Your Funds Are Protected

What is Safe Escrow/PC Law?

  • Safe Escrow/PC Law is a Law Firm that manages our Escrow Account

  • They provide a separation of duties and internal controls so we can achieve compliance with ALTA’s Best Practices – Pillar 2.

  • They verify that we are disbursing with “Good (cleared) Funds”

  • They provide an additional level of security and regulatory compliance

  • They operate at a SSAE 16 SOC 2 Certified Data Center

  • They allow me to remain a viable and vibrant contributor to the real estate field

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 can accommodate last minute changes and reprint checks at the closing table

  • We have the flexibility to fund from any location

The Technical Stuff.....

  • The Term and conditions prohibit internal Safe Escrow personnel from entering or altering information on the HUD-1 or the new Closing Disclosure.
  • Implementation of two-factor authentication in order to Release Funds, and for other administrative actions including changing user permissions.  At Michigan Investment Title we have only 3 Authorized users and they are required to set up multifactor authentication and, depending on permissions, will be asked to authenticate themselves when performing certain functions.
  • We require signed wire instructions and a copy of a voided check 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 re-issue 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 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. 

 

 

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