Fintech Maxwell adds eClosing with Snapdocs pairing

Mortgage fintech Maxwell is partnering with Snapdocs to integrate the latter’s eClosing software into the former’s platform, which is said to serve more than 350 lenders.

Denver-based Maxwell is offering the technology with its Point of Sale software, part of the firm’s library of mortgage fulfillment technology. The Snapdocs component can save lenders hundreds of dollars on their per-loan costs, which could be crucial considering that lenders have seen their per loan income decrease 56% year-over-year in 2022, Maxwell CEO John Paasonen said.

“It’s amazing that there’s still closing statements out there that have wrong data in wrong places,” he added. “Having a like-minded partner like Snapdocs, focused on quality, accuracy and time saving, is really important to us.”

Snapdocs automates and streamlines closing document review and signature steps for borrowers, improving efficiency and allowing lenders to close more loans per month. The technology also ensures accuracy, Paasonen said, reducing quality control time by 85%, and saving lenders between $400 to $500 in costs per loan.

Snapdocs achieved unicorn status last spring and continues to permeate the industry as the appetite for eClosing persists since the onset of the coronavirus pandemic. In the past seven months, Snapdocs has teamed with other lenders and Freddie Mac on digital mortgage management and most recently, partnered with MISMO to form the eEligibility Exchange to provide comprehensive information regarding digital closing criteria.

Maxwell, founded in 2015, said it has facilitated over $150 billion in loan volume to date among its local and regional lender partners. Its application, processing and underwriting technology is helping lenders reduce time to close loans on average by 20 days, Paasonen said. The firm raised $28.5 million in equity funding from investors including Wells Fargo and was valued at $450 million.