New technologies are appearing every day with the promise of improving the Escrow and Closing processes.
Many of these technologies, however, may not provide the necessary consumer protections or meet the underwriters’ or regulators’ requirements. We see this commonly in the use of electronic payment solutions.
Our technology is different. Developed by real estate professionals for real estate professionals, Start inHere Mobile Deposit is compliant with the regulations and sound business practices of our industry.
Start inHere Mobile Deposit
Start inHere Mobile Deposit allows buyers (or someone else with the buyers check) to enjoy the safety and simplicity of depositing earnest money from the convenience of a smartphone. With just a few clicks, Start inHere Mobile Deposit makes delivering earnest money as easy as taking a picture of the front and back of a check. It’s that simple. In addition to being safe, simple, and contact-free, our electronic payment solution is compliant with Good Funds Laws.
What are Good Funds Laws?
It is mandatory that any earnest money deposit (or funds provided at closing) are “good funds.” To be good funds at the time of closing, the payment system or method used must comply with the state good funds laws, and the funds must be irrevocably credited to the escrow account of the closing agent, meaning under no scenario can the funds be withdrawn.
Each state’s good funds requirements are different, so it is important to know whether your state has specific requirements of the funds deposited into escrow and what those requirements are.
Our Team Sets the Standard
When you work with us at Ticor Title, you can rest assured that the electronic payment solution used to deposit funds is compliant with Good Funds Laws. inHere Mobile Deposit utilizes Check 21, one of the two acceptable forms of electronic payment in real estate. (Solutions such as ACH, Venmo, Credit Cards, PayPal and other similar payment types are unlikely to be compliant and are NOT supported by the FNF brands.)
