North American Title Insurance Co. (NATIC) has entered into a partnership with PCN Network for its newly released Safe Escrow Services, which provides title agents, title underwriters and lenders a compliant, secure and flexible managed disbursement solution for mortgage loan funding.
“NATIC continues to look for vendors that our agents can depend on, especially those who can assist our agents with solutions that satisfy ALTA Best Practices,” said Emilio Fernandez, NATIC president. “Safe Escrow can assist agents who don’t have the personnel, banking tools or the experience to implement adequate separation of duties and internal controls on escrow trust accounts.”
Safe Escrow is ideally targeted to smaller title agencies that handle 50 deals or less each month and can also be a useful solution for larger agencies that wish to outsource the funding process. Because of new regulations promulgated by the Consumer Financial Protection Bureau, lenders are being held accountable for certain standards of quality for their vendors. Lenders are therefore looking to ensure that vendors will not create unexpected liability. The companies said in a release that one of the biggest challenges for title agents is adopting the ALTA Best Practices recommendation concerning the separation of duties in funds transfer and escrow management.
“Many agencies, particularly smaller independent entities, simply don’t have the infrastructure to establish appropriate accounting controls, because of their size, and technology alone cannot solve this issue,” said Pritam Advani, chief executive officer of PCN Network. “Our partnership provides NATIC agents a compliant and cost-effective solution for escrow account management.”
According to PCN, agents transfer a portion of the process burden, cost and risk associated with owning trust accounts, yet retain control of the entire workflow process by utilizing a managed disbursement system. By eliminating much of the process overhead, they also gain additional time to focus on quality of service and a positive customer experience, the company said in a release.
“NATIC has performed due diligence on Safe Escrow’s processes and we recommend the service’s value and capabilities,” Fernandez saud. “NATIC’s ultimate goal is to make our agents’ lives better and make us the easiest underwriter to work with.”