Closinglock Adds Payoff Retrieval and Verification

Closinglock has launched new payoff statement retrieval and verification features within its escrow management platform, aiming to streamline the mortgage payoff process for title and settlement teams. This update allows users to request mortgage payoff statements, receive verification, and obtain insurance coverage all within a single workflow, thereby reducing delays and errors. The company stated that the new functionality integrates seamlessly with existing title production software systems, including SoftPro, RamQuest, Resware, and Settlor.

According to Closinglock, the automated process begins when a request is submitted. The platform then automatically contacts the lender or mortgage servicer to retrieve the payoff statement, verifies the information, and returns it to the title team. This automation significantly reduces the time required for a process that traditionally could take up to 75 minutes, with initiation now possible in under a minute. Ben Brooks, vice president of product at Closinglock, highlighted that the innovation addresses the risk inherent in the handoff between verification and execution by connecting the entire process from request to an insured outcome.

Andy White, CEO of Closinglock, described payoff retrieval as a component of a larger objective to verify, insure, and connect every step in a closing where money changes hands. He emphasized the company's commitment to building a system where money moves securely in real estate transactions. Closinglock's platform has reportedly secured over $600 billion across 2 million transactions without any reported fraud losses. The company plans to expand this capability into an end-to-end lender payoff workflow, encompassing seller authorization, retrieval, verification, review, approval, and wire execution within a unified process.