ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, recently announced it has reached an agreement to acquire WESTvm, an order management solution, from real estate technology company WEST.
According to ClosingCorp, WESTvm, which will be renamed as ClosingCorp Order Management, allows lenders to order appraisals, flood certifications and more in less than 60 seconds.
The solution, which the company claims is the first loan-centric ordering technology available in the market, streamlines the ordering and management of settlement services needed to originate or service a loan.
The solution also delivers automated vendor allocation to help reduce costs and time of loan origination, therefore providing lenders with more access to current loan-level data.
Bob Jennings, the chief executive officer of ClosingCorp, said the acquisition reinforces ClosingCorp’s position as a leader within the industry.
“This transaction further strengthens ClosingCorp’s position as the market leader in closing cost information and technology,” Jennings said. “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.”
As part of the acquisition, ClosingCorp will continue to offer a private-label order management solution to WEST’s customers and partners.
Additionally, WESTvm along with ClosingCorps’ SmartFees product is immediately available through Ellie Mae’s Encompass Digital Lending Platform and ClosingCorp’s standalone web portals.
“The growth of WESTvm has been remarkable, and this transaction with ClosingCorp will create additional distribution channels to better serve our customers,” Marty Frame, president of WEST said. “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.”