Acquisition Expands Quote to Order Capabilities and Enables Digital Mortgage
SAN DIEGO, Calif. January 7, 2020 – ClosingCorp®, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, and WEST, a Williston Financial Group Company and leading provider of technology and services to REALTORS®, brokers, title companies and mortgage lenders, announced today that ClosingCorp has acquired WESTvm, an innovative order management solution, from WEST. Terms of the acquisition were not disclosed.
The first loan-centric ordering technology available in the market, WESTvm significantly streamlines the ordering and management of critical settlement services needed to originate or service a loan. It allows lenders to order appraisals, flood certifications, title and closing services and documents in less than sixty seconds.
ClosingCorp said it is renaming the WESTvm platform as ClosingCorp Order Management, and its fee management service, SmartFees, as ClosingCorp Fees. Both solutions are immediately available through Ellie Mae Encompass Digital Lending Platform and ClosingCorp’s standalone web portals. The company will also build other third-party integrations.
“For more than a decade, lenders have turned to ClosingCorp for accurate and reliable settlement services data. This transaction further strengthens ClosingCorp’s position as the market leader in closing cost information and technology,” said Bob Jennings, chief executive officer of ClosingCorp. “Lenders will now be able to quote, order, track and receive specific services – within a loan file – all at the click of a button. Integrating our fees and order management solutions will help lenders leverage automation from borrower engagement through investor delivery and servicing.”
The solution also delivers automated vendor allocation to help drive down costs and time of loan origination: a key deliverable in many data-driven transformations. Having access to even more current loan level data will enable lenders and closing agents to review and collaborate before heading to the closing table, creating a better overall borrower experience.
Jennings continued, “I’m pleased to welcome Lance Melber and his team to the ClosingCorp family. They will bring additional expertise and imagination to our leadership team.”
As part of the acquisition, ClosingCorp will continue to offer a private-label order management solution to WEST’s customers and partners. Commenting on the acquisition, Marty Frame, president of WEST said, “The growth of WESTvm has been remarkable, and this transaction with ClosingCorp will create additional distribution channels to better serve our customers. We have been impressed with the ClosingCorp team and the vision we share to deliver a more efficient and innovative order management experience. It’s a win-win for everyone.”