Atlas VMS has acquired CloseClear.ai, an early-stage mortgage technology platform that continuously monitors loan pipelines against live federal disaster data to identify potential repurchase risks. This acquisition is Atlas VMS's second platform purchase, following its acquisition of AIM-Port, an appraisal order management system.
CloseClear.ai's technology assesses disaster exposure after the appraisal process, matching loans against federally declared disaster areas with map-level precision where available, in line with Fannie Mae and Freddie Mac guidelines. Atlas VMS stated that this addresses a risk that can evolve during a mortgage transaction and might otherwise only be detected at closing.
Erik Morin, CEO of Atlas VMS, highlighted that CloseClear.ai fills a critical gap for lenders by continuously monitoring disaster risk. He noted that pairing it with AIM-Port will enable automatic action on this risk at scale.
CloseClear.ai will maintain its current brand and go-to-market strategy as a standalone product for its existing clientele. Concurrently, Atlas VMS intends to integrate CloseClear.ai's monitoring features into AIM-Port as a premium service for lenders and appraisal management companies. The underlying technology is also slated to form the basis for additional products within the AIM-Port platform, with the first planned expansion focusing on property-level flood zone determinations using CloseClear.ai's flood map database.
