RamQuest Makes the Right Connections With Closing MarketT

October 3, 2006

Reports show that Closing MarketT digital marketplace a product developed by RamQuest Software, Inc., is well on its way to adoption by the land title industry. Closing MarketT, an application-to-application network, has gained a foothold through a number of partner integrations with nationally known industry systems providers.

RamQuest states that through August, Closing MarketT participants included 142 loan officers or mortgage brokers, 16 RamQuest software users employing one or more partner interfaces, and 9 additional settlement service providers-all of whom processed a total of 2500 plus transactions though the Closing MarketT network. The numbers represent a 42% increase since June, indicating that Closing MarketT usage is on the rise.

Closing MarketT connects business trading partners securely, in real-time, with document and image visibility and control. By offering a central point of software integration to a wide range of players, the Closing MarketT network gives all participants an easy and efficient way to exchange data, collaborate throughout the closing, manage workflow, and market products and services. Closing MarketT functions as a routing mechanism-a digital traffic cop for data files-that facilitates transactions between parties. The network itself does not house data, but rather connects partners in a transaction. RamQuest provides the business-to-business direct integrations that can be as simple or as robust as needed because the network itself does not dictate the level of complexity.

Over several months, RamQuest has announced integrations as more and more nationally known industry partners sign on. Integrations are currently in place for Charles Jones, Calyx PointT, ACS eRX, Strasburger, and RealEC. With Closing MarketT, originators and title companies can submit and receive both data and documents directly from their respective application. Users do not need to open a second window or program to place an order, and because data fields automatically populate, there's no re-keying of information-saving time and decreasing the potential for mistakes. By significantly streamlining the ordering, processing, and delivery of settlement services, Closing MarketT has begun to distinguish itself as a tenable way to achieve efficiencies and thus, increase productivity and profitability.

Leslie Lint, IT Operations Manager for First Merit Settlement Services, a full-service provider of loan origination and settlement products, attributes the addition of 30 to 40 new clients to the integration with Calyx PointT loan origination software. Lint said," Before the interface through Closing MarketT, our clients were required to go to our Web site and re-key information. The integration allows our clients to process orders or request services right from their own application without re-keying. They don't have to leave their software to see and do everything they are used to doing without logging in and out. They love that." Lint added that the integration is easy to install on the client's desktop and no internal procedural changes are necessary to accommodate the change.

RamQuest Associate Vice President Mark Holley says that future success in the title industry may very well belong to those title companies and services providers who can deliver to their customers not only good service, but good service quickly and efficiently. "Technology is becoming the best way to do just that. In the current market, a tool that can promise increased revenue through access and increased profit through efficiencies is worth checking out."

Source: RamQuest Software, Inc.

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