ClosingLock Product Overview
ClosingLock is a comprehensive platform designed to safeguard and streamline real estate transactions, particularly focusing on eliminating fraud and enhancing the security of financial and document exchanges. Founded in 2017 by Abigail and Andy White, ClosingLock has protected over $350 billion in real estate transactions across all 50 states.
Key Features and Functionality
Security and Fraud Prevention
ClosingLock utilizes the highest level of security, including SOC 2, Type II compliance and 256-bit AES encryption, to protect transactions from start to finish. The platform is specifically designed to prevent wire fraud, seller impersonation, and other forms of real estate fraud. It achieves this by:
- Providing a secure portal for clients to retrieve wire transfer instructions, eliminating the risk of phishing attacks through email.
- Offering optional two-factor authentication to prevent unauthorized access to the portal.
Identity Verification
ClosingLock’s identity verification software is a robust tool that stops seller impersonation. It leverages a multipronged strategy, including:
- Know-Your-Customer (KYC) checks against trusted, non-public data sources.
- Government ID analysis for both US and foreign IDs.
- Additional lookups using email, phone, date-of-birth, and other documents.
- Selfie Check using advanced facial recognition technology to match the individual’s photograph with their government ID.
Secure Payments
The platform allows for the secure exchange of financial information, including:
- Sending and receiving wire instructions through a secure portal.
- Receiving earnest money deposits and cash-to-close as Good Funds.
Document Sharing and eSigning
ClosingLock enables seamless and secure document sharing and eSigning. Key features include:
- Two-way secure document sharing and communication.
- Government-compliant eSignatures that can be collected from any device (desktop, tablet, or mobile).
- Tamper-proof e-signatures on pre-templated or customized documents.
- Detailed logs and timestamps for files sent, received, and downloaded.
Integration and Efficiency
ClosingLock integrates with leading title production software such as SoftPro, Resware, and RamQuest, reducing duplicate data entry and streamlining the closing process. This integration imports documents from these systems into ClosingLock for easy sharing and management.
Notifications and Communication
The platform automates text and call notifications to clients, alerting them of available wire instructions, documents to sign, and other important updates. This ensures that all parties are informed and engaged throughout the transaction process.
Benefits
- Enhanced Security: Protects transactions from wire fraud, seller impersonation, and other forms of real estate fraud.
- Streamlined Process: Reduces time spent on manual processes and navigating between disconnected systems.
- Ease of Use: Provides a user-friendly interface for clients to access and manage their documents and financial information securely.
- Compliance: Ensures government compliance with e-signatures and other regulatory requirements.
- Efficiency: Saves time and resources by automating notifications and integrating with existing title production software.
By offering a unified, secure, and efficient platform, ClosingLock has become a vital tool for title companies, law firms, and financial service providers to ensure fraud-free and streamlined real estate transactions.