PropLogix Launches New Third-party Vendor Payment Option
February 19, 2019
In response to recent clarifications for title agents from the Florida Department of Financial Services (DFS) on third-party vendor fees, PropLogix has launched PropPay. Much like a buyer would pay for an inspection prior to closing, PropPay allows the buyer or seller to pay for municipal lien searches before closing.
Rather than the title agent ordering a municipal lien search and passing through the fee on the closing disclosure, which the Florida DFS guidelines warn against, PropPay puts the vendor (PropLogix) in direct contact with the buyer or seller once the title agent initiates the order. The buyer or seller is sent a request for payment and when complete, a copy of the final report is delivered to the title agent for review as well as the party that paid for the search.
"PropPay solves a few problems including keeping title agents from having to raise their closing fees to absorb vendor fees and saving title agents a ton of effort to collect for our fees, remit payment and manage cancellations," said PropLogix CEO and owner Jesse Biter.
Contact ALTA at 202-296-3671 or [email protected].