Maxwell, a Wells Fargo-backed mortgage fintech, announced Wednesday that it has struck a deal to acquire the digital lending platform Revvin (formerly known as MortgageHippo) to enhance its point-of-sale technology. The financial terms of the transaction have not been disclosed.
That is Maxwell’s second acquisition since its inception in 2015. Maxwell acquired LenderSelect Mortgage Group from Blue Ridge Bank in May to expand its secondary market trading platform, bringing hundreds of new clients to the company’s other solutions.
This time, the focus is on Revvin’s streamlined loan origination workflow, which Maxwell believes will help lenders as surging interest rates, low loan volume, and creeping lending costs continue challenging the mortgage market.
“Software is the most powerful enabler for efficiency and quality in mortgage lending,” John Paasonen, CEO and co-founder of Maxwell, said in a statement.
According to Paasonen, when the housing market is contracting, Maxwell is doubling down on its origination infrastructure to become a “one-stop shop for lenders.”
After the M&A transaction, Maxwell will retain 15 of Revvin’s teammates, increasing to a total of 190 employees.
Val Saportas, co-founder and CEO of Revvin, will continue as CEO while taking on a leadership role in Maxwell’s product team. Michael Salichs, co-founder and COO of Revvin, will assume the role of vice president of expansion and strategic partnerships. Marvin Chang, Revvin’s chief commercial officer, has stepped down to pursue an opportunity in academia.
According to the companies, Revvin customers should expect no changes to the product and service for now but look forward to broader access to Maxwell’s business intelligence, fulfillment, and secondary market solutions.
Saportas said Revvin developed a configurable workflow management powered by modular components – the propetch offers a no code/low code digital mortgage platform to lenders.
“As a part of Maxwell, Revvin technology will continue serving that mission while our existing clients gain a powerful competitive edge with access to Maxwell’s breadth of mortgage solutions and a team of industry veterans,” Saportas said.
According to its website, Chicago-based Revvin has over 150 lenders on its platform, which reached $24 billion in mortgage loans volume in the last 12 months. Meanwhile, Colorado-headquartered Maxwell claims it has facilitated over $275 billion in loan volume to date and serves more than 300 lenders nationwide.
Maxwell claims the average loan officer on Maxwell’s platform consistently closes 20% more loans each month than the national average.
The company announced in July that product development veteran Paul Wetzel joined the company as senior vice president of products. Wetzel brings extensive experience in B2B and B2B2C software product leadership, mortgage-specific market strategy, and company growth in various industries.
Correction: An earlier version of this story misspelled Marvin Chang’s name.