Mortgage lenders using technology provider Maxwell’s point-of-sale platform now have the ability to streamline closings through an integration with Ice Mortgage Technology’s Encompass eClose solution.
Maxwell Point of Sale allows lenders to send loan applications to borrowers, synchronize borrower documents, trigger status notifications to borrowers and real estate agents, and manage disclosures.
The Encompass eClose solution connects key participants — including lenders, title and settlement agents and individual county recorders — to digitize what was once a mostly manual and paper-based closing and recording process.
Now, Maxwell’s selection as a premier integration partner with Encompass eClose means borrowers can be routed into the Encompass eClose solution directly from Maxwell Point of Sale, streamlining closings for borrowers and maintaining a consistent closing workflow for lenders, the companies said.
When paired with the rest of Maxwell’s fintech mortgage solutions, the new eClose integration will help lenders reduce expenses, increase revenue, and “enhance the borrower experience throughout the lending process,” Maxwell co-founder and CEO John Paasonen said in a statement.
Founded in 2015, Denver-based Maxwell Financial Labs Inc. and its subsidiary, Maxwell Lender Solutions Inc., do business as “Maxwell,” providing services to more than 300 mortgage lenders, banks and credit unions. Maxwell has been an integrated point-of-sale partner with the Encompass LOS (loan origination system) since 2019.
The company says its technology helps loan officers at small to midsize lenders close 15 percent more loans each month, and spend more time counseling borrowers and strengthening their network instead of performing administrative tasks.
Maxwell announced a $52.5 million raise in October that it said would allow it to hire new talent in its product, engineering, sales and marketing departments.
In December, Maxwell rolled out a new product, Maxwell Processor Edge, designed to help small to midsize mortgage lenders employ machine learning to accelerate the document review process and catch mistakes before loans are underwritten.
Other offerings include Maxwell Diligence, which lets lenders outsource their quality control and due diligence, and Maxwell Capital, a service designed to help lenders sell their loans on the secondary market.
Ice Mortgage Technology generated $1.4 billion in revenue in 2021, which amounted to about 20 percent of parent company Intercontinental Exchange Inc.’s consolidated revenues, according to the company’s most recent annual report to investors.
“We’re thrilled to enable more lenders to take advantage of our market leading eClose solution, by partnering with Maxwell,” ICE Mortgage Technology executive Parvesh Sahi said in a statement. “By integrating our eClose experience into Maxwell, we’re able to provide all of their Encompass lenders with a true digital experience that provides efficiency, speed, and cost savings for the lender, while delivering the best borrower eClose experience in the industry.”
Competitors include Black Knight, Google Cloud’s Lending DocAI, Roostify, Ocrolus and Blend. Two of the nation’s biggest lenders, UWM and Rocket Mortgage, are making their in-house mortgage origination technology available to partners.