Funding information includes what amounts are disbursed to or from Closing AND how those funds can be provided. Both of these items are important in Real Estate transactions and through Title | Pipe™, the Settlement Agent/Escrow Officer can be easily convey this information to the appropriate transaction participants. More specifically:
- Estimated Closing Costs (funding amounts) for buyers/sellers or borrowers are determined by the Settlement Agent/Escrow Officer associated with your transaction. Escrow/Settlement teams can edit this amounts in the transaction details and these amounts are are listed in both the Transaction Details and Funding tab for the Buyer/Seller or Borrower respectively. Note that buyers can only see buy side closing costs and seller can only see sell side closing costs. Estimated closing costs may only be modified by the Escrow Officer or the Escrow Officer Assistant associated with the transaction
- Other funding disbursement items such as commission amounts and other transaction fees are determined by the contracts associated with the transaction and the funding amounts and disbursement preferences are provided securely and automatically to the Escrow Officer/Settlement Agent for appropriate funds disbursement when the transaction closes via Title | Pipe™.
- The funding details for how all companies can send or receive funds, including Settlement and Escrow, are set at the Branch level of your organization in Title | Pipe™. Your Branch Manager will need to input the funding details for your branch as only the Branch Manager role has the permissions to add funding details for a specific branch. If your Branch Manager is not signed up with Title | Pipe™, you can invite them to join Title | Pipe™. Your Branch Manager will be prompted to submit your branch funding options when they sign up.
You can invite multiple branch managers to a single branch depending upon how your branch is organized.
For more information on inviting a branch manager, please to click HERE.
If your Branch Manager is already signed up with Title | Pipe™, you will need to contact them and have them input the appropriate funding information for your branch. As soon as this information is saved, it will be available to your transaction participants on all your transactions.