Wells Fargo-backed mortgage fintech Maxwell has struck a deal to acquire mortgage solutions provider LenderSelect Mortgage Group from Blue Ridge Bank. The financial terms of the transaction have not been disclosed.
The deal, announced on Tuesday, expands Denver, Colorado-based Maxwell’s secondary market trading platform and brings hundreds of new clients to the company’s other solutions. That is Maxwell’s first M&A deal since its inception in 2015, and the company has an appetite for more.
John Paasonen, Maxwell’s CEO and co-founder, said conversations between the company and the sellers started last fall.
“We started talking about partnerships, and that transformed over a few months into LenderSelect joining our platform,” Paasonen said in an interview. “They are bringing to us the scale and the relationship of their business.”
Richmond, Virginia-based LenderSelect Mortgage Group, which provides mortgage loan solutions to lenders, closed its sale to Blue Ridge Bankshares Inc. in January 2020, growing to a portfolio of over 180…