"The solution is available immediately to all Closinglock customers at no additional cost. After an extension announced Tuesday, the new rule will be effective in March and requires title and settlement companies to collect information on certain non-financed residential closings, which account for roughly one in 10 transactions nationwide. Rule provisions were previously set to go into effect Dec. 1."
"Collecting this data manually is expected to add two to three hours of work per file, experts say. However, Closinglock said its tool allows title professionals to send clients a secure form that collects the necessary information in minutes. The platform integrates with DocuSign to provide certified e-signatures, tamper-proof protection against post-signature edits and completion certificates. Submitted forms automatically sync with Closinglock-integrated title production software and are stored for up to five years to comply with FinCEN requirements."
"A complete audit trail is also provided including signer IP addresses, identification details, and timestamps as well as automated reminders to clients. Title companies are being asked to take on more compliance responsibility and more risk than ever before, said Andy White, founder and CEO of Closinglock. We know how much work title professionals put into each closing, and we hear their concerns about the impact of new regulations."
A new FinCEN rule effective in March requires title and settlement companies to collect information on certain non-financed residential closings, representing about one in ten transactions. Manual collection is expected to add two to three hours of work per file. Closinglock provides a no-cost tool for customers that sends clients secure forms to collect required information in minutes, integrates with DocuSign for certified e-signatures and tamper-proof protection, and automatically syncs submitted forms with title production software. Forms are stored for up to five years for FinCEN compliance and include an audit trail with IP addresses, identification details, timestamps, and automated reminders. Closinglock also launched automated payoff retrieval insured for $2.5 million and expanded communication features including two-way SMS, customizable notifications, and a closing progress tracker.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]