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Closinglock adds payment links and faster earnest money refunds
The SecurePay links can collect earnest money, option fees and closing costs before a transaction file is opened, and EMD refunds can reach buyers by the next business day.
Closinglock launched new payment and refund features aimed at improving how homebuyer funds are handled during real estate closings, including when deals fall through, HousingWire reports.
The SecurePay open payment links let title and settlement companies accept earnest money, option fees and other closing costs securely through links shared via websites, emails and email signatures, with payments automatically matched to the correct file once it is created.
Closinglock also introduced buyer earnest money deposit returns that allow title companies to refund earnest money using pre-verified bank accounts, with refunds initiated and tracked through built in approval workflows and an audit trail.
The company said its platform has protected more than $800 billion across over 2 million real estate transactions without losing funds to fraud, and it positioned the new tools as a way to make getting money back out as fast and automated as receiving it.
HousingWire included remarks from Reliable Title operations vice president Melissa Neesen, who said SecurePay links helped funds start coming in right away with less manual data entry, and from Closinglock CEO Andy White, who said verified payments should not require manual refund processes.