When I recently bought my first home, I remember many emails and phone calls and realtor warnings about wire transfer fraud. Wherever money is changing hands, rest assured that someone is plotting to steal it. It stinks, but it’s true. ClosingLock has buyers’ and title companies’ backs, though. Now they not only protect wire transfers from scammers, they are also offering online notarization to make the buying and selling processes proceed more smoothly and safely.
For most people, buying a home is one of those rare times in their lives when they are wire-transferring large sums of money. Down payments are hefty, and usually stand for years of saving up for the home buyer. Therefore, having that money stolen via wire fraud can be a ruinous scenario.
ClosingLock has done a good job of protecting real estate financial transactions from wire fraud thus far, protecting real estate transactions to the tune of $14 billion. Saving title companies and buyers safe from fraud is the core of ClosingLock’s business. They were looking to bring on Notarize to include RON, to enable even more secure services for real estate transactions. The necessity amped up with COVID-19 forcing people to stay at home and conduct as much as possible of their business at home.
“Integrating with Notarize has been on our roadmap for quite a while; we sped up development due to the dangers of COVID-19 and the need for our clients to have access to RON immediately. With this new feature, ClosingLock now offers wire fraud protection, eSigning, document sharing, and easy ordering of RON through Notarize. We are truly an all-in-one, turnkey solution for closing companies,” said ClosingLock’s CEO and Cofounder, Andy White, Ph.D.
At the moment, ClosingLock offers the Notarize RON exclusively to RamQuest Closing Market clients. However, they are looking into a web interface for the future. With the integration, using Notarize is easy and promises to be user-friendly. More than 42 countries have used ClosingLock’s secure services, and they estimate to be protecting more than a billion dollars a month from wire fraud.
Seeing a company built on the premise of helping people out is comforting. This is a business model we can all get behind, in a time where business practices often leave us scratching our heads or worse. ClosingLock and Notarize were a match made in real estate heaven. It certainly shows off even more of ClosingLock’s savvy side and constant forward momentum.