Closinglock launches payment tools to secure homebuyer funds. Title companies can quickly refund earnest money if a transaction is canceled Article Summary. Closinglock has launched SecurePay open payment links and buyer earnest money deposit (EMD) returns, allowing title companies to securely accept and refund buyer funds through a single platform. SecurePay links accept earnest money, option fees and closing costs before a file opens. EMD returns use pre-verified bank accounts to deliver refunds by the next business day. AI Summary Closinglock has launched two new capabilities designed to protect homebuyers' funds throughout the real estate transaction process, including when a deal falls through. The escrow management platform introduced the SecurePay open payment link and buyer earnest money deposit (EMD) returns, enabling title and settlement companies to manage both incoming and outgoing buyer funds through a single platform. The SecurePay open payment link allows buyers to securely submit earnest money, option fees, cash-to-close and other closing costs at any time, even before a transaction file is opened. Title companies can place the link on their websites, emails and email signatures, with payments automatically matched to the appropriate file once it is created, Closinglock added. "We added the payment link to our intro letters and secure earnest money payments started coming in right away," said Melissa Neesen, vice president of operations at Reliable Title. "No file needed, no data entry and it's working really well. I think this is going to be a great addition to our workflow." The second feature, buyer EMD returns, allows title companies to quickly refund earnest money if a transaction is canceled. Because the buyer's bank account has already been verified during the original payment, refunds can be initiated with pre-filled payment information, built-in approval workflows, real-time tracking and a full audit trail. According to Closinglock, funds are delivered by the next business day. Closinglock said it has protected $800 billion-plus across more than 2 million real estate transactions without losing funds to fraud. "We've spent years making sure money gets into escrow safely," said Andy White, CEO of Closinglock. "The harder problem was always what happens when it has to come back out. A verified payment shouldn't turn into a manual refund process. If we already know the buyer's account is real, sending their money home should be just as fast as taking it in."

Closinglock adds payoff retrieval, verification. The new functionality is designed to reduce delays and errors associated with the payoff process Article Summary. Closinglock has added payoff statement retrieval and verification to its escrow management platform, allowing title and settlement teams to request, verify, and obtain insurance coverage in one workflow. The capability integrates with title production software including SoftPro, RamQuest, Resware, and Settlor. AI Summary Closinglock has released payoff statement retrieval and verification capabilities within its escrow management platform, allowing title and settlement teams to request mortgage payoff statements, receive verification and obtain insurance coverage within a single workflow. The company said the new functionality is designed to reduce delays and errors associated with the payoff process. Closinglock said payoff statements and verifications can now be returned within its platform and integrated into title production software systems, including SoftPro, RamQuest, Resware and Settlor. "The handoff between verification and execution is where the real risk has always lived, not the request itself. Closing that gap means connecting the entire process, from request to insured outcome, which is exactly what we've built," said Ben Brooks, vice president of product at Closinglock. Once a request is submitted, Closinglock automatically contacts the lender or mortgage servicer, retrieves the payoff statement, verifies the information and returns it to the title team. Leaders said a process that traditionally can take up to 75 minutes can now be initiated in under a minute. The new capability is the latest expansion of Closinglock's escrow management platform. "Payoff retrieval is one piece of a much bigger problem," said Andy White, CEO of Closinglock. "Every step in a closing where money changes hands, from the first deposit to the final wire, should be verified, insured, and connected. That's how money should move in real estate and that's what we're building." Closinglock said its platform has protected more than $600 billion across 2 million transactions, with no reported losses from fraud. The company said the payoff retrieval and verification release is the first step toward an end-to-end lender payoff workflow that will connect seller authorization, retrieval, verification, review, approval and wire execution within a single process.