—Acquisition Expands Quote to Order Capabilities and Enables Digital Mortgage—
SAN DIEGO, Calif. and IRVINE, 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.”
Learn more about this transaction and ClosingCorp solutions at https://www.closing.com/westvm-acquistion/.
Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.
WEST, a Williston Financial Group Company, is rebuilding the real estate transaction from the ground up to be fast, secure, compliant and painless. The company provides Fintech solutions that support the entire residential real estate and mortgage transaction and provide a better experience for REALTORS®, brokers, title companies, mortgage lenders and, above all, the consumers they serve.
About Williston Financial Group
Williston Financial Group is the Portland, Oregon-based parent company of several national title insurance and settlement services providers, including WFG Lender Services and WFG National Title Insurance Company. It is one of the fastest growing national title insurance and settlement services providers in the mortgage and real estate services industry.
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