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Safe Escrow Frequently Asked Questions

 

How does a Title Agent sign up and begin processing transactions with Safe Escrow?

  • SES onboarding is a quick and easy 60-minute process.  An experienced staff member will walk you through the onboarding process.  The “Agent Acceptance and Setup Tutorial” link will provide an overview of the process.  Our staff will walk you through your first several transactions, and are always available for questions.

Does a Title Agent need special software to utilize Safe Escrow Technology?

  • Special equipment or software is not necessary to utilize SES technology.  You simply need a Web browser and your SES login creditials. Our secure cloud-based technology allows you to access Safe Escrow from any location.  Title Agents have accessed the site via cell phone and have “Released Funds” on a transaction from an airplane.

Are there upfront costs incurred or contracts required to sign up with Safe Escrow?

  • No upfront fees or costs are charged to sign up with SES.  At set up, you will be responsible for reviewing and approving the SES Terms and Conditions, which clearly state each party’s responsibility in a transaction.

What is the cost to a Title Agent for using Safe Escrow?

  • SES charges a single fee of $100 for each closed transction we disburse.  The fee includes all of the following: transaction processing, wire fees, reissuance of checks, escheatment management, outstanding check due diligence, and trust/escrow account reconcillation.

Will a Title Agent be able to save money on its E&O Insurance costs?

  • Title Agents that utilize Safe Escrow and no longer operate an escrow/trust account have enjoyed significant savings on E&O insurance costs. Savings will range depending on claims history and coverage requirements.

Does a Title Agent have access to Safe Escrow’s trust/escrow accounts?

  • Trust/escrow accounts are owned and maintained by Safe Escrow.  Agents do not have viewable or operational access to the account(s).  SES does provide Title Agents with per file three way reconcilations on Dash Board Panels that are accessible through the SES system.  A copy of the bank reconcillaiton statement(s) is provided to your underwriter for audit purposes.

Does Safe Escrow manage and close out a Title Agent’s current trust accounts?

  • Title Agents will be responsible for closing out any existing trust/escrow accounts that they manage in accordance with State, Federal and Underwriter guidelines.

How is a CPL issued for a Safe Escrow transaction?

  • Issuance of a CPL will be determined by the Underwriter in accordance with its guidelines. Our SES staff reviews CPL requirements with the Title Agent during the onboarding process.

Does Safe Escrow have a Good Funds Policy?

  • Safe Escrow has a Good Funds Policy which will be provided to the Title Agent during the onboarding process.

How does a Title Agent deposit EMD money or other customer deposits?

  • Title Agents or their customers may deposit funds into our trust/escrow account by:
      1. Visiting a local bank branch and depositing money into our account;

 

      2. Sending checks to our office for deposit;

 

      3. High volume Title Agencies may install a bank scanner in their office to facilitate depositing checks to our account; or

 

    4. Customer may wire money directly to our account.
  • Wire instructions will be provided to the Title Agent during the onboarding process.  Please note: we have different wire instructions based on property location and underwriter.

Does a Title Agent need to notify the customer of oustanding checks?

  • SES will perform all necessary due diligence with customers as it relates to outstanding check(s) for transactions processed through our service. The Title Agent and Underwriter can view any outstanding check(s) and any letter(s) sent to the customer through the Safe Escrow System.

Does a Title Agent need to escheat money that is maintained in a Safe Escrow trust/escrow account?

  • SES follows all escheatment laws and due diligence requirements based on property location for transactions processed through our service.

Who is the Settlement Agent on the Closing Disclosure or Closing Statement?

  • The Title Agent is the listed Settlement Agent on the Closing Disclosure and any other required lender, customer, and underwriter documentation. Safe Escrow Services provides a managed disbursement service;it is not the Settlement Agent for transctions. Please refer to Safe Escrow’s Terms and Conditions Agreement for a complete outline of roles and responsibilites.

As a title agent, I have always handled escrow trust accounts. Why would I want to give up ownership and control of those accounts?

  • By using an independent service’s escrow trust accounts for managing disbursements, you also transfer a portion of the process burden, cost and the risk associated with owning those accounts. You retain control of the entire workflow process including the finalizing of all closing documents, the printing of checks at the closing table, and the authorization to release the funding associated with those checks. Nothing else about how you conduct loan closings will change.

Doesn’t this decrease the value of my services?

  • Absolutely not. In fact, it lets you spend MORE time with your customers since you won’t have to worry about handling the “back office” activities that accompany escrow trust accounts such as daily reconciliations, processing funds transfers, following up on uncleared checks, etc. By eliminating much of your process overhead, you’ll have additional time to focus on quality of service and the customer experience. This will only increase the value of what you do.

 

 

If you would like more information about Safe Escrow and would like to request a demo today, please contact us by phone at 412-444-1564 or via email at sales@pcnsafeescrow.com.

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