On episode 40 I talk with John Paasonen of Maxwell. Maxwell helps lenders serve their communities by channeling mortgage and technology expertise to help small and midsize lending teams thrive.
Mortgages are still one of the slowest and most archaic processes in financial services. From gathering paper documents to lenders and processors sending CSV files via email. Maxwell is aiming to change this by digitizing the various pieces of the mortgage process for small lenders.
John and I talk about why Maxwell chose to work with smaller lenders, where we are on the innovation path for mortgages, whether or not we can and want to reach a fully digital mortgage process, what he learned from PayPal and Amex, raising capital and a whole lot more.
So without further ado, I present John Paasonen of Maxwell. I hope you all enjoy the show and be prepared to learn:
- John’s journey to Maxwell
- The story behind the name Maxwell
- Why they decided to focus on local lenders and community banks
- Local lenders as a group originate more mortgages than large banks
- Why mortgages are not yet innovative
- Why we might not want a fully digitized mortgage process
- The human element still matters, especially for first-time buyers
- Why mortgages are still not fair for all borrowers
- Lessons learned from his time at PayPal and American Express
- Biggest lesson learned since launching his company
- Raising Capital
- Advice for fellow founders
- And much more…