Closinglock adds payoff retrieval, verification

Closinglock has released payoff statement retrieval and verification capabilities within its escrow management platform, allowing title and settlement teams to request mortgage payoff statements, receive verification and obtain insurance coverage within a single workflow.

The company said the new functionality is designed to reduce delays and errors associated with the payoff process.

Closinglock said payoff statements and verifications can now be returned within its platform and integrated into title production software systems, including SoftPro, RamQuest, Resware and Settlor.

“The handoff between verification and execution is where the real risk has always lived, not the request itself. Closing that gap means connecting the entire process, from request to insured outcome, which is exactly what we’ve built,” said Ben Brooks, vice president of product at Closinglock.

Once a request is submitted, Closinglock automatically contacts the lender or mortgage servicer, retrieves the payoff statement, verifies the information and returns it to the title team.

Leaders said a process that traditionally can take up to 75 minutes can now be initiated in under a minute.

The new capability is the latest expansion of Closinglock’s escrow management platform.

“Payoff retrieval is one piece of a much bigger problem,” said Andy White, CEO of Closinglock. “Every step in a closing where money changes hands, from the first deposit to the final wire, should be verified, insured, and connected. That’s how money should move in real estate and that’s what we’re building.”

Closinglock said its platform has protected more than $600 billion across 2 million transactions, with no reported losses from fraud.

The company said the payoff retrieval and verification release is the first step toward an end-to-end lender payoff workflow that will connect seller authorization, retrieval, verification, review, approval and wire execution within a single process.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.