ClosingCorp, a provider of residential real estate closing cost data and technology, has acquired WEST’s order management solution, WESTvm, for an undisclosed sum.
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 60 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.
ClosingCorp will also build other third-party integrations.
In a release, Bob Jennings, CEO of ClosingCorp, says the acquisition of WESTvm “further strengthens ClosingCorp’s position as the market leader in closing cost information and technology.”
“Lenders will now be able to quote, order, track and receive specific services – within a loan file – all at the click of a button,” Jennings says. “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.
Lance Melber and the team at WESTvm will now join ClosingCorp.
“They will bring additional expertise and imagination to our leadership team,” Jennings says.
As part of the acquisition, ClosingCorp will continue to offer a private-label order management solution to WEST’s customers and partners.
Marty Frame, president of WEST, says 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,” Frame adds.
