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  • Writer's pictureRoy Urrico

Mortgage Platform Supports Credit Unions

Updated: Jun 25

By Roy Urrico

Maxwell’s Mortgage Optimization Platform is built to support credit union members, according to Maxwell’s CTO and Co-Founder Rutul Davé. The Platform, he said, provides everything credit unions need to run a profitable mortgage business, from point of sale and business intelligence to fulfillment and the secondary market.

Maxwell’s CTO and Co-Founder Rutul Davé.

Davé told Finopotamus that Denver-based Maxwell was founded in 2015. He said the Maxwell platform makes the mortgage experience more seamless and efficient for over 300 mortgage lenders such as credit unions, mortgage companies, local banks, and brokers. Maxwell is also a member of the American Credit Union Mortgage Association, a trade organization for credit unions involved in the origination and securitization of mortgage loans.

The Platform, which can be rebranded, comprises separate products called Maxwell Point of Sale, Maxwell Business Intelligence (BI), Maxwell Fulfillment (in the form of processing, underwriting and closing), Maxwell Diligence (quality control and due diligence), and Maxwell Capital (including secondary market trading). It is all cloud based so there is no application program interface (API) or integration needed for assembling the pieces.


Optimizing and Digitizing the Process

The Maxwell Platform helps credit unions improve margins and scale, as well as enhance the member experience, Davé said. “We are essentially the only mortgage technology platform that provides both technology as well as a services element to our offering so that credit unions can drive home ownership for their members.”

Davé described how the Maxwell Platform encompasses the front-end process from the application’s intake, through the point of sale, to analytics, insights and reporting and the back-office capabilities required to originate those loans. “And then the capital markets structure can trade the loans if (credit unions) don't portfolio their loans.”

He continued, “Out of the box we essentially can support you and have you ready to go. Most credit unions have a pretty standard set of tools that we would configure into our cloud-based solution,” Davé maintained.

Davé said credit unions can private-label the Maxwell Platform. Every credit union gets a landing page. Members can browse the loan products available, use a calculator to understand their mortgage capability, and then start that application.

Maxwell Platform’s strength is in digitizing the application process. “The moment a credit union member decides that they want to apply for a loan or are interested in looking at the product options, that's where we essentially start,” Davé said.

He emphasized credit unions using the Platform see close to 13 days faster loan closing time. “Loan officers (also) close over 40% more loans when they worked with our technology.”

The solution also offers e-closing as a part of its platform. That covers having the member review and sign the necessary documents and disclosures. Davé pointed out, “One of the challenges that a lot of members have, especially in this mortgage process space, is often there are three or four different technologies working together, and (applicants) often have to log into multiple systems. We offer a user experience for the member so that everything is seamless through a single interface, which is a technology portal called the Point of Sale.”


How the Maxwell Platform Is Used

Davé described experiences from two credit unions partners:

  1. The $300-million Maumee, Ohio-based Glass City Federal Credit Union wanted functionality that would improve their member experience when it came to mortgages. Davé recalled, “Members were used to filling out applications in a paper format and then submitting the paper documents throughout the process. ”Davé said the Maxwell Platform provided its point-of-sale solution out of the box. “Within a few weeks of implementation, members could look directly for more information about the products or start an application. They could do that from any device.” The point-of-sale solution gathers all necessary information from the borrower and automatically transfers it to the credit union’s backend, which houses their loan origination system (LOS). He explained Maxwell’s Point of Sale also contains automated reminders built in to keep the process moving. The POS element also has real time dashboards for the credit union that provide up-to-date loan pipeline information. “The outcome for Glass City has been phenomenal. When we started, their cycle time was up to 43 days in terms of application start to close. (The credit union) implemented an LOS, which brought it down a few more days, but the biggest lift came when the Maxwell Point of Sale was added as part of their process. That brought it down to 28 days from application to close,” said Davé.

  2. The $9.9 billion Colorado Springs, Colo.-based Ent Credit Union uses Maxwell Business Intelligence to add more reporting capabilities as a part of the mortgage process. “Our plug-and-play out of the box reporting functionality connects directly to the Ent LOS and pulls the information, does data analytics on it, and presents that in a manner easy to understand,” according to Davé. One example: “A sales forecasting report as a part of our BI product was critical for (Ent).” Davé also spoke of how Ent was a beta site for a new BI feature called AskMax, which allows users to ask questions within the BI interface in plain English. Davé added Ent started using Maxwell just for its business insights functionality. “But they had success with us as a partner; they're now looking at other products and solutions we provide, which in this case is our capital products,” said Davé.

Connecticut CUSO Uses Maxwell

Michael Ferraro, president of Mortgage Markets CUSO.

Mortgage Markets CUSO, based in Vernon, Conn. uses the Maxwell platform to offload some back-office duties and staffing issues.

Michael Ferraro, president at East Hartford, Conn.-based Mortgage Markets CUSO and COO at $149 million East Hartford-based Finex Credit Union, pointed out to Finopotamus how CUSOs are not new to the mortgage world. “Because credit unions historically are more small or mid-size, they don't have the staff or the expertise. So, mortgage CUSOs basically act like the first mortgage department for a credit union. And we've been doing that for about 23 years.”

Mortgage Markets CUSO helps credit unions in varying capacities: at times from origination to closing; sometimes just from processing to closing. “It takes a burden off the credit union in a way to retain its member on a huge transaction. Mortgage markets has about 20 credit union clients nationally, ranging from $3 billion to $30 million in assets.

Ferraro explained “We do not use Maxwell for any origination at all. We do all origination, through either our partners or through us. But Maxwell is a great back-office solution that I think CUSOs or credit unions should have in their pocket. Maxwell's a great place where I can kind of plug and play their processing, closing or underwriting staff without having to hire new employees.”

They facilitate that work for Mortgage Markets by helping to mitigate staffing issues. “We use Maxwell right now for an overflow,” said Ferraro. So, if the CUSO gets busy or has to deal with vacations, they can have Maxwell jump in on processing or closing or underwriting. “They're an extension of our organization,” said Ferraro. “That is very critical because as I try to tell my staff all the time, ‘This is a mortgage, it is a big deal.’ If you cannot facilitate it in-house, you need to have experts like Maxwell that can help do that. And they do that very effectively and efficiently for us.”

Starting the Flow

“The credit application always comes through us first. Maxwell has nothing to do with the front-end transaction, whether they originate the loan or we originate the loan. Some credit unions have an originator in house. Once we get that contract or that loan, I then have to make a determination. Do I want to have Maxwell handle this or do I want to do it in house? It just depends on my bandwidth currently,” said Ferraro.


He added, “Whether we originate it or the credit union originates it, we just send it to Maxwell to do their thing.” Maxwell has access to Mortgage Markets’ Encompass - Loan Origination Software System.

“We set them up with secured passwords and they just log into Encompass and work right within the Encompass system,” explained Ferraro. This way they can have notes, they can communicate within the LOS. We would not be with Maxwell if they could not do that. I think that is imperative. It cannot be old snail mail.”


Besides credit unions, Mortgage Markets also works with other CUSOs in areas such as Federal Housing Administration (FHA) loans and “things of that nature,” said Ferraro. He continued, “We are all in on collaboration to help the credit union industry. Maybe (other CUSOs) have a product to help that credit union per sé. I am always looking to have partnerships like that.”


Ferraro was clear about Maxwell’s value. “I think everyone should have a solution in their pocket like a Maxwell if you are in this industry. The mortgage industry right now is fluid. You need to have a solution like Maxwell where you can plug and play them immediately and have their team of experts help you.”

Ferraro continued, “It is critical in the mortgage world, especially today, where every loan matters. They could not be higher on my food chain to recommend, whether it is utilizing them 100% of the time or just having them in conjunction with your staff. You need to have something like (Maxwell) in today's environment.”


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