Secure Settlements Inc. (SSI) has announced that it has developed a revolutionary, first to market mobile application, SafeClose, that will be utilized by vetted settlement agents to verify quality control (QC) measures, ensure best practices and educate agents about what to look for with respect to fraud and money laundering schemes at residential mortgage closings nationwide. SafeClose will also capture key loan data and transmit the information to SSI’s proprietary technology for analysis and reporting.
The application is presently being beta tested with select settlement agents who are in the SSI vetted agent database. Agents use their SSI smart-photo ID card to log into the application, and proceed to verify various quality control steps have been followed. The agent certifies that the closing has concluded, all lender instructions have been followed, and no fraud has occurred. The application registers the date, time and physical location of the agent. It also provides references and primers on how to spot closing fraud, the signs of money laundering, best practices, and includes a fraud reporting function to notify law enforcement if fraud has occurred or is about to occur.
"This new mobile app technology reflects our commitment to think outside the box and develop services and products that are on the cutting edge of risk management," said SSI President and CEO Andrew Liput. "We believe this product will act as a further deterrent to fraud, provide basic education about how to spot fraud at the closing table, and also collect valuable closing data. This data will feed our advanced analytics to develop new data predictors to understand and track potential fraudsters before they strike.”
The mobile app is expected to be launched nationwide, among all the SSI vetted settlement agent network, beginning Sept. 1.