MAXEX, a U.S.-based digital mortgage exchange, announced on Monday the launch of the first two programs in its new Environmental, Social and Corporate Governance (ESG) business line. According to MAXEX, the initial programs are designed to support the growth of minority, women, and veteran-owned mortgage lenders.
“MAXEX will facilitate lending in underserved market segments by offering preferred loan pricing for qualified lenders through these ESG programs. As a leader in the capital markets, J.P. Morgan has agreed to purchase and securitize certain qualifying loans which ultimately allows for more liquidity and better access to home mortgages in a critical part of the housing market.”
The programs are:
- MAXEX Opportunity: MAXEX’s jumbo loan program, with improved pricing for minority, women, and veteran-owned lenders.
- MAXEX Opportunity Express: Enhanced pricing and reduced manual underwriting by leveraging certain results from Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector Advisor.
While speaking about the programs, Tom Pearce, Chairman and CEO of MAXEX, stated;
“MAXEX is ideally positioned to connect institutional investor demand for ESG-compliant loans with the needs of a diverse group of lenders. This socially responsible program will enable lenders that are uniquely positioned to reduce the cost of homeownership in underserved markets. I am honored that MAXEX will be able to help level the playing field for minority, women and veteran mortgage business owners across the nation.”
MAXEX went on to add that it and J.P. Morgan are in the process of delivering additional socially responsible ESG loan programs through the MAXE platform. Founded in 2013, MAXEX describes itself as a fintech that has developed a multi-seller to multi-buyer residential mortgage exchange for the benefit of tens of thousands of institutions nationwide that buy and sell residential mortgage loans
