On January 6, 2020, ClosingCorp acquired WESTvm, an order management technology, from WEST, a Williston Financial Group Company.
Lance Melber, President and Founder of WEST will join the ClosingCorp executive team, reporting to Bob Jennings
ClosingCorp announced they will be renaming the WESTvm platform ClosingCorp Order Management, and its fee management service, SmartFees, as ClosingCorp Fees.
What is WESTvm?
Brought to market in October 2016, it is a is a web-based portal that allows lenders to order critical settlement services needed to originate and/or service a loan including: appraisals, flood certifications, title and closing services and documents.
The solution supports consumer direct, retail and third-party originator channels, and provides ordering, scheduling, status updates and two-way, lender-vendor communication functionality.
Unlike other ordering systems that are driven by product categories, this order management solution is loan-centric, which provides an unparalleled user experience:
Integrated data is entered once to order 6 products in less than sixty seconds
Fully automated vendor allocation
Real-time appraisal and title pricing integrated back into a LOS
Role-based user access and management
Centralized document and data retrieval
The system is immediately available through Ellie Mae Encompass Digital Lending Platform and its standalone web portal.The solution is currently integrated with the top title production systems, including: Adeptive/ResWare, RamQuest and other third party integrators.
Why did ClosingCorp acquire WESTvm?
The company’s goal is to create the most powerful and versatile organization with a depth of expertise that is unrivaled in the industry.
The joining of ClosingCorp’s fee service with an industry-leading order management solution will enable the company to build deeper capabilities and a wider range of solutions to help clients accomplish their goals quickly and efficiently.
What changes can be expected?
The acquisition itself should have no impact on day-to-day operations.
Near-term, the Fees and Order Management solutions will continue to coexist.
After a short transition period, the company will establish connectivity between platforms.
ClosingCorp will prioritize and build other third-party integrations based on demand.
What is the future of westvm.com?
westvm.com is the standalone portal. The website will continue to exist and the domain will be transferred to ClosingCorp. The site will go through branding updates and communicated accordingly.
What does this transaction mean to you and the industry?
A mortgage lender solution that integrates loan file information, transfer tax, recording data, service fees and lender business rules and requirements, all in a single, seamless process and platform. With one click, and in less than a minute, loan originators can receive actual rates and fees with enhanced logic built in – not estimates.
A single web-based portal allowing anyone involved in a residential mortgage transaction to order and receive real estate services from multiple integrated vendors. Integrated data is entered once to order 6 products in less than sixty seconds significantly streamlining the ordering of critical settlement services needed to originate and/or service a loan.