Mortgage fintech startup Maxwell has acquired LenderSelect Mortgage Group from Blue Ridge Bank.
LenderSelect provides mortgage products to 180 community banks and credit unions. Its acquisition is expected to expand Maxwell’s secondary market trading platform, Maxwell Capital. Maxwell Capital launched in September 2021 with a focus on reducing the volume of loans in small and midsize lenders’ balance sheets.
Maxwell will increase the number of lenders it can serve from 250 to over 400 as a result of the deal.
LenderSelect CEO Tracy Marks will take over Maxwell Capital, and Maxwell will gain about 25 employees. Maxwell will continue to use the LenderSelect name. It plans to combine its own technology with the added services.
This is Maxwell’s first acquisition, but it is open to more.
“We’re looking at opportunities to grow not just organically but also inorganically,” said Maxwell’s CEO John Paasonen. “We’re not going to be adding more services. It’s about enriching what we already do and deep in the different spaces.”
The terms of the deal were not disclosed.