New Title Settlement Software Unveiled at Annual Convention
October 14, 2011
This week, ATS Secured unveiled to attendees at the ALTA Annual Convention in Charleston, S.C., its revolutionary software developed to automate and transform the title settlement closing process.
According to the company, ATS Secured is a standalone, secure platform that allows title agents to electronically disburse and reconcile HUD files, saving all participants in the HUD process considerable time, money and resources.
Founders Wes Miller, Ryan Barry and Kraig Williams provided live demonstrations during the ALTA Convention to introduce the software to convention attendees.
“We couldn’t be more excited to launch this product, which has been three years in the making. Our mission is to transform the title settlement process, saving headaches, loss of money and uncertainty for all parties involved in every real estate closing in the country,” Miller said.
Using the software, which can be integrated seamlessly into existing title software, title agents disburse payment through the proprietary ATS Secured electronic check disbursement model. The software also provides full audit trails for authorized participants and establishes dual controls for funds disbursement.
According to an Aberdeen Group study, the average cost to process a paper check was $10.88. An average residential real estate closing includes 10 disbursement checks and 1.5 mortgage payoffs. This amounts to as much as $125 to completely disburse a file, including printing and manually tracking payoffs, paper, envelopes, postage and overnight fees.
According to Miller, ATS Secured eliminates this manual burden while still allowing title agents to initiate the settlement process. Instead of $125 per file, ATS Secured costs a mere $35 per file, which includes up to 10 checks and one FedEx overnight fee.
Some states may allow the fee to be collected via a third party expense included on the HUD, eliminating any additional costs to the title agent.