WebMax Wins Velocity 50 Award
February 28, 2018
For Immediate Release
WEBMAX WINS VELOCITY 50 AWARD
Award Recognizes Philadelphia-Area Companies for Rapid Growth
PHILADELPHIA — WebMax, LLC announced today that it received a Velocity 50 Award, an initiative lead by CEO Report that honors the region’s fastest growing companies. Award winners’ success will impact the Philadelphia region’s economy for years to come and provide example of effective business execution.
“Philadelphia is home to some of the country’s most innovative companies. This year’s winners have experienced exponential growth over the past three years and are well positioned to keep doing just that,” said James McDonald, president and CEO of CEO Report.
“Not only am I proud as a founder of this business, but I’m proud as a life-long South Jersey and Philadelphia resident,” said Curt Tegeler, president and CEO of Webmax.
WebMax, a digital mortgage solutions provider, benefitted from a secular trend within its industry met with poignant business execution.
As a digital mortgage solution provider, WebMax creates software products for lenders, ranging from banks to mortgage companies. In its five-product suite, WebMax’s two key products include enterprise-level websites and point-of-sale (POS) applications.
Just like visiting an ecommerce site to buy clothes, home buyers visit WebMax’s mortgage websites to apply for a loan. Just as an ecommerce customers fills out a form with their address and credit card information, mortgage applicants plug their information into WebMax’s POS application. Although these functions both provide consumers with a simpler, faster buying experience, mortgages require much more information and security measures — which calls for more sophisticated technology. As a result of high demand for its sophisticated technology, WebMax grew rapidly in 2017.
“In 2017, the mortgage industry continued to lag behind many-a-sector in technology adoption. It used to be that if lenders used technology, they could outperform. Now, if lenders don’t use technology, they can’t compete. We saw this shift coming since the mortgage collapse in 2008. The shift happened steadily at first — and now it’s accelerating. Seizing this opportunity and executing key initiatives resulted in a year of substantial growth,” said Tegeler.
In 2017, WebMax doubled its development team to satisfy customer demand. Since launching in 2015, WebMax quintupled its amount of employees.
In a 2016 study conducted by Zillow, it found that more than half of home buyers applied for mortgage online, and that 80 percent of Millennials used mobile devices at some point in the home buying process.
According to a 2017 study conducted by the National Association of Realtors, 95 percent of all home buyers went online during their search and buying process.
At the 2018 Mortgage Bankers Association National Servicers Conference & Expo, 42 percent of people polled indicated that technology and innovation would be their top focus to make 2018 an “all-star year.” Twenty-four percent and 19 percent indicated that business operations and compliance, respectively, would be their top focus.
“Technology isn’t just adapting to changing times, it’s an investment that improves operations and supports compliance with industry regulations. With the help of mortgage technology, lenders can spend less time filing paperwork and more time improving their customers’ borrowing experience,” said Kelcey Brown, executive vice president and CSO at WebMax.
WebMax plans to make 2018 its best year yet by opening itself to funding from investors. It plans to raise more than $2 million.
“The funding allows us to further accelerate our growth. The industry’s at a turning point, our products are the most refined they’ve ever been, and our business is functioning seamlessly thanks to a great team of employees that believe in our mission. We’re well-positioned to capture the next leg of the digital mortgage revolution, and a capital raise will boost our results,” said Tegeler.
WebMax, (www.webmaxco.com) believes that home buyers need a simpler, faster way to acquire a mortgage. In order to achieve this, WebMax provides intuitive digital mortgage software solutions designed to deliver a superior consumer borrowing experience while reducing the loan manufacturing cost. With products spanning the entire digital mortgage process, from the first borrower click to the last lender approval, WebMax makes sense of the digital-first regulatory-ridden mortgage Industry for borrowers and lenders alike.
Contact: Kyle Schachner,
Public Relations & Account Coordinator
M: 609-495-5527 O: 856-702-6400 x110
461 Route 168, Suite B
Turnersville, NJ 08012