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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.

Who is this service targeted to? What kind of title agents benefit most from this service?

Smaller agencies that handle roughly 50 deals per month or less are the ideal Safe Escrow customer. Agencies of this size often don’t have the personnel, banking tools or the experience to put in place adequate separation of duties and internal controls to satisfy ALTA’s Best Practice #2. Using a Managed Disbursement service allows these agencies to achieve compliance and remain a viable and vibrant contributor to the mortgage field in their communities.

What do underwriters and lenders think of this?

Many national and regional underwriters have performed due diligence on Safe Escrow’s processes and have given strong approval of the service’s value and capabilities. Lenders are looking for ways to ensure that vendors will not create unexpected liability for banks. Changing federal regulations are holding lenders accountable to this standard of quality. Title agencies that demonstrate a proactive stance in this new environment stand a much better chance of sustaining and growing their businesses in this time of change.

Why have eLynx and Safe Escrow teamed up on this service?

eLynx provides a secure loan document delivery system for Safe Escrow’s service. This allows underwriters, lenders and title agents to participate in a totally secure environment to outsource this important function. This, in turn, helps title agencies demonstrate compliance with ALTA Best Practice #3, the protection of non-public personal information.

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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