What is Safe Escrow/PCN Network, LLC?
- Safe Escrow Solution is a process-driven web based technology, which incorporates stringent accounting controls with customized banking tools, to provide title agents, title underwriters and lenders a safe and secure way to disburse funds related to real estate transactions.
- Safe Escrow provides a separation of duties and internal controls so that Standard remains compliant with ALTA’s Best Practices – Pillar 2.
- Safe Escrow’s SAFEvalidation technology safeguards your money.
- Safe Escrow’s Payee Account Authentication technology wires funds only to the bank account owned by the party identified.
- Safe Escrow’s Payoff Account Validation technology confirms that payoff wires are routed to the correct payoff institution.
- Safe Escrow provide an additional level of security and regulatory compliance.
What does Safe Escrow do for you?
- Drastically reduces the potential for escrow fraud or fraudulent funds on your transactions.
- Your funds are being handled in a secure environment.
- Allows a transparent view of the funding procedures.
- All funds utilize Positive Pay.
- We have the ability to print checks at the closing table.
- We have the flexibility to fund from any location.
The Technical Stuff…..
- Built on an industry leading technology platform housing a series of software-driven controls and permissions that enhances security and compliance.
- Employs state-of-the-art banking controls with positive pay.
- Data is stored on redundant and encrypted servers.
- Independently certified to comply with industry best practices.
- Implementation of two-factor authentication in order to Release Funds, and for other administrative actions including changing user permissions.
- Standard requires signed wire instructions to disburse proceeds to an individual(s) by wire transfer. A similar process to receive specific wire instructions from Private Mortgage recipients will also apply. This protects everyone from fraudulent or incorrect wire instructions.
- Positive Pay, which is a major fraud prevention feature, requires us to wait 48 hours before reissuing a check if a check is voided AFTER FUNDS ARE RELEASED. This is essential so the bank can register a check as “void” before we reissue it or send out a wire in lieu of a previously issued check. Besides the obvious protection of ensuring a duplicate payment is not made, this type of approach protects you and us from things like a check recipient depositing a check by scanning it with their phone and then returning to your office with the check and requesting a wire. The wire would only be released 48 hours later to ensure that both could not be processed.
