Closepin Announces New Wire Instructions Verification Tool

Closepin Announces New Wire Instructions Verification Tool

Plymouth Meeting, PA, March 18, 2019 — Closepin announces the release of its latest enhancement; wire instructions verification tool.

Today Closepin announced the launch of an additional feature which assists lenders in their efforts to reduce the risk of fraud. Closepin’s core business offers lenders automated compliance validation of closing agents, so developing a tool that helps prevent wire fraud through instant wire instructions verification was a natural next step. “Lenders are looking for ways to reduce the time and hassle of verifying closing agent wire instructions prior to sending their wire. And closing agents are looking to work with lenders to reduce risk and prevent fraud. Closepin’s newest tool provides the solution,” said Ryan Peterson, EVP of Westcor Global (creators of Closepin). Closepin is a partner to lenders and closing agents that reduces risk by retrieving, storing, and updating closing agent compliance documents and data, and now we can verify the wire instructions for those closing agents as well.”

As of July of 2018, the FBI has reported more than $12.5B in losses due to Business Email Compromise. Many lenders who receive wire instructions from closing agents via email do not have an efficient solution in place for verifying that those instructions are not fraudulent. Lenders are already trusting Closepin as an automated compliance and risk management program for their closing agent network. They can now instantly verify wire instructions on the same platform in a way that is easy, reliable, and insured.

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About Closepin

Closepin is a cloud-based, automated closing agent compliance validation and wire instructions verification platform for a lender’s closing agent network. Closepin reduces risk for lenders, creates market exposure for closing agents, and provides a searchable closing agent database for consumers, real estate agents, and loan officers.