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.
