Closinglock has introduced two new features, SecurePay open payment links and buyer earnest money deposit (EMD) returns, aimed at enhancing the security of homebuyers' funds throughout the real estate transaction process. These tools are designed to streamline the management of both incoming and outgoing buyer funds for title and settlement companies.
The SecurePay open payment link enables buyers to securely submit earnest money, option fees, cash-to-close, and other closing costs at any point, even before a transaction file is officially opened. Title companies can integrate this link into their websites and communications, with payments automatically associated with the correct file once it is established. Melissa Neesen, vice president of operations at Reliable Title, noted the immediate positive impact of the payment link, highlighting its efficiency in processing payments without manual data entry.
The buyer EMD returns feature addresses the process of refunding earnest money when a transaction is canceled. Leveraging pre-verified buyer bank accounts from the initial payment, title companies can initiate refunds with pre-filled information, integrated approval workflows, real-time tracking, and a complete audit trail. Closinglock states that these refunds are typically delivered by the next business day.
Andy White, CEO of Closinglock, emphasized the company's focus on secure fund handling, stating that the challenge has shifted to efficiently managing outgoing funds. He noted that if a buyer's account is already verified, the process of returning their money should be as swift as receiving it. Closinglock reports having secured over $800 billion across more than 2 million real estate transactions without any reported loss of funds due to fraud.
