Safe Escrow - Michigan Investment Title

What is Safe Escrow/PCN Network, LLC?

Safe Escrow/PC Law is a Law Firm that manages our Escrow Account
They provide a separation of duties and internal controls so we can achieve compliance with ALTA’s Best Practices – Pillar 2.
They verify that we are disbursing with “Good (cleared) Funds”
They provide an additional level of security and regulatory compliance
They operate in an SSAE 16 SOC 2 Certified Data Center
They allow Michigan Investment Title to remain a viable and vibrant contributor to the real estate field

What does Safe Escrow do for you?

Drastically reduces the potential for escrow fraud or fraudulent funds on your transactions.
Your funds are being handled in a secure environment
Allows a transparent view of the funding procedures
All funds utilize Positive Pay
We have the ability to print checks at the closing table
We can accommodate last minute changes and reprint checks at the closing table
We have the flexibility to fund from any location

The Technical Stuff.....

The Term and conditions prohibit internal Safe Escrow personnel from entering or altering information on the Closing Disclosure.
Implementation of two-factor authentication in order to Release Funds, and for other administrative actions including changing user permissions. At Michigan Investment Title we have only 3 Authorized users and they are required to set up multifactor authentication and, depending on permissions, will be asked to authenticate themselves when performing certain functions.
We require signed wire instructions and a copy of a voided check to disburse proceeds to an individual(s) by wire transfer. A similar process to receive specific wire instructions from Private Mortgage recipients will also apply. This protects everyone from fraudulent or incorrect wire instructions.
Positive Pay, which is a major fraud prevention feature, requires us to wait 48 hours before reissuing a check if a check is voided AFTER FUNDS ARE RELEASED. This is essential so the bank can register a check as “void” before we reissue it or send out a wire in lieu of a previously issued check. Besides the obvious protection of ensuring a duplicate payment is not made, this type of approach protects you and us from things like a check recipient depositing a check by scanning it with their phone and then returning to your office with the check and requesting a wire. The wire would only be released 48 hours later to ensure that both could not be processed.