The solution is immediately available for all ClosingLock customers without extra costs.
After an extension was announced on Tuesday, the new rule will be in force in March and will require title and settlement companies to collect information about certain non-financeed residential closures, which represent approximately one in 10 national transactions. Control provisions were previously established to take effect on December 1.
It is expected that this data manually collect two to three hours of work per file, experts say. Closinglock said that its Tool Title Professionals enables customers to send a safe form that collects the necessary information in minutes.
The platform integrates with Docusign To offer certified E-sections, sabotage resistant protection against operations after signing and completion certificates. Submitted forms are automatically synchronized with closing lock-integrated title production software and are stored for a maximum of five years to meet Fincen Requirements.
A complete audit trail is also given -including signing -IP addresses, identification data and time stamps and automated memories of customers.
“Title companies are asked to take more compliance responsibility – and more risk than ever before,” said Andy White, founder and CEO of Closinglock. “We know how many working title professionals are being put into each closure, and we hear their concerns about the impact of new regulations. By simplifying fincing -data collection, we delete some of the burden of the title that professionals would bear every day and replaced the process that guarantees data is accurately, safe and on time.”
In September ClosingLock launched automated collection of payouts, allowing title teams to order payouts quickly. Gerified payments are insured for $ 2.5 million.
ClosingLock is also expanding communication tools, including two-way SMS messages, adjustable reports and a closing progress tracker.
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