Government regulation is expanding and banks are increasingly averse to risk. The time it takes to endure the mortgage loan application process has gotten tedious for consumers and mortgage loan officers alike. A typical traditional loan process surpasses 500 pages and takes 49 days from end to end.
Building on Box Platform, Maxwell Financial Labs created a cloud-enabled, paper-free solution that removes the pain and delay from the loan application process.The application integrates with thousands of financial institutions to electronically capture all necessary documents.
Maxwell is now closing on loans 45% faster than the national average, using Box as a centralized, cloud-based content layer with built-in industry compliance. For mortgage companies using the app, workflows are automated between stakeholders, and PII can be securely shared online.
When most people think of home mortgage loans, they don’t necessarily think of efficiency. And due to increasing government regulation, the time and expense to execute a mortgage has gone up by 80% over the last eight years.
As loan officers gather the various types of information and signatures that prospective homeowners must submit to be considered for a loan, a typical loan file can surpass 500 pages. HousingWire reports that the average loan now takes 49 days to complete. John Paasonen and his partners at Maxwell Financial Labs were dismayed to learn how red-tape-laden this process was when they bought their own homes. They envisioned a better way — one that would streamline the loan experience for mortgage loan officers and their customers. As Paasonen recalls, the vision was of a process “free from paper, free from old technologies like email and fax machines — a centralized hub where all of the stakeholders in the mortgage can come together to collaborate and move through the process.” To create a cloud-based application that would enable that experience, they needed a centralized content platform to simplify all their content.
“We started Maxwell because we as borrowers were frustrated with the process. Our purpose is to free loan officers and mortgage professionals from the traditional holdups of the mortgage process.”
John Paasonen, CEO and Co-founder, Maxwell Financial Labs
Refocusing mortgage lenders on people, not paper
The mortgage industry is highly federally regulated. Laws are strict, sensitive personal information is at stake, and financial institutions gather an overabundance of information at every turn rather than risk missing one single piece of data.
To challenge the status quo of the traditional financial industry’s methods, Maxwell’s founders needed a technology platform that would keep content secure, with airtight permissions, and simultaneously allow for legitimate eSignatures. And it needed to be entirely user friendly, or there would be no point at all.
When Maxwell teamed up with Box, certifications like ISO 27001, FINRA, SOC 1, SOC 2 Type II, and SOC 3 compliance were already in place. “That’s helped us get to market faster as well as meet the regulatory requirements,” says Maxwell Co-founder Rutul Davè. “And the more content we add, the platform automatically scales to meet that requirement.”
Maxwell’s application now integrates with thousands of financial institutions to electronically capture the documents that borrowers supply to loan officers: W-2s, paystubs, bank statements, tax returns, and more. Box simplifies the workflows between loan officers, homebuyers, and real estate professionals, keeping the focus on the people, not the paperwork.
"Box provided the platform that allowed us to store and transfer content securely and give permissions to the right people to access that content,” Paasonen says.
Ease of use built on frictionless security
The ability to customize the interface while building on Box gave Maxwell’s application a UI very specific to the needs of the industry and its stakeholders.
“As we were building Maxwell,” says Davè, “We let Box Platform take care of the storage, redundancy, and permissions for all the content. That way, we could focus resources on the application and user experience rather than the content layer.”
The strong permission model built into Box means only the lending team and homebuyer have access to the documents. Through a secure web interface, users can index and preview content right within the application without any risky downloads.
“We want to build technology that empowers loan officers to do what they’re really good at, which is advising and coaching borrowers, and remove them from things that software’s really good at, like managing workflows and collaboration.”
John Paasonen, CEO and Co-founder, Maxwell Financial Labs
How Maxwell delights its customers
One of Maxwell’s first customers was John Barry, a Mortgage Loan Officer at Houz Mortgage. Barry remarks: “It was very easy to use, and very easy to request documents from our borrowers. We were able to really integrate it into our experience.”
So far, Maxwell has used Box Platform to power collaboration for over $2 billion in loan transactions. It's closing loans 45% faster than the national average. And for users like John Barry, it has increased loan-officer efficiency by a good two thirds.
“We’re actually pulling in other loan officers,” Barry says, “because clients are so impressed.”
And on that note, Maxwell will continue to build on Box to bring a highly regulated traditional industry into the 21st century while getting back to the old-school value of personalized customer service.
A safer place for all your content
Box is dedicated to providing best-in-class security, compliance and data protection for our customers. Whether you need to meet specific industry regulations or international security and data privacy standards, Box has all of your compliance bases covered.
Create a customer-centric, compliant and streamlined loan experience
Lack of easy access to latest versions and confusion over which documents have been submitted results in redundancy and frustration. With Box, customers can seamlessly collaborate on sensitive content with loan agents, without either entity worrying if the files are secure and compliant.