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.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.