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Closinglock adds payoff statement retrieval and verification to escrow platform

The update aims to cut payoff processing delays, with retrieval and verification initiated in under a minute instead of up to 75 minutes, and it integrates with SoftPro, RamQuest, Resware, and Settlor.

Reported · Written up by our desk · PropTech

Closinglock said it has added payoff statement retrieval and verification to its escrow management platform, letting title and settlement teams request, verify, and obtain insurance coverage in a single workflow. HousingWire reports the feature is designed to reduce delays and errors in the payoff process.

Once a request is submitted, Closinglock automatically contacts the lender or mortgage servicer, retrieves the payoff statement, verifies the information, and returns it to the title team. The company said a process that can traditionally take up to 75 minutes can now be initiated in under a minute.

Closinglock said the capability is integrated into title production systems, including SoftPro, RamQuest, Resware, and Settlor. HousingWire reports the release is intended as a first step toward an end to end lender payoff workflow that would connect seller authorization through wire execution within one process.

Closinglock also said its platform has protected more than $600 billion across 2 million transactions, with no reported losses from fraud, according to the company. The update comes as part of the escrow platform’s broader expansion, HousingWire reported.

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