NATIC continues to look for vendors that our agents can depend on, especially those who can assist our agents with solutions that satisfy ALTA Best Practices.
Miami, Fla. (PRWEB) November 12, 2014
North American Title Insurance Co. (NATIC) has entered into a partnership with PCN Network for its newly released Safe Escrow Services. Safe Escrow provides title agents, title underwriters and lenders a compliant, secure and flexible managed disbursement solution for mortgage loan funding.
“NATIC continues to look for vendors that our agents can depend on, especially those who can assist our agents with solutions that satisfy ALTA Best Practices,” said Emilio Fernandez, NATIC president. “Safe Escrow can assist agents who don’t have the personnel, banking tools or the experience to implement adequate separation of duties and internal controls on escrow trust accounts.”
Safe Escrow is ideally targeted to smaller title agencies that handle 50 deals or less each month and can also be a useful solution for larger agencies that wish to outsource the funding process. Because of new regulations promulgated by the Consumer Financial Protection Bureau, lenders are being held accountable for certain standards of quality for their vendors. Lenders are therefore looking to ensure that vendors will not create unexpected liability. One of the biggest challenges for title agents is adopting the ALTA Best Practices recommendation concerning the separation of duties in funds transfer and escrow management.
“Many agencies, particularly smaller independent entities, simply don’t have the infrastructure to establish appropriate accounting controls, because of their size, and technology alone cannot solve this issue,” said Pritam Advani, chief executive officer of PCN Network. “Our partnership provides NATIC agents a compliant and cost-effective solution for escrow account management.”
With a managed disbursement system, agents transfer a portion of the process burden, cost and risk associated with owning trust accounts, yet retain control of the entire workflow process. By eliminating much of the process overhead, they also gain additional time to focus on quality of service and a positive customer experience.
“NATIC has performed due diligence on Safe Escrow’s processes and we recommend the service’s value and capabilities,” said Fernandez. “NATIC’s ultimate goal is to make our agents’ lives better and make us the easiest underwriter to work with.”
About PCN/ Safe Escrow
PCN is a prominent provider of attorney closings and escrow fundings for mortgage loans in America. PCN serves over 500 clients nationally, including title underwriters, national and regional lenders, title agents and vendor management companies and is an approved funding agent for most large and many regional underwriters. PCN, through its Safe Escrow LLC subsidiary, utilize proprietary technology and state-of-the-art banking tools to manage mortgage loan disbursements for the title industry and their lender partners. The Safe Escrow Service provides its customers with secure, simple and flexible escrow management solution. The technology is web-based, thereby removing costly investments in software. Safe Escrow is a complete and compliant service, including three-way reconciliations, which will meet agent requirements for their title underwriters. PCN has served their clients for over 10 years with a proven process, which provides proven results. For more information on the Safe Escrow service, please visit http://pcnsafeescrow.com/.
About North American Title Insurance Co. (NATIC)
North American Title Insurance Co. (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve the goal of true business success for over 50 years. NATIC conducts real estate settlement services in 38 states. NATIC earned the reputation as the “underwriter next door,” because their decision makers and associates are easy to reach and their processes are quick and straight forward. The NATIC agency application process is fast and transparent for qualified agents. NATIC has a one-hour underwriting response guarantee that is unparalleled in the industry.
NATIC is the largest capitalized company in Peer Group 2, which groups companies with capitalization between $25 million and $100 million as determined by Kroll Bond Rating Agency, Inc. NATIC is ranked 7th by The Performance of the Title Insurance Underwriters© in terms of cash or cash equivalents. North American Title Insurance Co. maintains over $82 million* in cash or invested assets. This represents over 96 percent of the company’s assets and is characteristic of the most important attribute to title protection, namely, financial responsibility. *As of 12/31/2013
Demotech, Inc. awarded NATIC a rating of: A’ (A Prime) Unsurpassed. A.M Best rated B++ (Good). NATIC is headquartered in Miami, Fla. To learn more, visit http://www.natic.com.