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For Title Agents

For-Title-AgentsOne of the biggest challenges for title agents is adopting ALTA’s Best Practices recommendations concerning the separation of duties in funds transfer and escrow account management. Consumer protection and regulatory compliance needs to be a top priority if title agents hope to compete, sustain and grow in today’s new market environment. While principally sound, this standard is not realistic for smaller agents, many of which have only one or two staff members, making the separation of duties impossible. Regulators are nonetheless forcing lenders to raise the standards for control and assurance required of vendors. Rather than risk losing lender business, small title agents can fulfill these new Best Practices requirements by using a Managed Disbursement service. Safe Escrow provides experienced accounting management and built-in separation of duties to handle the transfer of funds and ongoing reconciliation of escrow accounts.

With the exception of receiving and disbursing funds, title agents will continue to maintain total control over their existing workflow. By allowing Safe Escrow to centrally manage the disbursement function, fixed operational expenses are ultimately reduced and the overall costs for fidelity bond and errors and omissions coverage may be reduced or eliminated, depending on underwriter and local requirements.

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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