Maxwell is a modern mortgage experience that enables loan officers and their borrowers to collaborate more efficiently throughout the homebuying process. Maxwell uses Box Platform to power the content layer of their web application, providing users with simple and secure access to loan documents and relying on Box Platform to handle storage, redundancy, and permissions for all the content. Building with Box Platform means Maxwell can focus on the application and the user experience instead of the content layer.
Reimagining the Mortgage Process for the Digital Age
Buying a home is one of the most significant and expensive financial decisions of a person's life, yet the process is overly complex and inefficient. As homebuyers themselves, the founders of Maxwell saw an opportunity to go after the mortgage process and use technology to empower the industry to be more connected and productive, automating the workflows between loan officers, homebuyers, and real estate professionals. They want the focus to be on the people, not the process.
Maxwell is a modern mortgage experience to enable loan officers and their borrowers to collaborate more efficiently. Their technology facilitates document collection and management, allowing loan officers and real estate professionals to focus on building personal relationships and delivering quality service. Maxwell keeps everyone in the transaction in tune, so the process isn't just about paperwork, it's about the place to call home.
Managing documents -- loan agreements, disclosures, financial statements, tax forms, and more -- is one of the most friction-filled aspects of the homebuying process. The average loan file today is over 500 pages long, with those pages touching multiple stakeholders through the process, and often involving outdated technology like fax machines. In their initial user research, the Maxwell team met with more than 1,000 mortgage and real estate professionals and quickly learned that lenders place a premium the security and availability of these documents.
“The time and expense to produce a mortgage has increased 80% in the last 8 years,” said John Paasonen, Maxwell’s co-founder and CEO. “Lenders clearly wanted a solution to not only reduce the costs of inefficiency in collaboration, but also do it in a way that reflected their brand of service and met their high standards of regulatory compliance.”
In order to disrupt the existing mortgage industry experience, Maxwell needed a way to securely store and manage loan documents in the cloud and make them easily accessible to everyone throughout the transaction. Moreover, with a nimble development team, Maxwell needed to focus resources on creating a great user experience, not building secure content management from scratch.
A Secure Content Backbone for a Better Homebuying Experience
Maxwell uses Box Platform to securely store and manage loan documents in the cloud and make them easily accessible to homebuyers and loan officers.
"As we were building Maxwell," says Rutul Dave, Maxwell's co-founder and CTO, "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 the user experience rather than the content layer."
What’s more, if you were to rank regulated industries, the mortgage industry might be sitting at the top of the list. Box supports customers with ISO 27001, FINRA, SOC 1, SOC 2 Type II and SOC 3 compliance. Maxwell was able to quickly get its pilot to market, relying heavily on Box’s compliance framework to meet the specialized standards of the mortgage industry. “That ability to quickly test and learn, while meeting the compliance requirements of our customers was absolutely core to our success,” says Mr. Dave.
Whenever a new user creates an account in Maxwell, they receive a dedicated vault where loan documents are uploaded and stored. This document vault is powered by Box Platform, giving Maxwell users a secure, compliant place to store their content in the cloud and access it via the Maxwell application. Using Box Platform's permission model, Maxwell can ensure that only the loan officer and homebuyer can access these documents, and with the Box preview experience, the documents can be rendered right within the application so there's no need to download the file in order to view it.
“Maxwell has radically changed the way we do business,” says Scott Palmer, the president of a mortgage company. “We know and trust Box, so security and compliance was a quick discussion, and the intuitive functionality of Maxwell’s app means my loan officers are easily seeing 20% gains in productivity.”
A Scalable Partnership
Box continues to be a key partner for Maxwell as they quickly scale their business. “Document collaboration and status-tracking is just the tip of the iceberg,” says Mr. Paasonen. “With partners like Box that can effortlessly scale with our rapid growth, our team is focused exclusively on delivering a radical user experience.” If Maxwell has anything to say about it, the next time you buy a home, it certainly won’t be over a fax machine.