ClosingLock Launches Instant Payoff Verification System

June 2, 2020

ClosingLock announced it now offers an Instant Payoff Verification system that can identify potentially fraudulent statements.

Loan payoff fraud occurs when a fraudster sends a fake payoff statement to a settlement company, tricking the company into wiring away their funds.

“We managed to take a very complex problem and simplified it to an intuitive, easy-to-use interface for our customers. Using specialized algorithms to access our proprietary data, we are able to verify valid payoff statements and alert the user of potentially fraudulent ones,” said Andy White, ClosingLock’s CEO and co-founder.

While the payoff verification system leverages and analyzes data from multiple sources, users receive feedback on their payoff information in fractions of a second. The design of the Instant Payoff Verification system allows it to grow the more it is used.

“In addition to our services which protect property buyers from wiring funds out to fraudulent accounts, and our consumer bank account verification, our new loan payoff verification system allows ClosingLock to cover all aspects of real estate wire fraud. We are truly a one-stop shop for wire fraud prevention,” White said.

ClosingLock protects more than $1 billion a month from real estate wire transfers and has been in used in 42 countries worldwide.

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