How Maxwell Helps Loan Officers Close Loans Faster with Box Platform

Location: Denver, CO

Industry: Mortgage Lending

Use Case: Document Management

Maxwell Co-founders
Transforming Mortgage Lending — Maxwell + Box Platform


Maxwell is a modern mortgage experience that enables mortgage lenders and their borrowers to collaborate more efficiently throughout the home-buying process. Their technology facilitates document collaboration and management, allowing mortgage and real estate professionals to focus on building personal relationships and delivering quality service. 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.


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. HousingWire reported that the average mortgage loan takes 49 days to complete. 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.

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today is over 500 pages long, with those pages touching multiple stakeholders through the process, and often involving outdated technology like fax machines.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 on the collection speed and security 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.


Today, Maxwell has used Box Platform to power collaboration for over $2B in loan transactions — securely storing and managing loan documents in the cloud, making them easily accessible to homebuyers and the lending team.

“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 loan documents in the cloud and access it via the Maxwell web interface. Using Box Platform’s permission model, Maxwell can ensure that only the lending team and the homebuyer can access these documents, and, using the Box preview technology, 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 that uses Maxwell. “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.”