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Safe Escrow Frequently Asked Questions

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 Safe Escrow for your funding, you transfer a portion of the process burden, cost and the risk associated with owning those accounts. You retain control of the workflow process, including the finalizing of all closing documents, the printing of checks at the closing table, and the authorization to release 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, Safe Escrow give you a competitive advantage by letting 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, and following up on un-cleared checks, 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.

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

  • ​Safe Escrow’s onboarding process is quick and easy and takes 60-minutes. The “Agent Acceptance and Setup Tutorial” link provides an overview of the process. One of our experienced staff members will facilitate your onboarding and assist you with your first several transactions.

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

  • ​No special equipment or software is necessary to utilize Safe Escrow technology. You simply need a Web browser and your Safe Escrow login credentials. 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 Safe Escrow. At set up, you will be responsible for reviewing and approving our Terms and Conditions, which clearly state each party’s responsibility in a transaction. Contact us to learn more about the pricing of Safe Escrow

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

  • ​Title Agents who utilize Safe Escrow and no longer operate an escrow 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 escrow accounts?

  • ​No. However, Safe Escrow provides Title Agents with per file three way reconciliations on Dash Board Panels that are accessible through Safe Escrow. A copy of the bank reconciliation statement(s) is provided to your underwriter for audit purposes. Because escrow accounts are owned and maintained by Safe Escrow, agents do not have operational access to the account(s).

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

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

If I stop using Safe Escrow in the future, will I still be able to access my information?

  • ​Yes. Safe Escrow will continue to allow you to access your completed information in the future – regardless of whether you are using Safe Escrow at that time.

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. Safe Escrow 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 escrow account by:
    • Visiting a local bank branch and depositing money into our account;
    • Sending checks to our office for deposit;
    • High volume Title Agencies may install a bank scanner in their office to facilitate depositing checks to our account; or
    • 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 state specific account wire instructions determined by property location and underwriter.

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

  • ​Safe Escrow 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 escrow account?

  • ​No. Safe Escrow follows all escheatment laws for transactions processed in our accounts and through our service and handles the escheatment of funds on your transactions.

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 provides a managed disbursement service; it is not the Settlement Agent for transactions. Please refer to Safe Escrow’s Terms and Conditions Agreement for a complete outline of roles and responsibilities.

Is Safe Escrow licensed in all states?

  • ​We can handle your disbursement in 31 states. If you are based in AL, CO, CT, DE, DC, FL, GA, IL. IN, KS, KY, LA, ME, MD, MA, MI, MN, NE, NJ, NY, NC, ND, OH, PA, RI, SC, TN, VA, WV, WI, or VT, please contact us to set up Safe Escrow.

Will you fund through IOLTA accounts?

  • ​Yes. Safe Escrow adheres to state specific IOLTA account rules as required.

Can you handle non escrow/real estate accounts?

  • ​Yes. Please contact us to discuss your needs.

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.