the Inc. 5000 list.