As a title agent, I have always handled escrow trust accounts. Why would I want to give up ownership and control of those accounts?
By using PCN Network, LLC (Safe Escrow) for your funding, you transfer a portion of the burden, cost and the risk associated with owning those accounts. You retain control of the workﬂow process, including the finalizing of all closing documents, the printing of checks at the closing table, and the authorization to release those checks. Nothing else about how you conduct loan closings will change.
Doesn't this decrease the value of my services?
Absolutely not. In fact, Safe Escrow gives you a competitive advantage by letting you spend MORE time with your customers. Since you won't have to worry about handling the "back office" activities that accompany escrow trust accounts such as daily reconciliations, processing the transfer of funds, and following up on un-cleared checks, you'll have additional time to focus on quality service and the customer experience. This will only increase the value of what you do.
How does a Title Agent sign up and begin processing transactions with Safe Escrow?
Safe Escrow's onboarding process is quick and easy and takes less than 60 minutes. The "Agent Acceptance and Setup Tutorial" link provides an overview of the process. One of our experienced staff members will facilitate your onboarding and assist you with your first several transactions.
Does a Title Agent need special software to utilize Safe Escrow Technology?
No special equipment or software is necessary to utilize Safe Escrow technology. You simply need a Web browser and your Safe Escrow login credentials. Our secure cloud- based technology allows you to access Safe Escrow from any location. Title Agents have accessed the site via mobile device and have "Released Funds" on a transaction from an airplane.
Are there upfront costs incurred or contracts required to sign up with Safe Escrow?
No upfront fees or costs are charged to sign up with Safe Escrow. At set up, you will be responsible for reviewing and approving our Terms and Conditions, which clearly state each party's responsibility in a transaction. Contact us to learn more about the pricing of Safe Escrow.
Will a Title Agent be able to save money on its E&O Insurance costs?
Title Agents who utilize Safe Escrow and no longer operate an escrow account have enjoyed significant savings on E&O insurance costs. Savings will range depending on claims history, coverage needs and state requirements.
Does a Title Agent have access to Safe Escrow's escrow accounts?
No, unless agent is in a state wherein agent or attorney/law firm must own the account. However, Safe Escrow provides Title Agents with per file three way reconciliations shown on dashboard panels that are accessible through Safe Escrow. A copy of the bank reconciliation statement(s) is provided to your underwriter for audit purposes.
Does Safe Escrow manage and close out a Title Agent's current trust/escrow accounts?
Title Agents are responsible for closing out any existing trust/escrow accounts that they manage in accordance with State, Federal and Underwriter guidelines. PCN Network, LLC can recommend partners who can assist agents in closing out existing trusts/escrow accounts.
If I stop using Safe Escrow in the future, will I still be able to access my information?
Yes. PCN Network, LLC will retain all of your information in a secure manner and will continue to allow you to access your completed information up to the required retention period -- regardless of whether you are using Safe Escrow at that time.
Does Safe Escrow have a Good Funds Policy?
PCN Network, LLC's Good Funds Policy will be provided to the Title Agent upon request. Our Good Funds Policy ensures that funds earmarked for a specific file will never be used temporarily or otherwise on another file.
How does a Title Agent deposit EMD money or other customer deposits?
Title Agents or their customers may deposit funds into our escrow account by:
- Visiting a local bank branch and depositing money into our account;
- Sending checks to our office for deposit;
- High volume Title Agencies may install a bank scanner in their office to facilitate depositing checks to our account; or
- Customers may wire money directly to our account.
Wire instructions will be provided to the Title Agent during the onboarding process. Please note that we have different state specific account wire instructions determined by property location and underwriter.
Does a Title Agent need to notify the customer of outstanding checks?
PCN Network, LLC will perform all necessary due diligence with customers as it relates to outstanding check(s) for transactions processed through our service. The Title Agent and Underwriter can view any outstanding check(s) and any letter(s) sent to the customer through the Safe Escrow System.
Does a Title Agent need to escheat money that is maintained in a Safe Escrow escrow account?
No. PCN Network, LLC follows all escheatment laws for transactions processed in our accounts and through our service and handles the escheatment of funds on your transactions.
Who is the Settlement Agent on the Closing Disclosure or Closing Statement?
The Title Agent is the listed Settlement Agent on the Closing Disclosure and any other required lender, customer, and underwriter documentation. PCN Network, LLC provides a managed disbursement service; it is not the Settlement Agent for transactions.
Does Safe Escrow handle non real estate activities?
Yes. Please contact us to discuss your needs. If you would like more information about Safe Escrow and would like to request a demo today, please contact us by phone at 866-763-7220 or via email at SafeEscrowSales@pcnclosings.com.