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VIRTUAL ESCROW PROGRAMS
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| Broker Escrow Programs | Non-Broker Escrow programs | |
| Level I is the program outlined on our Website. This is the original program and the one used by 85% of all Virtual Escrow users - our original program. No escrow experience for the refinance program, and as least an escrow coordinator or assistant would be necessary to process effectively on the resale program | Level III was initially designed for Mortgage companies licensed by the DOC, "California Financial Lenders" (CFL). In the beginning, it was our understanding that CFL's could not collect an escrow fee, or process an escrow. After seeing, a demonstration and knowing that they could not collect an escrow fee they still wanted to use the program for the control of the escrow process. Therefore, Level III was developed. It is not a Lenders Escrow Division like Levels I and II, it is an internal escrow using Virtual Escrow. Mortgage companies now use this program when and where they are not permitted by law to perform an escrow, like out of State Escrows. | |
| Level II works as follows:This level assumes personnel with greater level of experience on the broker side; therefore, additional screens are made available. In addition to normal screens, (Level I) the broker will have access to the following screens: | ||
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The forth level if you will is "Overflow" those escrows that do not fit our program will be opened as regular escrow. Estimated at about 15% of a Mortgage Lenders volume. | |
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| At the time of funding, the normal procedure applies wherein the authorization to record will alert to the unit; at which time the broker will no longer have access to the estimated figures. This is done to insure balancing is verified by the unit without anyone having the ability to modify the amounts. | Level V Developed for Independent Escrow Companies who wish to add a seconddary income streem to their traditional escrow company. DOC licensed escrow companies can offer Virtual Escrow on the same level as Title Companies. All the programs shown here are now avalable. Under this program Brokers have the advantage of using any Title Company. | |
| Once balanced to the funding figures the unit will authorize and release the recording; providing of course sufficient funds are available to close. |
Direct Licencing Program. We now have a direct licencing programs for both DRE licensed Brokers and DOC licensed Independent Escrow Companies. If you are high volumn originator and can afford to operate an independent broker escrow division or an Independent (DOC) escrow company - this program is for you. |
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| Level IId All
of the above applies; however, in this level by agreement the broker will
not prepare any legal documents. Documents will be continued to be prepared
by the unit and alerted to the broker. No screen changes. |
Please feel free to contact
us with any questions you may have.
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| We have only a hand full of Brokers on Level II. Most Brokers do not want the cost or potential problems involved with having a fulltime escrow officer. | ||
| Level IV has been developed for California Financial Lenders (CFL). The documents have been changed to reflect DOC requirment as related to being a Settlement Closing agent. All the programs listed above are now avalable for California Financial Lenders. | ||