Wells Fargo-backed fintech Maxwell hires former Fannie Mae lawyer
Mr. Abbasi brings 25 years of industry experience from Fannie Mae and Dept. of Housing
Denver, CO, November 23, 2021—Maxwell, the digital mortgage solutions platform serving more than 300 small and midsize lenders across the U.S., today announced that Sonny Abbasi will join the company as General Counsel. He brings more than 25 years of industry experience in legal and compliance functions of mortgage lending to the position, from origination and securitization to servicing and loss mitigation.
Founded in 2015, Maxwell addresses the entire mortgage process from application to the secondary market through its Mortgage Optimization Platform, making it faster, cheaper, and more efficient for lenders and their borrowers. The company is growing rapidly and raised $52.5 million in additional funding in Q4, with participation from Wells Fargo Strategic Capital.
In this role, Sonny Abbasi will oversee all legal matters for Maxwell, leading and managing the legal, compliance, and data protection functions. Prior to joining Maxwell, he was General Counsel and Chief Compliance Officer at Lenderworks, a leading provider of consulting and infrastructure outsourcing solutions for the mortgage banking industry.
Mr. Abbasi started his career as an Attorney at the Department of Housing and Urban Development Federal Housing Administration in Washington, D.C. and previously served as Associate General Counsel and Director of Mortgage-Backed Securities (MBS) Policy at Fannie Mae for more than 10 years. Since then, he has worked as Director of Mortgage Policy at Structured Finance Association and as General Counsel for multiple in-house experiences at both large and small corporations.
Mr. Abbasi will continue to volunteer in his role as Chairman of the Board of the Virginia Department of Housing and Community Development, a position he was appointed to by the governor. He graduated with a Juris Doctor cum laude from the American University’s Washington College of Law and is licensed to practice law in the District of Columbia.
“Sonny comes to Maxwell at an inflection point of scale for our business and we’re very excited to welcome him to the team. With his wealth of experience in regulation and compliance across the mortgage lifecycle, Sonny will be instrumental in helping us deliver powerful solutions to the needs of lenders across America’s communities,” said Maxwell Co-founder and CEO John Paasonen.
Commenting on his appointment, Mr. Abbasi added, “Over the past several decades, I’ve learned the intricacies of the mortgage industry firsthand, including the challenges lenders face and the role that technology plays in giving those lenders an advantage. I look forward to channeling my experience to ensure Maxwell can accelerate value to lenders on its platform as they grow their businesses and stay ahead of the industry’s evolving landscape.”
Maxwell aims to modernize the mortgage market by introducing more transparency and equality. Mr. Abbasi’s career as counsel for lenders that mirror Maxwell’s customer base makes him uniquely equipped to serve the more than 300 small and midsize lenders on the Maxwell platform.
About Maxwell
Maxwell’s Mortgage Optimization Platform provides America’s local lenders with forward-looking technology and solutions for the entire mortgage origination process, from intake of application to the secondary market. Backed by industry expertise, Maxwell’s comprehensive offerings help lenders stay ahead of the competition while improving their workflow and margins. Each day, Maxwell empowers over 300 mortgage lenders, banks, and credit unions to serve tens of thousands of homebuyers a modern lending experience. Lenders on Maxwell close loans 13 days faster and enable their loan officers to close over 15% more loans per month.
Founded in 2015, Maxwell is a member of the Mortgage Bankers Association and is built in Denver, Colorado. Since 2017, it has been named one of the most innovative companies in real estate by HousingWire Magazine and recently ranked as the 15th fastest-growing software company in the U.S. on the Inc. 5000 list.
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