October 2nd, 2024 Release Notes

Review new features and bug fixes from our September release.​​ ​​

Summary

• Automated Tasks & Notifications (Release October 10th)

• Miscellaneous Document Uploads for Borrowers

• Add Request VOA to Asset Verifications Service Tab

• Webhooks for Application & Loan File Updates

• Private Mortgage Insurance Integrations (in Beta Q4)

• MeridianLInk Mortgage Enhancements

• 3.4 File Import

• Bug Fixes & Code Cleanup

Automated Tasks & Notifications (Release October 10th)

We’re thrilled to announce a new feature launching on October 10th that will increase borrower task completion rates and decrease the time and effort it takes for your teams to receive documents and complete tasks.

We're adding a due dates feature for tasks which will prompt automated email notifications to remind borrowers when they have tasks due or overdue based on the set due date.

Enabling Automated Tasks & Notifications

This feature will be turned on for all organizations on Thursday, October 10th.

NOTE: When this feature is turned on it will default to automated task due dates of 3 days after task creation, with up to 3 reminders sent to a borrower on incomplete tasks. Your organization can configure these timelines and notifications settings. If you wish to change those default settings contact: [e-mail]

Additional Details: You can preview more details of this feature and how it works in the special edition feature release notes sent to you on September 18th: Automated Task Notifications Feature Release Notes

Miscellaneous Document Upload For Borrowers

Borrowers can now upload documents not linked to specific tasks directly from the "Documents" tab in the Borrower Hub. This update simplifies borrower document submission and provides your team additional context .

To use this feature

• After logging into the Borrower Hub the borrower clicks the "Documents" tab

• Borrower clicks the "Upload Documents" button

• A modal window opens and allows the borrower to drag and drop or upload documents

• The borrower can add a description to provide additional context for your review

• After saving, a new borrower task labeled "Misc. Document" is created and stores the uploaded files for reference. This also notifies the loan officer of the new document upload.

• Borrowers can interact with this task just like any other, while loan officers can manage these tasks in the Lender Hub, including the ability to update titles, review documents, and forward them to the Loan Origination System (LOS).

Borrower's can now upload Misc. Documents in the Document Hub withing the borrower portal.

Add Request VOA to Asset Verification Services Tab

We’ve streamlined the process for requesting Verification of Assets (VOA) tasks within the Lender Hub. You can now send VOA requests to your borrowers directly from the Services Tab in the Verification of Assets panel, alongside all other report orders, making the workflow more efficient and user-friendly for lenders.

To use this new feature

• From the Lender Hub, under the "Services" tab, go to Verification of Assets panel

• Click "Send Request Assets Task to borrower"

• Once clicked a modal window will open specifically for the verification task, allowing you to add any necessary details and additional tasks to the workflow.

• After the borrower has completed the task you can view the VOA reports within the services tab further enhancing workflow efficiency.

Webhooks for Application & Loan File Updates

We're excited to announce our new Webhooks service that will enable organizations to publish automatic updates of events that occur in our POS to another site like a lead generation tool, or a CRM.

For Example:

Your organization uses dedicated CRM software to capture leads and their information before starting their mortgage loan application process. After you send them a referral link to start an application you'd like to keep track of what actions they took and retrieve information from the POS loan application file to update your CRM data. In this case, you can set up webhook events to get updates on:

• When a lead starts an application

• When they update key sections of the application

• When they submit their application

• When a loan file changes milestones/statuses (e.g. document collection, underwriting, clear to close)

After your borrower applicants complete those actions in your POS, Maxwell will post updates to notify your system of completed events. Each update will contain the unique borrower email and loan file ID so you can match the users' identity between the POS and your CRM (or any other system we're linking to).

Enabling Maxwell Webhooks

If you'd like to learn more about our new Webhooks feature please read our documentation linked below.

Setting up Webhooks New Feature Documentation

Enabling Webhooks: If you would like to Webhooks set up for your organization reach out to [e-mail] to let us know you're interested in setting up the service and we will set up a meeting to guide you through an implementation and testing plan.

Private Mortgage Insurance Integrations (beta testing in Q4)

We're bringing Private Mortgage Insurance (PMI) shopping into the Maxwell Point of Sale. If you use Maxwell for Loan Products & Pricing with your Product & Pricing Engine (P&PE), your organization can opt-in to get PMI in the Point of Sale. This feature will be available for beta testing in Q4 with three PMI providers (see details below). If you would like to be part of the beta testing group please contact [e-mail] to get set up.

How It Works

Maxwell is partnering with all the major PMI providers to pull MI quotes within the POS, so you can quickly compare and select the MI rate you want to offer your borrower.

Providers Available during Q4 Beta Period

• Arch

• Enact

• MGIC

MI Providers Coming in Q1 2025

• Essent

• National

• Radian

How to Get MI Quotes, Compare & Select

• From the Lender Hub go to the "Loan Products" tab

• Select a loan product card

• In the upper right-hand corner of the loan pricing selection card, find the "Get MI quote" button (note this will only be enabled when PMI is required on the product)

• After clicking Get MI button, a Mortgage Insurance modal window will open

• Use the dropdown to select which product type you'd like (e.g. Borrower Paid Monthly)

• Click request quote to get MI pricing results and wait a few seconds to return results

• Compare products and select a quote

• See the updated pricing in the upper right hand corner of the selected product

• The selected quote will also be used everywhere in the POS where MI is required (e.g. pricing summary, pre-qual letters, and AUS)

New Get MI button on the upper right hand corner of the loan pricing card, allows LOs to price shop PMI in the POS.

Lenders will have the ability to request quotes from MI providers and select their preferred vendor.

Enabling the MI Quotes Integration Beta

Value for Clients: This feature will allow lenders to price shop mortgage insurance within the POS and bring more accurate pricing into the pre-qualification experience. This will provide more accurate pricing when sharing loan options with borrowers and for pre-qualification analysis.

Beta Testing: We are offering beta testing of this feature with 3 MI partners in Q4. If you would like to be a part of this Beta testing please reach out to [e-mail]. Your organization will need to provide a valid master policy number (lender identifier #) for all PMI providers you work with.

We will roll this out for general availability with all 6 major integration partners in Q1 2025.

MeridianLink Mortgage Enhancements

We're strengthening our integration with MeridianLink Mortgage (formerly LendingQB), giving you added visibility with real-time updates in the Maxwell Point-of-Sale.

Synchronized Loan Data

Loan data displayed in the pipeline, application overview, and application pages of the Maxwell POS are now updated automatically with changes inside MeridianLink Mortgage. This is a one-way synchronization of data back from MeridianLink mortgage, allowing you and your borrowers to see changes in loan data as they occur.

The updated data includes:

• Loan number

• Loan amount

• Loan purpose & HELOC indicator

• Borrower names

• Borrower birth dates

• Borrower SSN / taxpayer identification numbers

• Borrower phone numbers

• Borrower email addresses

• Borrower housing history

• Subject property address

• Subject property usage type

• Subject property appraised value

Synchronized Loan Status Events

Statuses in MeridianLink Mortgage can now be mapped to Lender and Borrower milestones in the Maxwell POS. The names of these milestones can be customized or omitted, based on the needs of your desired borrower workflow:

Enabling Loan and Status Changes from MeridianLink Mortgage

If your organization uses MeridianLink Mortgage as your Loan Origination System a Maxwell customer support team member will contact your organization admins to set up this feature and upgrade your MeridianLink integration experience.

3.4 File Import

For lenders looking to import loans from third-party systems, we've added MISMO 3.4 support. This is especially helpful for Wholesale or Correspondent lenders.

Importing a MISMO 3.4 file will create a new loan file, and populate the application with the data from the MISMO 3.4 file.

Only fields from your loan application blueprint will be displayed in the application file. Additional fields will be imported and exported, but are not editable through the application.

When enabled, a new "Import from MISMO 3.4" button will appear in the pipeline header, to the right of the "New application" button:

Pressing the "Import from MISMO 3.4" button launches the import modal:

• Site: If the current user has access to multiple sites, this will determine in which site the new loan is created.

• Document: Selection for the 3.4 MISMO document.

Enabling the 3.4 File Import Feature

This feature will NOT be turned on automatically for all organizations.

If your organization would like to use our 3.4 import feature, please contact [e-mail] and our support team will assist you to turn it on.

Bug Fixes & Code Cleanup

We’ve made a couple of changes in the borrower and lender hub to prepare for new features coming soon:

• Task Submission Button in Borrower Hub: We updated the button from "Complete" to "Submit" to clarify that borrowers are submitting tasks for lender review. This is especially useful when a task is re-opened by the lender because documents are invalid or incomplete.

• Removed Secondary "Complete" Button in Lender Hub: The secondary "Complete" button in the borrower task tab has been removed. Lenders can still complete tasks using the "Complete Task" button at the top of the task panel, streamlining the process for loan officers to review and complete tasks quickly. This complete button now dynamically moves as the user scrolls to keep it at the top of the screen.

• Removed Reminders for Tasks Not Visible to Borrowers: We fixed an issue where a few borrowers received email notifications to complete tasks that were not visible on their dashboard. Moving forward borrowers will only receive notifications for tasks visible on their tasks dashboard that they can take action on.

• Rejecting Corrupted & Too Small Doc Sizes: We've added a validation to identify and reject invalid corrupted docs and invalid files. Any document that's 0 MB in size will be rejected as too small and will not upload to the doc vault and sync to the LOS. This will prevent invalid files from cluttering your document vaults and LOS doc folders.