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."
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