Closinglock, providing secure digital payments and wire fraud prevention for real estate transactions, has acquired the payoff retrieval tool from Viking Sasquatch and is integrating it into its platform.
With this acquisition, Closinglock has introduced automated, insured payoff retrieval — transforming a process that once consumed up to 75 minutes per file into one that takes only seconds.
For a closing team managing 100 payoff requests per month, that’s a loss of 125 hours each month just ordering payoffs. With Closinglock, they get that time back to focus on the parts of the transaction that matter most — serving their customers.
Once payoff statements are retrieved, they are automatically routed through Closinglock’s verification tool, and every verified payoff is insured for up to $2.5 million.
“Title professionals don’t get into this business to chase payoff statements or re-key the same data over and over,” says Andy White, CEO of Closinglock, in a release. “By applying AI to automate those repetitive steps, we’re removing one of the most frustrating parts of the job and turning it into a fast, accurate, and secure process. That gives title teams back their time to focus on clients, not paperwork. Automating payoff retrieval and verification requests is just the beginning for how Closinglock will protect, automate, and modernize the entire flow of funds.”
“Reviewing payoff statements and sending mortgage payoff wires are among the riskiest steps in a closing,” adds Michele Green, senior vice president at Fidelity National Financial. “You’re moving large amounts of money under tight deadlines, often relying on manual processes and email communication. It doesn’t take much for a simple error or a fraudulent request to cause serious issues for the transaction. That’s why it’s so important for title companies to have the strongest of safeguards in place to protect this part of the process.”