Old Republic Launches Centralized Funding Service
September 6, 2016
Old Republic Title is offering a centralized funding service called OR EscrowPro, which manages escrow transactions through a single, collaborative and secure website.
Old Republic said the service benefits title agents, lenders, and buyers and sellers of real property by enhancing control, security and efficiency. No new technology or upfront costs are required to participate, Old Republic said in a release.
Old Republic said OR EscrowPro mitigate escrow-related risks for parties involved in real estate settlement transactions by keeping escrow funds protected in an environment with specific security and controls. In addition, the system, assures confidence in knowing that funds and loan proceeds are wired and deposited directly from the lender into an Old Republic Title owned and managed escrow account.
Benefits to title agents include:
- Continuity in and control over their customer relationships and the escrow closing process
- Escheat management and non-negotiated check resolution, while eliminating banking fees, wire fees and the need for outside reconciliation services
- Reduced labor expenses and cost savings through E&O/bond premiums
- Limited exposure through assurance that “good funds” are, in fact, “cleared”
- Improved productivity, allowing the agent more time to promote services, and to develop and expand revenue-generating relationships
- Conveniences that complement existing workflows, allowing title agents to manage and direct the release of funds, and print checks from anywhere at any time
- Support in complying with ALTA’s Best Practices
- Freedom from maintaining and reconciling escrow accounts
- A simplified, automated premium-remittance process, with the ability to set remittances to occur at the time of funding of escrow-closing transactions
Contact ALTA at 202-296-3671 or communications@alta.org.