New Modus Feature Designed to Stop Wire Fraud – NMP
Tech

New Modus Feature Designed to Stop Wire Fraud

May 03, 2019
Modus, a Seattle-based real estate fintech, has introduced its Digital Earnest Money Deposit feature for the residential housing industry

Modus, a Seattle-based real estate fintech, has introduced its Digital Earnest Money Deposit feature for the residential housing industry.
 
According to the company, the new feature replaces the need for wire transfers by using a secure proprietary platform that allows users directly access their account and securely funds to escrow. The company stated this platform will eliminate wire fraud, adding that there has been a 1,100 percent increase in the number of compromised email victims involving real estate transactions and reported monetary loss between 2015 and 2018. 
 
"This is an industry first," said Alex Day, Modus CEO. "The Digital Earnest Money Deposit capability enables buyers to easily and securely deposit their earnest money through propriety technology built within the Modus platform."
 
About the author
Phil Hall
Link copied
Published
May 03, 2019
Get the NMP Daily
Distributed Retail
CrossCountry Joins Early Race To Raise 2027 Loan Limits

The retail lender matched Rocket’s $845,000 ceiling as this year’s rollout began weeks earlier than it did in 2025

CrossCountry Mortgage has matched Rocket Mortgage’s $845,000 early conforming loan limit, signaling the start of another lender race to offer larger conventional loans before federal regulators establish the official ceiling for 2027.Both lenders announced their higher limit...

Continue reading
FHA
FHA Sets Jan. 1 Start For FICO 10T And VantageScore 4.0

Lenders will gain competing modern scoring options, but borrowers may not see both offered everywhere

FHA-approved lenders will be able to use FICO Score 10T and VantageScore 4.0 for mortgage underwriting beginning Jan. 1, 2027, according to separate announcements Thursday from the two credit-scoring companies.The shared start date moves the Federal Housing Administration’s ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Tech
Friday Harbor Moves Freddie Mac Income Checks Ahead Of Underwriting

Integration gives originators an earlier qualifying-income calculation for wage earners with variable pay

Tech
Sep 11, 2026
Radian Adds MI Quotes To Lender Price’s Pricing Platform

The integration puts risk-based and traditional mortgage insurance pricing inside a platform reporting more than 400 customers and $300 billion in locked-loan volume

Tech
Sep 11, 2026
Loanspark Gives Mortgage Brokers A Back Office For Investor, Commercial Deals

Lender says about 1,000 brokers have migrated to the platform, which has cut roughly one week from part of the closing process

Investor Loans
Sep 10, 2026
ServiceMac Rebrands After Subservicing Portfolio Climbs To $350.8 Billion

The First American subsidiary is sharpening its lender-facing identity after becoming the nation’s fourth-largest mortgage subservicer

C-Suite Strategies
Sep 10, 2026
Tidalwave, Argyle Bring Borrower Financial Data Into Encompass

Expanded integration combines payroll and bank-account data, giving originators earlier visibility into income, assets, and potential qualification issues

Tech
Sep 10, 2026