Key facts
- Closinglock has added payoff statement retrieval and verification to its escrow management platform.
- The new capability allows title and settlement teams to request, verify, and obtain insurance coverage in one workflow.
- The feature integrates with title production software including SoftPro, RamQuest, Resware, and Settlor.
- The company states the process can now be initiated in under a minute, down from a traditional 75 minutes.
- This release is the first step toward an end-to-end lender payoff workflow.
Closinglock has launched new payoff statement retrieval and verification capabilities within its escrow management platform, aiming to streamline the process for title and settlement teams. The updated platform allows users to request mortgage payoff statements, receive verification, and obtain insurance coverage within a single workflow, thereby reducing potential delays and errors.
The new functionality integrates directly with popular title production software, including SoftPro, RamQuest, Resware, and Settlor. Ben Brooks, vice president of product at Closinglock, highlighted that the feature connects the entire process from request to an insured outcome, addressing risks previously associated with the handoff between verification and execution.
According to the company, a process that traditionally could take up to 75 minutes can now be initiated in less than a minute. This release marks an expansion of Closinglock's escrow management services. Andy White, CEO of Closinglock, stated that this is the initial phase of developing an end-to-end lender payoff workflow, designed to connect and verify every step of a real estate closing where money changes hands.
Closinglock's platform has reportedly protected over $600 billion across 2 million transactions without reported fraud losses. The company plans to further develop its workflow to include seller authorization, retrieval, verification, review, approval, and wire execution within a unified process.