ClosingCorp acquires mortgage order management tech from West
ClosingCorp, a San Diego-based provider of closing cost data, has purchased the WESTvm mortgage loan order management technology from West, an affiliate of Williston Financial Group.
Terms of the deal were not disclosed.
"This transaction further strengthens ClosingCorp's position as the market leader in closing cost information and technology," ClosingCorp CEO Bob Jennings said in a press release.
"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."
ClosingCorp will rename WESTvm as ClosingCorp Order Management, and its own fee management service, SmartFees, as ClosingCorp Fees. Both are immediately available through Ellie Mae's Encompass Digital Lending Platform and ClosingCorp's standalone web portals. The company will also build other third-party integrations.
WESTvm allows lenders to order appraisals, flood certifications, title and closing services and documents in less than 60 seconds.
ClosingCorp will continue to offer a private-label order management technology to West's customers and partners. West remains a subsidiary of Williston Financial Group, a Portland, Ore.-based title company.
"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 in the release. "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."