Maxwell Launches New Platform To Streamline And Automate LO Processes

Posted by Patrick Barnard on August 15, 2016 No Comments
Categories : Residential Mortgage

Software maker Maxwell has launched a new platform for mortgage loan officers (LOs) that includes “intelligent pipeline management,” which is said to reduce the time needed to collect documents by more than 45%.

Developed from the ground up with input from more than 1,000 LOs, home buyers and real estate agents, the new platform improves the way LOs collaborate with their clients to close a mortgage, the company says in a release.

This is important because, according to the Mortgage Bankers Association, the cost to originate a mortgage has skyrocketed 80% in the last seven years. The national average of days to close a loan is now 49 days, up from an average of just 30 days seven years ago, as the regulatory burden of paperwork and broader requirements to vet borrowers weigh on lenders.

Now, as mortgage rates hit all-time lows, the lending industry is realizing that efficiency is critical to success.

The new platform helps LOs close loans faster by intelligently automating their workflows with home buyers and real estate agents.

The company reports that the platform has been in live trials with lenders for more than four months. During the period, it facilitated more than $300 million in mortgage volume with LOs at more than 25 mortgage companies.

LOs can simplify the management of their active pipelines using this new platform, Maxwell says. In addition to file sharing and communication capabilities, it supports digital documents and e-signatures and provides connectivity with more than 15,000 financial institutions.

In addition, the platform is integrated with Box to ensure compliance with rigorous data security standards, including SOC 2 Type II and ISO 27001 certifications, and to ensure that accurate access permissions and audit controls are in place.

What’s more, the platform can be synchronized with any loan origination system, including Calyx Point and Ellie Mae Encompass.

Register here to receive our Latest Headlines email newsletter

Leave a Comment